ACCOUNTING PAS 1

23問 • 2年前

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It sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction.

PAS 1- PRESENTATION OF FINANCIAL STATEMENTS

What is the objective of PAS 1?

To prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity's financialstatements of previous periods and with the financial statements of other entities.

Which of the following are the scope of PAS 1?

PAS 1 applies to all general purpose financial statements that are prepared and presented in accordance with Philippine Financial Reporting Standards (PFRSs)., General purpose financial statements are those intended to serve users who are not in a position torequire financial reports tailored to their particular information needs.

What are the General Features of Financial Statements?

FAIR PRESENTATION AND COMPLIANCE WITH PFRS, GOING CONCERN, ACCRUAL BASIS OF ACCOUNTING, CONSISTENCY OF PRESENTATION, MATERIALITY AND AGGREGATION, OFFSETTING, COMPARATIVE INFORMATION AND REPORTING PERIOD

The financial statements must "present fairly" the financial position, financial performance and cash flows of an entity.

FAIR PRESENTATION AND COMPLIANCE WITH PFRS

PAS 1 requires management to make an assessment of an entity's ability to continue.

GOING CONCERN

PAS 1 requires that an entity prepare its financial statements, except for cash flow information.

ACCRUAL BASIS OF ACCOUNTING

The presentation and classification of items in the financial statements shall be retained from one period to the next unless a change is justified either by a change in circumstances or a requirement of a new PFRS.

CONSISTENCY OF PRESENTATION

Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.

MATERIALITY AND AGGREGATION

Assets and liabilities, and income and expenses, may not be offset unless required or permitted by an PFRS.

OFFSETTING

PAS 1 requires it to be disclosed in respect of the previous period for all amounts reported in the financial statements, both on the face of the financial statements and in the notes, unless another Standard requires otherwise.

COMPARATIVE INFORMATION

There is a presumption that financial statements will be prepared at least annually.

REPORTING PERIOD

PAS 1 requires an entity to clearly identify:

The financial statements, which must be distinguished from other information in a published document, Each financial statement and the notes to the financial statements

It portray the financial effects of transactions and other events by grouping them into broad classes according to their economic characteristics.

FINANCIAL STATEMENTS

What are the elements that directly related to the measurement of financial position?

ASSETS, LIABILITIES AND EQUITY

Assets can be presented current then non- current, or vice versa, and liabilities and equity can be presented current then non-current then equity, or vice versa. What kind of presentation is this?

CLASSIFIED PRESENTATION

(assets minus liabilities) is allowed in the financial statement format. What kind of presentation is this?

NET ASSET PRESENTATION

Amortized cost investments are classified as what?

NON-CURRENT ASSET

Deferred tax assets are always ________ regardless of time of reversal.

NON-CURRENT ASSET

Bank overdrafts if silent should be classified as _______.

CURRENT LIABILITIES

Ordinary share capital is part of what?

EQUITY

It is defined as “the total of income less expenses, excluding the components of other comprehensive income”

PROFIT OR LOSS

It is defined as comprising “items of income and expense (including reclassification adjustments) that are not recognized in profit or loss as required or permitted by other PFRSs.

COMPREHENSIVE INCOME

VITMOLOGY-PPT2

Anndrea S. Galupo · 22問 · 1年前

VITMOLOGY-PPT2