Advanced Accounting - General Features, Disclosures and Format of Three Financial Statements

Extract from the financial statements and notes

AASB standards

Explanation

1) Present fairly and compliance with IFRS

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2) Going concern basis

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3) Accrual basis of accounting

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4) Materiality and aggregation

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IAS1/AASB 101(Para.15)

AASB 1054^[a]

(Para.7)

AASB 1054^[b]

(Para.16)

AASB 101 (Para.25)

AASB 101 (Para.27)

AASB 101 (Para.29)

The report claims that the statements present fairly. It gives a “true and fair view.”

The company states that its financial statements are prepared according to Australian Accounting Standards.

The statements are in accordance with IFRS standards.

Because there are no uncertainties, so no need for further explanations.

The statements are on accrual basis.

The statement is prepared with the requirements of materiality and aggregation.

5) Offsetting

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6) Frequency of reporting

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7) Comparative information (Minimum and additional)

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8) Consistency of presentation

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AASB 101 (Para.32^[c]-33)

AASB 101 (Para.36)

AASB 101 (Para.38)

AASB 101 (Para.45)

Assets and liabilities or income and expenses are not offset in the statements but listed separately.

The statements are prepared according to one financial year period.

Financial Position statements contain not only the amount of current financial year and prior year and a year before.

The statements are consistent as presented in prior years.