REVIEW OVER THE FINANCIAL STEMENTS PRESENTED BY IAS/IFRS
IASB contains the 5 components of the financial statements: Balance Sheet, Profit&Loss
Account, Capital Changes, Cash Flow and Explaining Notes which we can also find in OMFP
1752/2005 – New accounting regulations in accordance with the European Directions. The first 4
statements are flooded by figures and they may be understood through an intelligible 5th statement,
where the accounting professional should develop, add, clearly and consistently present the items
which lack or are not explained in the first 4 statements, in order to be understood by any user
having basic or advanced economic knowledge. The Explaining Notes and the accounting
policies related to the annual financial statements contain additional information which are relevant
for the users’ needs referring to significant items of the balance sheet, profit and loss account,
capital and cash flow. They provide descriptions and details of the items contained by the 4
statements. The financial statements offer a good opportunity to the company for assessing the
entity’s capacity to carry on its activity. If such uncertainty is perceived, it should be recorded. The
financial statements should be prepared based on the commitments’ accounting, excepting the
information related to the treasury flows.
REVIEW OVER THE FINANCIAL STEMENTS PRESENTED BY IAS/IFRSIASB contains the 5 components of the financial statements: Balance Sheet, Profit&LossAccount, Capital Changes, Cash Flow and Explaining Notes which we can also find in OMFP1752/2005 – New accounting regulations in accordance with the European Directions. The first 4statements are flooded by figures and they may be understood through an intelligible 5th statement,where the accounting professional should develop, add, clearly and consistently present the itemswhich lack or are not explained in the first 4 statements, in order to be understood by any userhaving basic or advanced economic knowledge. The Explaining Notes and the accountingpolicies related to the annual financial statements contain additional information which are relevantfor the users’ needs referring to significant items of the balance sheet, profit and loss account,capital and cash flow. They provide descriptions and details of the items contained by the 4statements. The financial statements offer a good opportunity to the company for assessing theentity’s capacity to carry on its activity. If such uncertainty is perceived, it should be recorded. Thefinancial statements should be prepared based on the commitments’ accounting, excepting theinformation related to the treasury flows.
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