By Abbas A. Mirza
Wiley foreign monetary Reporting Trends presents copious examples of footnote disclosures and monetary assertion codecs, conscientiously culled from the world's best foreign businesses ("Global 500") which are already compliant with IFRS and file lower than IFRS criteria promulgated via the foreign Accounting criteria Board, the IASB. prepared topically, this publication is a brief resource of connection with locate solutions to problems with curiosity to financial plan preparers. It presents 1000s of illustrations taken from monetary statements ready less than IFRS by way of worldwide conglomerates thereby assisting preparers and clients of economic statements to expeditiously receive examples of footnote disclosures and monetary statements offered lower than those criteria that are popularly often called "principles-based" criteria (as against "rules-based" standards). also, Wiley International monetary Reporting Trends comprises comparisons of IFRS to US GAAP, Indian GAAP, and chinese language GAAP, making it a really worldwide reference resource.
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Extra resources for Wiley International Trends in Financial Reporting under IFRS: Including Comparisons with US GAAP, Chinese GAAP, and Indian GAAP
Example text
SYNOPSIS OF THE STANDARD This summary of the Standard sets the overall requirements for the preparation and presentation of financial statements. 1 This Standard provides guidance on the fundamental principles of preparing financial statements such as going concern, accrual basis, materiality, offsetting, frequency of reporting, comparative information, consistency of presentation, fair presentation, and an explicit statement of compliance with IFRS. 2 A complete set of financial statements comprises • • • • • A statement of financial position A statement of comprehensive income A statement of changes in equity A statement of cash flows Notes An entity is permitted to present financial statements under IFRS using titles other than those just listed for the various components of the financial statements.
2 It provides guidance on the general principles of preparation of financial statements, minimum disclosures and content of financial statements prepared under International Financial Reporting Standards (IFRS) (other than the “statement of cash flows,” guidance on which is prescribed in IAS 7, Statement of Cash Flows). 2. SYNOPSIS OF THE STANDARD This summary of the Standard sets the overall requirements for the preparation and presentation of financial statements. 1 This Standard provides guidance on the fundamental principles of preparing financial statements such as going concern, accrual basis, materiality, offsetting, frequency of reporting, comparative information, consistency of presentation, fair presentation, and an explicit statement of compliance with IFRS.
Most entities use a financial concept of capital, under which capital is defined in monetary terms as the net assets or equity of the entity. Under a physical concept of capital, capital is instead defined in terms of physical productive capacity of the entity. 2 Under the financial capital maintenance concept, a profit is earned if the financial amount of the net assets at the end of the period exceeds the financial amount of net assets at the beginning of the period, after excluding any distributions to and contributions from owners during the period.