Objectives, Scope and Definitions of IAS 1
Objectives, Scope and Definitions of IAS 1 The purpose of financial statements is to provide information about financial position, financial...
Sunday, March 22, 2015
Sunday, March 8, 2015
Underlying Assumptions
Underlying assumptions There are two fundamentally important assumptions on which financial statements are based, being the accrual basis of accounting and the going concern basis. Both of these are discussed in IAS 1. However, the fundamental principle of the accrual basis of accounting is that transactions are recorded in the financial statements...
Users of financial information
Users of financial information and why the information is of interest to them: 1. Investors Investors require information on risk and return on investment and hence an entity’s ability to pay dividends. 2. Employees Employees assess an entity’s stability and profitability. They are interested in their employer's ability to provide remuneration, employment...
Accounting: Terms and Concepts
Financial Accounting: Terms & Concepts By Qaswar Nawaz Warraich ACCA-Affiliate 03446551266 https://www.facebook.com/qssacc http://qssacc.blogspot.com Book- keeping Book- keeping is the art of recording business transactions in a systematic manner. Accounting The art of recording, classifying and summarizing the financial...
