If you're studying IAS 1 Presentation of Financial Statements, why not try out our quiz? Click below to give it a go.
IAS 1 Presentation of Financial Statements Quiz
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What are the revised IAS 16/IAS 41 standards?
Currently biological assets (plants) are measured at fair value less costs to sell. The reason for this is that biological assets undergo changes during their lives that...
If you're studying IAS 2 Inventories, why not test your knowledge with our multiple choice quiz? By practicing questions you'll improve your study and recall, ideal for people who learn best by 'doing' rather...
If you're studying IAS 20 Government Grants, why not test your knowledge with our multiple choice quiz? Click here to try the quiz. By practicing questions you'll improve your study and recall, ideal for...
In this article, we take a look at the elements of financial statements, in particular, the assets, liabilities and equity which are used to report the financial position of an entity.
An asset is defined...
What are Borrowing Costs?
Borrowing costs are interest and other costs incurred by an entity in connection with the borrowing of funds.
Borrowing costs may include
- Interest on bank overdrafts and short-term and long-term borrowings (including...
In this article we'll look at the disclosure requirements for statements of cash flows.
Disclosures required under IAS 7 include:
A reconciliation of the ending cash balance to the statement of financial position headings. (e.g. cash,...
What does fair presentation mean?
Financial statements are described as showing a 'true and fair view' when they are free from material misstatements and faithfully represent the financial performance and position of an entity.
Departure from accounting standards
In very rare circumstances, an entity may need to produce financial reports which do not comply with a specific accounting standard, if compliance with the standard would be so misleading they...