会计学英文版经典教程 (4)
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• Substance over form
Copyright ©2014 Pearson Education.
3
Typical structure of an annual report
Corporate
Analysis and
information commentaries
Other statements or
information
• Firms are expected to maintain presentation and classification of items period to period
Copyright ©2014 Pearson Education.
17
Understand presentation requirements for Statement of Financial Position
disclosures
Financial statements
Copyright ©2014 Pearson Education.
4
Corporate Information
• Short history of company • Members of board of directors and key
Copyright ©2014 Pearson Education.
15
Frequency of reporting
• Entities are to present financial info at least annually
• Listed companies might have to publish interim reports
• Acknowledgement of responsibility for preparing financial statements by management
• Auditor’s report • 3 types of opinions:
Unqualified Qualified Adverse
Copyright ©2014 Pearson Education.
28
Notes to the accounts
Copyright ©2014 Pearson Education.
29
Copyright ©2014 Pearson Education.
30
Copyright ©2014 Pearson Education.
21
Understand presentation requirements for Statement of Comprehensive Income
Copyright ©2014 Pearson Education.
22
Statement of comprehensive Fra Baidu bibliotekncome
Copyright ©2014 Pearson Education.
23
Categorizing expenses by nature
Copyright ©2014 Pearson Education.
24
Categorizing expenses by function
Copyright ©2014 Pearson Education.
Copyright ©2014 Pearson Education.
18
Statement of Financial Position
Copyright ©2014 Pearson Education.
19
Statement of Financial Position
• Liquidity • Current assets and current liabilities
5
Analysis and commentaries
Copyright ©2014 Pearson Education.
6
Other statements and disclosure
Copyright ©2014 Pearson Education.
7
Financial Statements
tool
• Top source of information for shareholders, lenders, potential investors etc.
• Provide information about the company from company visions, goals to financial information and changes in strategy.
Name of reporting entity
If consolidated or individual entity’s account
Date of the end of reporting period
Presentation currency used
Level of rounding
Copyright ©2014 Pearson Education.
• Accounts can be aggregated if they are immaterial • An item is material when its omission or
misstatement can influence the economic decisions of users based on financial statements.
Copyright ©2014 Pearson Education.
14
Offsetting
• Not allowed to offset assets and liabilities, income and expenses
• Offsetting is different from netting
• All financial statements, except cash flow info, to be prepared using accrual basis.
Copyright ©2014 Pearson Education.
13
Materiality and Aggregation
Statement of financial
position
Statement of comprehensive
income
Statement of changes in
equity
Statement of cash flows
Notes
Proper labeling of financial statements
25
Understand presentation requirements for Statement of Changes in Equity
Copyright ©2014 Pearson Education.
26
Key reconciling items
Copyright ©2014 Pearson Education.
Copyright ©2014 Pearson Education.
16
Comparative information and
Consistency of presentation
• Numbers from previous periods must be disclosed
Minimum 2 years of information Under certain situations, 3 ears Comparatives made in narrative and descriptive
Copyright ©2014 Pearson Education.
20
Statement of financial postion
• Account format
Assets
• Report format
Assets Liabilities Equities
Liabilities Equities
Copyright ©2014 Pearson Education.
8
Know the general features of financial statements
Copyright ©2014 Pearson Education.
11
Complete set of financial statements
Fair presentation and compliance with IFRS
• Faithful representation of effects of transactions
▫ Cannot selectively apply standards and proclaim compliance with IFRS
• Cannot rectify inappropriate policies
▫ By notes or explanatory material
Copyright ©2014 Pearson Education.
12
Accrual basis and going concern
• Going concern: Entity intends to, and has ability to, operate into the foreseeable future.
27
Accounting changes
• Dealt with in IAS 8 • Changes due to new accounting standards or
pronouncements • Changes in accounting estimates • Changes in accounting policies • Prior-period errors
Appreciate the role of annual reports as a communication tool
Copyright ©2014 Pearson Education.
1
Chapter 4
Presentation of Financial Statements
Annual reports as a communication
management personnel • Organization structure • Awards and accolades • Key markets and products • Operating Statistics and financial highlights
Copyright ©2014 Pearson Education.
Copyright ©2014 Pearson Education.
3
Typical structure of an annual report
Corporate
Analysis and
information commentaries
Other statements or
information
• Firms are expected to maintain presentation and classification of items period to period
Copyright ©2014 Pearson Education.
17
Understand presentation requirements for Statement of Financial Position
disclosures
Financial statements
Copyright ©2014 Pearson Education.
4
Corporate Information
• Short history of company • Members of board of directors and key
Copyright ©2014 Pearson Education.
15
Frequency of reporting
• Entities are to present financial info at least annually
• Listed companies might have to publish interim reports
• Acknowledgement of responsibility for preparing financial statements by management
• Auditor’s report • 3 types of opinions:
Unqualified Qualified Adverse
Copyright ©2014 Pearson Education.
28
Notes to the accounts
Copyright ©2014 Pearson Education.
29
Copyright ©2014 Pearson Education.
30
Copyright ©2014 Pearson Education.
21
Understand presentation requirements for Statement of Comprehensive Income
Copyright ©2014 Pearson Education.
22
Statement of comprehensive Fra Baidu bibliotekncome
Copyright ©2014 Pearson Education.
23
Categorizing expenses by nature
Copyright ©2014 Pearson Education.
24
Categorizing expenses by function
Copyright ©2014 Pearson Education.
Copyright ©2014 Pearson Education.
18
Statement of Financial Position
Copyright ©2014 Pearson Education.
19
Statement of Financial Position
• Liquidity • Current assets and current liabilities
5
Analysis and commentaries
Copyright ©2014 Pearson Education.
6
Other statements and disclosure
Copyright ©2014 Pearson Education.
7
Financial Statements
tool
• Top source of information for shareholders, lenders, potential investors etc.
• Provide information about the company from company visions, goals to financial information and changes in strategy.
Name of reporting entity
If consolidated or individual entity’s account
Date of the end of reporting period
Presentation currency used
Level of rounding
Copyright ©2014 Pearson Education.
• Accounts can be aggregated if they are immaterial • An item is material when its omission or
misstatement can influence the economic decisions of users based on financial statements.
Copyright ©2014 Pearson Education.
14
Offsetting
• Not allowed to offset assets and liabilities, income and expenses
• Offsetting is different from netting
• All financial statements, except cash flow info, to be prepared using accrual basis.
Copyright ©2014 Pearson Education.
13
Materiality and Aggregation
Statement of financial
position
Statement of comprehensive
income
Statement of changes in
equity
Statement of cash flows
Notes
Proper labeling of financial statements
25
Understand presentation requirements for Statement of Changes in Equity
Copyright ©2014 Pearson Education.
26
Key reconciling items
Copyright ©2014 Pearson Education.
Copyright ©2014 Pearson Education.
16
Comparative information and
Consistency of presentation
• Numbers from previous periods must be disclosed
Minimum 2 years of information Under certain situations, 3 ears Comparatives made in narrative and descriptive
Copyright ©2014 Pearson Education.
20
Statement of financial postion
• Account format
Assets
• Report format
Assets Liabilities Equities
Liabilities Equities
Copyright ©2014 Pearson Education.
8
Know the general features of financial statements
Copyright ©2014 Pearson Education.
11
Complete set of financial statements
Fair presentation and compliance with IFRS
• Faithful representation of effects of transactions
▫ Cannot selectively apply standards and proclaim compliance with IFRS
• Cannot rectify inappropriate policies
▫ By notes or explanatory material
Copyright ©2014 Pearson Education.
12
Accrual basis and going concern
• Going concern: Entity intends to, and has ability to, operate into the foreseeable future.
27
Accounting changes
• Dealt with in IAS 8 • Changes due to new accounting standards or
pronouncements • Changes in accounting estimates • Changes in accounting policies • Prior-period errors
Appreciate the role of annual reports as a communication tool
Copyright ©2014 Pearson Education.
1
Chapter 4
Presentation of Financial Statements
Annual reports as a communication
management personnel • Organization structure • Awards and accolades • Key markets and products • Operating Statistics and financial highlights
Copyright ©2014 Pearson Education.