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MOD 2 - PRESENTATION OF FINANCIAL STATEMENTS PG 57 -114, 1) COMPLETE SET…
MOD 2 - PRESENTATION OF FINANCIAL STATEMENTS PG 57 -114
1) COMPLETE SET OF FS
61 - 67
IAS 1 COMPONENTS COMPLETE SET OF FS
PG 61
PG 61
USERS
OBJECTIVE
INFORMATION
COMPONENTS
FIG 2.1 COMPLETE SET OF FS
PG 62
REPORTING ENTITY
NON -REPORTING ENTITY
FS CHANGES BY AASB
INTERIM FINANCIAL REPORT IAS 34
DISCLOSING ENTITY
ENHANCED DISCLOSURE
OBJECTIVE OF IAS 34
PG 63
NOTES TO FS
ADDITIONAL INFO
LAW
VOLUNTARY
REVIEW BY MANAGEMENT
IFRS 8 SEGMENT REPORTING
PG63
PG 63
SEGMENT REPORTING
OPERATING SEGMENT
IFRS 8 DISCLOSURE
IMPORTANCE
REPORTABLE SEGMENT
IFRS 8 DISCLOSE
THRESHOLD TEST ( SEE NOTES NOT IN SG)
MATERIALITY 10% TEST
REVENUE 75% TEST
DISADVANTAGES
FAIR REPRESENTATION & COMPLIANCE WITH IFRS
PG 64
IAS 1 & s296 & s297
DEPART FROM IFRS
DISCLOSURE
IAS 1 - OTHER GENERAL FEATURES
PG 65 -67
TABLE WITH IAS 1 PARA
PG 60
MATERIALITY & AGGREGATION
PG 65
3 PARTS OF MATERIALITY PG 66
OFFSETTING
PG 66
EXCEPTIONS
ACCRUAL BASIS
PG 65
FREQUENCY OF REPORTING
PG 66
GOING CONCERN
PG 65
GOING CONCERN
NO LONGER GOING CONCERN
UNCERTAIN BUT GOING CONCERN
COMPARITIVE INFO
PG 67
CONSISTENCY
PG 67
CONDITIONS FOR CHANGE OF FS
SIGNIFICANT CHANGE OF ENTITY OPERATION
CHANGE BY IFRS
PART A -
PRESENTATION OF FINANCIAL STATEMENTS
PG 60
2) ACCOUNTING POLICIES
67 - 72
TABLE WITH IAS 8 PARA
PG 60
IAS 8
CONSISTENCY
PG 69
DISCLOSURE
PG 69
IAS 1
ENTITY SHOULD
DISCLOSURE IN NOTES ABOUT AC POLICY
FACTORS USED TO SELECT AC POLICY
IAS 8 CHANGES
PG 70-73 refer to KE chart
PG 70
PERMITS CHANGE IF
LAW
TRANSITION PROVISION
RETROSPECTIVE
2 ADJUSTMENTS
OPEN BALANCE
COMPARITIVE
PRACTICAL
IMPRACTICAL PG 71
DISCLOSE IN NOTES
PG71
VOLUNTARY
DISCLOSE IN NOTES
PG71
DOES NOT PERMIT CHANGE IF
EG 2.1 WITH JOURNAL ENTRIES
IAS 8
SELECTION
PG 68
Refer to KE chart
DEFINITION
STEP 1) APPLY IFRS
STEP 2) NO IFRS - APPLY PROFESSIONAL JUDGEMENT
APPLY OTHER SOURCES
EXAMPLE
3) REVISION OF ACCOUNTING ESTIMATES & CORRECTION OF ERRORS
PG 72- 74
TABLE WITH IAS 8 PARA
PG 60
CHANGES IN AC
ESTIMATES
PG 72 -73
RECOGNITION
CHANGES IN ESTIMATES - RECOGNITION
DISCLOSURES TO INCLUDE
EG 2.2 WITH JOURNAL ENTRIES
MATERIAL
ERRORS
IN A REPORTING PERIOD PG 73
CONDITIONS THAT LEAD TO ERRORS
EXAMPLES
CORRECT THE ERRORS BY- RECOGNITION
IF IMPRACTICABLE
DISCLOSURE
EG 2.3 WITH JOURNAL ENTRIES