BUSINESS FACULTY

SCHOOL OF ACCOUNTING

ACADEMIC REPORT

COURSE: Nic 1 Statements of Financial Position

COURSE NAME

AUTHOR: senior accounting

MEMBERS

Fernández hoyos Marilú del pilar

TEACHER:

Freddy Seminary Arevalo

Headquarters - Peru
INDEX:

I: Introduction………………………………………………………………………………
3

II: Development……………………………………………………………………………3

III: Bibliographical References:

…………………………………………………………..8
I: INTRODUCTION:

The financial statements are the structured representation of the financial situation
of the entity, also showing its financial performance. Their objective is to report on
the financial situation of the entity, its performance, as well as its cash flow, which
is important for decision making. The most important elements of the financial
statements are: the company's assets, liabilities, net worth, expenses, its profit and
loss, its change in net worth and its cash flow.

The International Accounting Standard (IAS) No. 1 establishes the bases for the
presentation of financial statements to ensure that they are comparable, being
applicable to all financial statements presented according to International Financial
Reporting Standards (NIFF) and that have for the purpose of providing general
information.

This article provides a summary of IAS 1, which outlines the most important
aspects of the aforementioned document.

II. DEVELOPMENT:

Objective and scope.

This standard establishes the bases for the presentation of financial statements to
ensure that they are comparable, being applicable to all financial statements
presented according to International Financial Reporting Standards (NIFF) and
whose purpose is to provide general information.

Purpose of financial statements.

The financial statements are the structured representation of the financial situation
of the entity, also showing its financial performance. Their objective is to report on
the financial situation of the entity, its performance, as well as its cash flow, which
is important for decision-making. The most important elements of the states

The financial statements are: the company's assets, liabilities, net worth,
expenses, its profit and loss, its change in net worth, and its cash flow.
Components of financial statements.

The financial statements, according to this standard, include the balance sheet,
the income statements, the statement of changes in net worth, the cash flow and
the notes, which contain the most significant accounting policies.

Definitions: This standard establishes a set of definitions that are mentioned

below:

Impracticable. A requirement is impracticable when the entity cannot apply it

despite making a reasonable effort to do so.

Materiality or relative importance. They are errors or inaccuracies that can affect
decision making.

International Financial Reporting Standards (IFRS). They are made up of the

International Financial Reporting Standards (IFRS), the International Accounting
Standards (IAS) and the interpretations originated by the International Financial
Reporting Interpretations Committee (IFRIC).

Grades. It contains additional information to that presented in the financial

statements. They are an integral part of those financial statements.

General considerations

True image and compliance with IFRS. It requires faithful representation of the
effects of transactions, as well as other events and conditions. This implies that
the financial statements must faithfully reflect the financial situation of the entity, its
performance, as well as its cash flow. An explicit and unreserved statement must
be made in the notes when the entity complies with all the requirements of IFRS.

In order for the entity to make a fair presentation, it must first apply accounting
policies adjusted to IAS 8, in addition, it is required to present information related
to accounting policies, which are understandable, comparable, reliable and rele

Going concern assumption. For the preparation of financial statements, the ability
of the company to continue operating must be evaluated. If there is uncertainty
about this, it should be reported in the notes.
Accrual accounting assumption. Except for the information reflected in the cash
flow, the company will use the accrual assumption.

Uniformity in presentation. The presentation and classification of the financial

statements must be the same from one period to the next, unless there is a
change in the nature of the entity's activities or when reviewing the financial
statements significant deficiencies are observed, or there is a change in rules or
interpretation thereof. Likewise, acquisitions or disposals, as well as the review of
the presentation of financial statements, could also suggest a change in their
issuance.

Materiality or relative importance and grouping of data. Similar items of

sufficient relative importance are presented separately in the financial statements.
For their part, items with a different nature or function will be presented separately.
Additionally, relative immaterial items are grouped together, either on the face of
the financial statements or in the notes.

Compensation. No assets will be offset with liabilities, nor income with expenses,
except when the offset is required or permitted by any Standard or Interpretation.
Assets and liabilities, as well as income and expenses must be presented
separately.

Comparative information. Unless otherwise permitted or required by a Standard

or Interpretation, comparative information, with respect to the prior period, will be
presented for all kinds of quantitative information included in the financial
statements. The comparative information should also be included in the
descriptive and narrative information, whenever it is relevant for the proper
understanding of the financial statements of the current period.

Structure and content

Identification of financial statements. The following shall be clearly identified in

the financial statements: name or other type of

identification of the entity, whether the financial statements are of the entity or of
the group, the date of the financial statements, the currency and the level of
aggregation or rounding of figures.

Accounting period. It will be annual.

Balance. A distinction must be made between current and non-current.

Current active. These are: those that are expected to be made, or are intended to
be sold or consumed, in the normal cycle; those held for trading purposes; those
that are expected to be realized during the twelve months from the balance sheet
date and cash or equivalent. Other assets are considered non-current, which
include material, intangible and financial assets.

current liabilities They are those that are expected to be liquidated in the normal
operating cycle; those held for trading, those that can be settled in the next twelve
months and the entity does not have the unconditional right to postpone the
settlement of the liability for at least the twelve months following the balance sheet
date. All other liabilities are classified as non-current.

Information to be disclosed in the balance sheet. The balance will include at

least: tangible fixed assets; investment Property; intangible assets; financial
assets; investments applying the equity method; biological active; existence; trade
debts and other accounts receivable; cash and other equivalent liquid means;
provisions; financial liabilities; current tax liabilities and assets; issued capital and
reserves attributable to instrument holders; minority interests presented within
equity and deferred tax assets and liabilities.

Information to be disclosed in the balance sheet or in the notes. The entity

will reveal in the balance sheet or notes, a subclassification with more details of
the items that make up the balance sheet heading.

Result account. Result for the year: All items of income and expenses recognized
in the year must be included in the results of the year, except those established in
IAS 16, 21 and 39.

The information to be disclosed in the income statements will include at least the
ordinary income items; financial expenses; participation

result of the exercise of association or joint ventures, accounted for by the equity
method; income tax and profit for the year. No income or expenses that are
considered extraordinary will be presented.

Information to be disclosed in the income statement or note. When the item of

income or expenses is material or has relative importance, its nature and amount
will be disclosed separately. The entity will present the breakdown of expenses
classified according to their nature. The information may be presented using some
of the following methods: The nature of the expenses and the function of the
expenses, also called the cost of sale method.

Statement of change of net worth. The statement of change in net worth will
show the result of the exercise; the items of income and expenses for the year;
total income and expenses showing separately the total amount attributed to
equity holders of the parent and the minority percentage. Additionally, it will reveal
the accounting changes and the correction of errors, as established in IAS 8.

It will also present, in the aforementioned financial statement, or in the notes, the
amounts of the transactions that the holders of equity instruments have carried
out. Likewise, it will reveal the retained earnings reserve balances, also reporting
the reconciliation between book amounts, at the beginning and end of the year for
each class of equity contributed and for each class of reserves, separately
reporting each movement in the same.

Statement of cash flows. This financial statement provides users with the basis
for evaluating the entity's ability to generate cash or its equivalent. Also, it points
out the cash needs of the company. IAS 7 establishes certain criteria for the
presentation of said financial statement.

Notes to the financial statements. Structure: The notes provide information on

the basis for preparing the financial statements, as well as the policies

specific accountants. Information is disclosed that is not presented in the balance

sheet, income statement, statement of changes in equity or in the statement of
cash flows. Likewise, it is sought that the additional information is relevant to
understand the financial statements. The notes must be presented systematically.

Disclosure of accounting policies. The entity will disclose a summary of the

significant accounting policies, among which will be: the basis or bases used for
the preparation of the financial statements and the other relevant accounting
policies to understand the financial statements.

Whenever they have a significant effect on the amounts recognized in the financial
statements, the entity shall disclose, either in the summary of significant
accounting policies or in other notes, the judgments that management has made in
applying the entity's accounting policies.

Key principles for the estimation of uncertainty. You must disclose in the notes
the key assumptions about the future, as well as the estimate of uncertainty at the
balance sheet date, whenever there is a risk of events occurring that could affect
the estimate of the value of assets or liabilities.

Capital. The entity will disclose qualitative information that allows evaluating the
objectives, policies and process that it follows to manage the capital. To do this, a
description must be made of what the entity considers capital. It must also indicate
the external capital requirements and their nature, indicating how the requirements
are incorporated into capital management.

Other information to be disclosed. The entity shall disclose in the notes the
amount of dividends proposed or agreed before the financial statements have
been prepared. It must also report the existence of any cumulative preferred
dividend amount, which has not been recognized.

III. BIBLIOGRAPHIC REFERENCES:

https://es.linkedin.com/pulse/resumen-de-la-norma-internacional-contabilidad-n
%C2%BA-1-jes%C3%BAs-rodolfo

ANNEXES (If applica.

https://repository.uaeh.edu.mx/revistas/index.php/icea/article/view/70