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Le chapitre 30 présente les normes de présentation des états financiers selon la norme IAS 1, qui inclut des éléments tels que l'état de la situation financière, l'état des résultats et d'autres informations pertinentes. Les états financiers visent à fournir des informations utiles sur la position financière, la performance et les flux de trésorerie d'une entité, tout en respectant des principes tels que la présentation fidèle, la continuité d'exploitation et la matérialité. Il est également souligné que les états financiers doivent être préparés au moins annuellement et doivent inclure des informations comparatives pour les périodes précédentes.

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6 vues13 pages

Pas 1

Le chapitre 30 présente les normes de présentation des états financiers selon la norme IAS 1, qui inclut des éléments tels que l'état de la situation financière, l'état des résultats et d'autres informations pertinentes. Les états financiers visent à fournir des informations utiles sur la position financière, la performance et les flux de trésorerie d'une entité, tout en respectant des principes tels que la présentation fidèle, la continuité d'exploitation et la matérialité. Il est également souligné que les états financiers doivent être préparés au moins annuellement et doivent inclure des informations comparatives pour les périodes précédentes.

Transféré par

Ariana
Copyright
© All Rights Reserved
Nous prenons très au sérieux les droits relatifs au contenu. Si vous pensez qu’il s’agit de votre contenu, signalez une atteinte au droit d’auteur ici.
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CHAPTER 30: INTRODUCTION TO FINANCIAL REPORTING ZGINTING STANDARD REFERENCE( Presentation of Financial Statements ‘Outline: > , Nature of Financial Statements bp Objectives of Financial Statements > General Features of Financial Statements > Identification of the Financial Statements Nature of Financial Statements y Financial statements are the means by which information accumulated and processed in financial accounting is ‘communicated to users on a regular basis. Financial statements show the results of the management's stewardship of the resources entrusted to it. > According to IAS 1 Presentation of Financial Statements, a complete set of financial statements comprises the following: ¥ Statement of financial position as of the end of the period Y Statement of profit or loss and other comprehensive income for the period ¥ Statement of changes in equity for the period Y Statement of cash flows for the period Notes comprising a summary of significant accounting policies and other explanatory notes Comparative information required by TAS 1. it ‘ounting poli retrospectively or makes a ee re puss ocr ja| statements, or when it policy ive restatement of items in its financl es its financial statements, it must also present a reclassifies items in mu t statement of financial position 26 of the beginning of the earliest comparative period. ‘ The statement of profit or loss and other comprehensive income cafl be presented in either of the two ways: © ASasingle statement, OF © By presenting the profit or loss section in a Se et profi of loss, immediately followed by 2 statement. PI income beginning with Comprchensioe Hecoanting Reviewer Sales Volume |: Financial Hecounting and Riperting ———_ ts oe s other than those sta ‘s the financial statements ted A Ot De eA D for met” for the statement of financial position, Ste ce empetensie income forthe. IateTDeDe oF PEA OCSS-an} other comprehensive income as Tong as it will not mi | ments is to provide information about the financia > The objective offnancal statements S16 FE ent that is Useful to a wide Position, financial performance anc) «ad ot range of users in making economic 3 . . ° To meet the abjeave, financial statements provide information about ay entity's: v Assets Liabilities ; Equity ; Income and expenses, including gains and losses, Contributions by and distributions to owners in their capacity a5 owners Cash flows [[Note: Financial statements cannot provide all the information that the users may need KAR KK Fair presentation and compliance with IFRSS Frequency of reporting Going concern assumption Offsetting Materiality and aggregation Accrual basis of accounting ‘Comparative information Consistency of presentation ON OM BUNE (Remember: [Link]. @ J Presentation and with JERSS- >. Financial, . statements shall. present. fairly, the financial position, finandal ince, and cash flows of an entity, ‘© Fair presentation. requires. the) faithful representation of the effects of transactions, other events an condtons in accordance with the definite and recognition criteria for assets, liabilities, income, and expenses set out" the Conceptual Framework for Financial Reporting. Fair > IAS 1 requires an entity whose financial statements com IFRSs to make a” explicit and unreserved statement of such compliance Re ee o For example: “The financial statements of the entity have been prepared" compliance with the Intemational Financial Reporting Standards (IFRSS)” Note: | > Financial statements cannot be described as complying with JFRSs unless te” comply with all (Le., not just majority) the requirements of IFRSS. = 1368 (——p _ Inappropriate accounting policies are not rectifi | i napping polices used or By notes or explanatory cote) SaaoaUTe Of the In extremely rare, Circumstances, | an,entity is a i articular standard when: Permitted 0 depart. from a Y The management concludes that compliance with, misleading. . ‘wth the. standard would be eid v__The departure [Link] standard is necessary to, achieve fair presentation, € Loc of Reporting, 1 frequen “ancial statements shall be prepared at least annually, Calendar year & 12-month period. covering January 1 to December 31 of each year. t ’ > Fiscal year — A 12-month [Link] any 12-month period ‘except for January 1 to December 31 (i.e., July 1 to,June 30, September 1 to August 31, March 1 to February 28, etc.) ° Going Concern Assumption, moini 0 busi > The financial statements are prepared on the assumption, that, the, entity will continue operating [Link] foreseeable future, 5.) o Exception: This concept is, not applied when the management intends to liquidate or cease (or stop) its operations or has no realistic alternative but to < do so. ayitetile ‘ a raferred tb a8 the “liquidating concer” concept, + Thisis > An entity is required to assess whether the use of the going gancern assumption is appropriate. 9 srt I take into account all available information about the o The assessment shal future, which shall be at least, but not of the reporting period. a = Ifthe entity becomes aware of material uncertainties related to events or conditions that may cast significant doubt upon its ability to continue as going concem, that uncertainty shall be disclosed in the notes. joing concem, the cern basis, limited to, twelve months from the end 7 If the management concludes that the entity, is pot a 9 finandial statements should not be prepared on a going con Note: The going concer assut is the basis of all the measurement principles laid Ie halter PPD EPR PEAS meas principles A > Assets and liabilities, and income and expenses, may not be Offdet unless required or permitted by an accounting standard. , 2-8, Consequently, assets. shall be presented, separately, from, liabilities, while income shall be presented separately from Sines Pee, Comprchensive recounting Reviewer Sevies Volume 1: Financial Accounting and Reporting Materiality and Aggregation —__ lateriality —_ 7 > formato evar omitting, | ® Each material class of similar item: misstating or obscuring it could must a Bicvealiy Separately in the reasonably be expected to influence financial statements. | decisions that the primary users of —, | ‘ " ts | » Dissimilar items may be aggresa general purpose, franc cae only if they are individually immatere is of those financial ere are! In other words, dissimilar iteme © Materialty depends on the nature Shall be presented separ or magnitude of information or unless they are immaterial, both, It is based on the financial statements taken as a whole. * Its assessment involves the | use of the accountant’s professional judgment. | Note: The magnitude of information refers to the amount contained in the | information. © For example, P10,000 cash is immaterial to a large-scale company but may be material to a small-scale company. » The nature of information refers to the qualitative characteristic of the information, regardless of the amount. | o Employee theft may be considered material regardless of the amount | involved because if no action is taken to stop it, it might lead to greater l losses for the company. Accrual Basis of Accounting > Under the accrual basis, income is recognized when earned, regardless of when Cash is collected and expenses are recognized when incurred, regardless of when cash is paid. Illustration 1 XYZ Company rendered professional services for P100,000 during December 2023. The client paid for these services on January 31, 2024. @ Q: When shall XYZ Company report the P100,000 income? @A: We Company aaa er the P100,000 income in December 2023. Under te accrual basis, income st recognized when his eG len eamed, regardless of when as! In this case, income is earned when the com jon services. pany renders or performs the profess Illustration 2 On January 2, 2024, XYZ Company received its electricity bit ember 2023 amounting to P50,000. This was Paid on are month of 1370 When shalll XYZ Company report the P50,000 electricity expense? rt) | : Company shall report the P50,00( ici | @A: XYZ a ),000 electricity exper De | Under the accrual basis, expenses are recognized when nore, n a a y regardies n | cash is paid. In this case, the electricity expense was incurred in December 2023. Comparative Information > Comparative information ‘shall be presented in respect of the ic ic all amounts reported in the financial statements, both on the eat ort ene statements and in the notes; unless another standard requires otherwise. ‘Anentity shall present, at a minimum, two-year periods in each financial statement > and the related notes (the current and previous period). o Example: If an entity presents its 2023 financial statements, it shall also present, side-by-side, the corresponding amounts for the preceding year, which is the year 2022. | Note: (Third statement of financial position) > In addition to the above, a third statement of financial position is required to be presented if the entity: ¥ retrospectively applies an accounting policy. g., correction of errors), OF restates items in its financial statements (e. tements, and those adjustments had a the statement of financial position at | Y _redassifies items in its financial stal material effect on the information in the beginning of the comparative period. |» In such cases, an entity shall present three-year periods in its statement of financial position as of the: (a) end of the current period (b) end of the preceding period, and . (c) beginning of the preceding period (or the earliest comparative presented, > Example: An entity restates some items in its financial Consequently, the entity must present its 2023 statement containing three columns dated as follows: 1. December 31, 2023 (end of the current period) 2. December 31, 2022 (end of the preceding period) ad 3._January 1, 2022 (beginning of the preceding period) period statements during 2023. of financial position ns from period Consistency Of Presentation > Consistency refers to the use of the same methods for the same Ite to period. > ‘ . Consistency of presentation and classification of items must De aie Period to period, unless: jate. © The change in presentation or cass ore 2 P tion ‘An accounting standard requires the ees! ification would be mor change in presentation Or d 1371 Comprchenaine Accounting Reviewer Series kere 1 Fnancal ewe td ppntng ‘nancial ts ; > AN entity shall clearly identify the financial statements,” which mus distinguished from other information in the same published document. be > An entity shall clearly identify each financial statement and the notes to th. financial statements: ‘© In addition, the following information must be displayed and repeat whe, necessary for the information presented to be understandable: The name of the reporting entity and any change in the name. Whether the financial statements are-of an individual entity ora group or entities, ¥ The reporting period or the period covered by the financial statements, ~The presentation currency: ¥ The level of rounding used. (e.g., thousands, millions) in amounts in financial statements, Dn preety -000- Sait te ra Retin nature of Financial Statements Which of the following statements c 1. EXERCISES “ orrect il ‘A. Financial te are the means ger ne peas ee B. eee Raerrts ore tone 's periodically communicated to users, * accounting process. Product or main output of the financial C. Both Aand B. D. Neither A nor B. : snemeisi2 |s A complete set of financial statements comprises which oft : "» Statement of financial postin. > Mich of the folowing? Statement of comprehensive income ‘Statement of changes in equity, , Statement of cash flows, . Notes to financial statements Tand II. F I, IL, and Hl. : 1, 11,11, and Iv. I, 0, I, IV, and v. entity must disclose comparative information for: the previous two, comparable periods for all amounts,. the previous comparable period for all amounts. the previous comparable period for all amounts, narratives, and descriptive information. the previous comparable period for all amounts, narratives, and descriptive information that are relevant to the understanding of the financial statements. PPPs 9OP> |>/0|>|D/O|>|>/a]ololalo 9)9|>/O]O|molo|>|al/alolololn Ny 8 Key Answer: Explanation: According to IAS 1 Presentation of Financial Statements, a complete set of financial statements comprises the following: ¥ — Statement of financial position as of the end of the period ¥ — Statement of profit or loss and other comprehensive income for the period Statement of changes in equity for the period Statement of cash flows for the period Notes, comprising a summary of significant accounting policies and other explanatory notes NAN An entity must only disclose comparatives for the previous period for all amounts, narratives, and descriptive information that are relevant to the understanding of the financial statements. Choice A is a limitation because the accounting standards provide the appropriate accounting treatments for various transactions and amounts. Not all transactions are reportable transactions for accounting purposes. Choice B is also a limitation because judgments and canes are necessary for the. measurement of some accou! transactions in the financial statements. i rds Choice C is also a limitation because the accounting stand be involve a mixture of different measurement pe eke historical cost, market value, present value, amo iz 1379

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