IAS 8 Accounting Policies are the principles and rules applied by an entity which specify how transactions are reflected in the financial statements. Where a standard exists in respect of a transaction, for example, IAS 8 Accounting Policies and estimates, the accounting policy is determined by applying that standard.
IFRS 5 Non-current Assets Held for Sale IFRS 5 Non-current Assets Held for Sale and Discontinued Operations says that a discontinued operation is a component of an entity that has been sold, or which is classified as held for sale, and which is: a separate line of business (either in terms of operations or location) part of
Components of Financial Statements
According to IAS 1 Presentation of Financial Statements, a complete set of financial statements has the following components: Other reports and statements in the annual report (such as a financial review, an environmental report or a social report) are outside the scope of IAS 1.
Code of Ethics: (a) Integrity – to be straightforward and honest in all professional and business relationships. (b) Objectivity – to not allow bias, conflict of interest or undue influence of others to override professional or business judgments. (c) Professional Competence and Due Care – to maintain professional knowledge and skill at the level
Financial Statements Assertions Financial statements assertions are the representations by management, explicit or otherwise, that are embodied in the financial statements, as used by the auditor to consider the different types of potential misstatements that may occur. Auditors use the financial statements assertions to assess the risk of material misstatements and designing and performing audit procedures to form
Audit Definition “The main objective of an audit is to examine the financial statements of an entity to make sure that information provided in the financial statements represents the true and fair view of the entity performance”. Audit Definition helps to understand the objective of the audit function in a company for the stakeholders. Because
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IFRS 2 Share Based Payments Introduction IFRS 2 Share Based Payments has become increasingly common. Share-based payment occurs when an entity buys goods or services from other parties (such as employees or suppliers) and: settles the amounts payable by issuing shares or share options, or incurs liabilities for cash payments based on its share price.
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