Page 18 - Finac1 Test 1 slides - 3. Presentation of Financial Statements

PRESENTATION OF FINANCIAL STATEMENTS

Structure and content: Notes to the financial

statements (IAS 1 par .112–.138)

• Notes to the annual financial statements should be

• presented in a systematic manner; and

• each item on the statements should be cross-referenced

to the notes.

• An entity should disclose the following in the

summary of significant accounting policies:

• the measurement basis (or bases) used in preparing the

financial statements, for example, historical costs, net

realisable value and fair value; and

• the other accounting policies used that are relevant to

an understanding of the financial statements.

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