tailieunhanh - Lecture Framework of financial reporting - Lecture 6

The main contents of the chapter consist of the following: Accounting concepts and policies, selection of accounting policies, changes in accounting policies, changes in accounting estimates, correction of prior period errors. | Revise lecture 6 1 1 Accounting concepts and policies The main issues covered by IAS 8 are: Selection of accounting policies Changes in accounting policies Changes in accounting estimates Correction of prior period errors 2 Accounting concepts and policies Selection of accounting policies IAS 8 requires an entity to select and apply appropriate accounting policies complying with International Financial Reporting Standards (IFRSs) and interpretations to ensure that the financial statements provide information that is: 3 Accounting concepts and policies Selection of accounting policies Relevant to the decision-making needs of users Reliable in that way: Represent faithfully the results of financial position of the entity Reflect the economic substance of events and transactions and not merely the legal form Are neutral, . free from bias Are prudent Are complete in all material respects 4 Accounting concepts and policies 2. Changing accounting policies The general rule is that accounting policies are normally kept the same from period to period to ensure comparability of financial statements over time. IAS 8 requires accounting policies to be charged only if the change: Is required by IFRSs or Will result in a reliable and more relevant presentation of events or transactions 5 Accounting concepts and policies A change in accounting policy occurs if there has been a change in: Recognition, . an expense is now recognised rather than an asset Presentation, . depreciation is now included in cost of sales rather than administrative expenses, or Measurement basis, . stating assets at replacement cost rather than historical cost 6 Accounting concepts and policies Changes in accounting estimates The requirement of IAS 8 are: The effects of a change in accounting estimate should be included in the income statement in the period of the change and, if subsequent periods are affected, in those subsequent periods If the effect of the change is material, its nature and | Revise lecture 6 1 1 Accounting concepts and policies The main issues covered by IAS 8 are: Selection of accounting policies Changes in accounting policies Changes in accounting estimates Correction of prior period errors 2 Accounting concepts and policies Selection of accounting policies IAS 8 requires an entity to select and apply appropriate accounting policies complying with International Financial Reporting Standards (IFRSs) and interpretations to ensure that the financial statements provide information that is: 3 Accounting concepts and policies Selection of accounting policies Relevant to the decision-making needs of users Reliable in that way: Represent faithfully the results of financial position of the entity Reflect the economic substance of events and transactions and not merely the legal form Are neutral, . free from bias Are prudent Are complete in all material respects 4 Accounting concepts and policies 2. Changing accounting policies The general rule is that .

• Tài chính doanh nghiệp
• Financial Reporting
• Framework of financial reporting
• Lecture Framework of financial reporting
• Regulatory system
• Financial statements
• Accounting policies
• International Accounting Standard
• Chuẩn mực kế toán quốc tế
• International Accounting Standard 8
• Accounting estimates
• Borrowing costs
• Lecture Advanced financial accounting
• Bài giảng Kế toán tài chính nâng cao
• Advanced financial accounting
• Accounting estimate
• Retrospective application
• Changes in accounting estimates
• Retrospective restatements
• Accounting Standard
• Tiêu chuẩn kế toán
• Chuẩn mực kế toán
• Accounting Standards Interpretations
• Accounting for Taxes on Income
• Finance accounting and Auditing
• Financial distress
• Ordinary Least Squares (OLS)
• Professional judgment
• Accounting for taxes
• Earnings Per Share
• Construction Contracts
• Compendium of accounting standards
• Biological asset accounting policies
• Good corporate governance
• Company size
• Financial performance
• Knowledge about renewable energy
• International Accounting Standard 23
• Qualifying asset
• Accounting changes
• Error analysis
• Intermediate accounting
• Lecture Intermediate accounting
• Related Party Disclosures
• Sales Transactions
• Consolidated Financial Statements
• Disclosure of Segment Information