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Single Entity Accounts - Coggle Diagram
Single Entity Accounts
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Entities are encouraged to also present a financial review by management explaining the main features of financial performance/position (e.g. environment entity operates in, changes in this environment, resources not recognised in accordance with IFRS, policies on investments/dividends
Financial review
Entities are encouraged to also present a financial review by management describing the main features of financial performance & position, and any uncertainties faced
Review may include description of operating environment, changes to environment and responses to these, resources not recognised in SFP, management policy on investment/dividends
Fair presentation
Faithful presentation of the effects of transactions and other events in accordance with criteria for assets, liabilities, income and expenses set out by Conceptual Framework for Financial Reporting
Compliance with standards
entity must select and apply policies in accordance with IAS 8; this sets out a hierarchy of authoritative guidance to consider in the absence of a standard or interpretation
Entities need to present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information
Required to provide additional disclosures when compliance with the specific IFRSs is insufficient to enable users to understand the impact of particular transactions/events
Entities should disclose the fact they have complied with IFRSs in the FSs, with this compliance statement often included in accounting policies and usually the first policy stated
Sometimes by following IFRSs it may lead to misleading information; we can depart from these requirements to achieve fair presentation.
Entity should disclose that management conclude the FSs are a fair presentation of financial position, performance and cash flow
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the IFRS departed from and details of the required treatment, why it was misleading and the treatment adopted instead
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Some standards exist only for specific types of entities, as follows:
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Accounting for issue and redemption of shares
IAS1 requires issued shares/reserves to be shown in the SoFP
IAS1 also requires in the SoFP or the notes, that equity/reserves are analysed to show the different types of shares, share capital, share premium and reserves
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Rights, preferences and restrictions attaching to share classes, including restrictions on dividends and repayment of capital
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