Skip to content

ACCA Study Material

Menu
  • ACCA
    • Past Papers
    • Video Lectures
    • Jobs
  • Foundation
    • ACCA F1 Accountant in Business
    • ACCA F2 Management Accounting
    • ACCA F3 Financial Accounting
  • Skill
    • ACCA F4 Corporate and Business Law
    • ACCA F5 Performance Management
    • ACCA F6 Taxation
    • ACCA F7 Financial Reporting
    • ACCA F8 Audit & Assurance
    • ACCA F9 Financial Management
  • Professional
    • Strategic Business Reporting
    • Strategic Business Leader
    • ACCA P1 Governance, Risk and Ethics
    • ACCA P2 Corporate Reporting (UK or International)
    • ACCA P3 Business Analysis
  • Optional
    • ACCA P4 Advanced Financial Management
    • ACCA P5 Advanced Performance Management
    • ACCA P6 Advanced Taxation
    • ACCA P7 Advanced Audit & Assurance (UK or International)
  • Study Material
    • BECKER
    • LSBF
    • BPP
    • Acowtancy
  • Articles
    • Learn Excel
    • Top 10
    • Global News
    • International
    • Interesting
    • Technology
    • IAS
  • IFRS
  • Privacy Policy
    • Contact
HomeACCAACCA F8 Audit & AssuranceWhat are the Financial Statements Assertions?

What are the Financial Statements Assertions?

By Admin ACCA, ACCA F8 Audit & Assurance, ACCA P7 Advanced Audit & Assurance (UK or International), Articles, LSBF  0 Comments

Share on Social Networks

0 shares
  • Facebook
  • Twitter
  • LinkedIn

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 opinion.

  • Assertions for Classes of transactions (statement of profit & loss)
  • Assertions for account balances at period end (statement of financial position – balance sheet)
  • Assertions for presentation and disclosure

Assertions About Classes Of Transactions And Events For The Period Under Audit;

  • Occurrence: transactions and events that have been recorded have occurred and pertain to the entity.
  • Completeness: all transactions and events that should have been recorded have been recorded.
  • Accuracy: amounts and other data relating to recorded transactions and events have been recorded appropriately.
  • Cut-off: transactions and events have been recorded in the correct accounting period.
  • Classification: transactions and events have been recorded in the proper accounts.

What are the Financial Statements Assertions

Assertions About Account Balances At The Period-End;

  • Existence: assets, liabilities, and equity interests exist.
  • Rights and obligations: the entity holds or controls the rights to assets, and liabilities are the obligations of the entity.
  • Completeness: all assets, liabilities and equity interests that should have been recorded have been recorded.
  • Valuation: Assets, liabilities, and equity interests are included in the financial statements at appropriate amounts and any resulting valuation is appropriately recorded.
  • Allocation: Assets liabilities and equity interests are recorded in the correct class of account.

Assertions About Presentation And Disclosure;

  • Occurrence and rights and obligations: disclosed events, transactions and other matters have occurred and pertain to the entity.
  • Completeness: all disclosures that should have been included in the financial statements have been included.
  • Classification and understandability: financial information is appropriately presented and described, and disclosures are clearly expressed.
  • Accuracy and valuation: financial and other information are disclosed fairly and in appropriate amounts.
(Visited 1,156 times, 1 visits today)

You May also Like

ACCA LSBF Class 2018 Notes All Papers Download

ACCA LSBF Class 2018 Notes All Papers Download

ACCA F6 Examiner Reports till June 2017

ACCA F6 Examiner Reports till June 2017

ACCA and Oxford Brookes University BSc Requirments

ACCA and Oxford Brookes University BSc Requirments

ACCA Practice to Pass Webinars

ACCA F8 PAST EXAM PAPERS

ACCA F8 Past Exam Papers

Top 10 GCC VAT Questions You Should Know

Top 10 GCC VAT Questions You Should Know

Add a Comment

Cancel reply

Your email address will not be published. Required fields are marked *

Need Help? 

  • [email protected]

Enter your E-mail ID

Popular Updates

  • Latest CFA Level 1 Study Material 2019-2020 Free DownloadLatest CFA Level 1 Study Material 2019-2020 Free Download Latest CFA Level 1 Study Material 2019-2020 Free Download Hello…
  • ACCA F7 Past Exam PapersACCA F7 Past Exam Papers ACCA F7 Past Exam Papers are now available for download;…
  • Latest ACCA Study Material till 2020Latest ACCA Study Material till 2020 Latest ACCA Study Material till 2020 At the end of…
  • ACCA F2 Past Exam Papers and AnswersACCA F2 Past Exam Papers and Answers ACCA F2 Past Exam Papers and Answers At the end…
  • ACCA F2 Kaplan Book PDFACCA F2 Kaplan Book PDF ACCA F2 Kaplan book in pdf format is available for…
  • ACCA F4 to P7 Short NotesACCA F4 to P7 Short Notes ACCA F4 to P7 Short Notes Dear Students, now you…
  • ACCA P2 Past Exam Papers in PDFACCA P2 Past Exam Papers in PDF ACCA P2 Past Exam Papers are now available for download;…
  • ACCA F5 Past Exam PapersACCA F5 Past Exam Papers ACCA F5 Past Exam Papers are now available for download;…
  • ACCA LSBF Class 2018 Notes All Papers DownloadACCA LSBF Class 2018 Notes All Papers Download ACCA LSBF Class 2018 Notes All Papers Download All Paper…

Categories

  • ACCA (223)
    • ACCA F1 Accountant in Business (14)
    • ACCA F2 Management Accounting (16)
    • ACCA F3 Financial Accounting (25)
    • ACCA F4 Corporate and Business Law (13)
    • ACCA F5 Performance Management (39)
    • ACCA F6 Taxation (23)
    • ACCA F7 Financial Reporting (49)
    • ACCA F8 Audit & Assurance (39)
    • ACCA F9 Financial Management (33)
    • ACCA P1 Governance, Risk and Ethics (34)
    • ACCA P2 Corporate Reporting (UK or International) (42)
    • ACCA P3 Business Analysis (38)
    • ACCA P4 Advanced Financial Management (26)
    • ACCA P5 Advanced Performance Management (34)
    • ACCA P6 Advanced Taxation (24)
    • ACCA P7 Advanced Audit & Assurance (UK or International) (47)
    • Acowtancy Study Material (31)
    • BECKER Study Material (46)
    • BPP Study Material (47)
    • Foundation Level (1)
    • Kaplan Study Material (53)
    • Optional Level (12)
    • Professional Level (30)
      • Strategic Business Leader (12)
      • Strategic Business Reporting (21)
    • Skills Level (10)
  • Acowtancy Study Material (19)
  • Articles (48)
    • Top 10 (4)
  • IAS (11)
  • IFRS (11)
  • Learn Excel (5)
  • LSBF (93)
  • News (16)
    • Interesting (4)
    • International (3)
    • Technology (1)
  • Past Papers (26)
  • PDF Material (125)

Recent Comments

  • Vedant on Latest ACCA P1 LSBF Videos Lectures
  • mohammed abdurahman on Latest ACCA P4 AFM Class notes
  • zuhayr on Latest ACCA F9 LSBF Video Lectures
  • Rahul on ACCA F8-AA QUESTION BANK DOWNLOAD
  • Admin on Latest ACCA F6 and P6 Short Notes 2020
  • Admin on Latest F5 LSBF Video Lectures 2017

Recent Posts

  • Latest ACCA P4 AFM Class notes
  • ACCA F4 to P7 Short Notes
  • Very Important Examiner Tips for PM, FR, AA and FM
  • ACCA ATX REVISION NOTES DOWNLOAD
  • Latest ACCA F6 and P6 Short Notes 2020
  • Audit and other Assurance engagement – ACCA F8 AA
  • Latest Deloitte IFRS Pocket 2019 Notes
  • Audit Risk & the Auditor’s Response – ACCA AA ( OLD F8 )

Recent Comments

  • Vedant on Latest ACCA P1 LSBF Videos Lectures
  • mohammed abdurahman on Latest ACCA P4 AFM Class notes
  • zuhayr on Latest ACCA F9 LSBF Video Lectures
  • Rahul on ACCA F8-AA QUESTION BANK DOWNLOAD
  • Admin on Latest ACCA F6 and P6 Short Notes 2020
  • Admin on Latest F5 LSBF Video Lectures 2017
  • Admin on Latest Strategic Business Reporting SBR Book and Exam Kit Free Download 2018-2019
  • Mulindwa Jude (CPA) on IAS 1 Presentation of Financial Statements
ACCA Study Material Copyright © 2022.
Theme Developed By A Global Wall Back to Top ↑
0 shares