Corporate reporting

Review PPT
Presented by:-
Loveleen
1820993062
Taniya
1820993117
Qualitative characteristics

characteristics
characteristics

fundamental
fundamental enchancing
enchancing

Comparability
Comparability
Faithful
Faithful representation
representation
Relevance
Relevance Verifiability
Verifiability
(complete,
(complete, neutral,
neutral, free
free
(nature,
(nature, materiality)
materiality) Timeliness
Timeliness
from
from bias)
bias)
understandability
understandability
 Elements

Assets Liabilities
Equity
(present economic (present obligation,
(residual interest in assets
resources, controlled, past transfer an economic
less liabilities)
events) resource, past events)

Income Expense
(increase in asset, (reduction in asset,
Reduction in liability) Increase in liability)
Underlying assumptions

GOING CONCERN
 RECOGNITION AND
DERECOGNITION
 RECOGNITION – INCLUDING AN ITEM IN
FINANCIAL STATEMENTS.
 DERECOGNITION – THE REMOVAL OF ALL
OR PART OF ASSET / LIABLITY
(LOSS OF CONTROL/ NO OBLIGATION)
 RECOGNITION
 ELEMENTS
RELEVANCE
FAITHFUL REPRESENTATION
DISCLOSE IF NOT RECOGNISED.
MEASUREMENT

• PURCHASE PRICE
HISTORICA
L COST

• FAIR VALUE
CURRENT • VALUE IN USE
VALUE • CURRENT COST
 N K
H A
T U
Y O