A Complete Set Of Financial Statements (As Agree With IAS 1)
As a Chartered Accountant in public practice, I have provided assurance on roughly 500 sets of financial statements more than the last 10 years. A money flow statement, also identified as statement of money flows, is a economic statement that shows how modifications in balance sheet accounts and earnings impact cash and money equivalents, and breaks the evaluation down to operating, investing and financing activities.
They could use either of two accounting techniques : accrual accounting , or price accounting, or a combination of the two ( OCBOA ). A comprehensive set of chart of accounts is also used that is substantially distinctive from the chart of a profit-oriented business enterprise.
Current Liabilities are accounts-, and notes-, taxes payable to economic institutions, accrued expenditures (eg.: wages, salaries), present payment (due inside 1 year) of extended-term debts, and other obligations to creditors due inside a single year.
Economic institutions (banks and … READ MORE ...