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AC1104

Topic 2

TermDefinition
Complete Set of Financial Statements SOFP SOPLOCI SOCIE SOCF notes to financial statements notes regarding next financial periods corporate sustainability report
Types of Companies Unlimited Companies Companies limited by guarantee Companies limited by shares
Types of Companies limited by shares Public Limited Companies Private Limited Companies
Faithful Representation Selecting and applying appropriate accounting policies Presenting info. that is relevant, reliable, understandable Adding additional info that relevant to fin. statements
SOPLOCI options 1. One statement with 2 parts; top part is SOPL and bottom part is OCI 2. 2 statements; one SOPL and another SOCI
Distribution Costs All costs related to operating a warehouse and selling function
Admin Costs Auditor's fees and expenses, wages, rent, light and heat
SOFPOCI 2 Formats Based on nature of expenses and function of expenses
What format to choose? Format is chosen based on Industry Factor Nature of the entity Which method will provide more relevant and reliable information
Liquid The item that will take the longest to turn to cash
What does the SOCIE show ? The movement in the opening balances on each of the line items listed in the equity and reserves section of the SOFP
Examples of items showed in SOCIE Profit for year Comprehensive Income Dividends accrued or paid Revaluation of assets Share issues Impact of changes in accounting policies
What must an entity disclose? Accounting policies used in the preparation of the SOFP Assumptions they may have made in regard to the future and major sources of uncertainty Any change in presentation SOFP prepared in alliance with IFRS Dividends paid and accrued
Created by: peadarbailey1206
 

 



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