ENTREPRENEURIAL

MIND
Charlsgodwin Tanola, CPA
Order of presentation of disclosures in the Notes
1. Statement of compliance with PFRSs;
2. Summary of significant accounting policies applied;
3. Supporting information for items presented in the other
financial statements; and
4. Other disclosures.

PRESENTATION TITLE 2
PRESENTATION TITLE 3
 PAS 8
CHANGES IN ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES
AND CORRECTION OF PRIOR PERIOD ERRORS

CHANGES IN ACCOUNTING ESTIMATES

Result from uncertainties inherent in business activities that many items

cannot be measured with accuracy but can only be estimated
Today

Jan 2022 Jan 2023 Jan 2024

1. Estimate of Doubtful Accounts

2. Estimate of Warranty Expense
3. NRV of inventory
4. PPE – Depreciation Expense

PRESENTATION TITLE 4
5
6
7
 PAS 8
CHANGES IN ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES
AND CORRECTION OF PRIOR PERIOD ERRORS

CHANGES IN ACCOUNTING POLICIES

A change from one acceptable accounting policy to another acceptable

accounting policy
Today

Jan 2022 Jan 2023 Jan 2024

1. Voluntary
2. Involuntary

PRESENTATION TITLE 8
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 CORRECTION OF PRIOR PERIOD ERRORS

Omissions from, and misstatements in, an entity’s financial statements for one or more
prior periods arising from a failure to use or misuse of, reliable information that was
available and could reasonably be expected to have been obtained and taken into
account in preparing the financial statements.

Today

Jan 2022 Jan 2023 Jan 2024

1. Practicable – Restate the comparative amount

2. Impracticable – Prospectively from the earliest date practicable

PRESENTATION TITLE 12
EVENTS AFTER THE
REPORTING PERIOD
PAS 10
Adjusting event
• Conditions that existed at the end of the reporting
period

Non-Adjusting event
• Indicative of a condition that arose after the reporting
period

PRESENTATION TITLE 14
15
Adjusting event
• Conditions that existed at the end of the reporting
period
• Adjust the financial statement

Non-Adjusting event
• Indicative of a condition that arose after the reporting
period
• Do not adjust the financial statement

PRESENTATION TITLE 16
RELATED PARTY
DISCLOSURE
PAS 24
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THANK
YOU!

19
 Q1 Synergize scalable e-commerce

Q2 Coordinate e-business applications

Q3 Deploy strategic networks with compelling e-business needs

Q4 Disseminate standardized metrics

TIMELINE
PRESENTATION TITLE 20