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It lists the set of statements, for example the statement of financial position and statement of profit and loss, that together comprise the financial statements. [1] IAS 1 also elaborates on the following features of the financial statements: fairly presented and compliant with IFRSs; prepared on a going concern basis;
However, if the auditor considers that the auditee is not a going concern, or will not be a going concern in the near future, then the auditor is required to include an explanatory paragraph before the opinion paragraph or following the opinion paragraph, in the audit report explaining the situation, [8] [9] which is commonly referred to as the ...
A going concern is an accounting term for a business that is assumed will meet its financial obligations when they become due. It functions without the threat of liquidation for the foreseeable future , which is usually regarded as at least the next 12 months or the specified accounting period (the longer of the two).
Substance over form is an accounting principle used "to ensure that financial statements give a complete, relevant, and accurate picture of transactions and events". If an entity practices the 'substance over form' concept, then the financial statements will convey the overall financial reality of the entity (economic substance), rather than simply reporting the legal record of transactions ...
A concern (German: Konzern [kɔnˈtsɛʁn] ⓘ) is a type of business group common in Europe, particularly in Germany. It results from the merger of several legally independent companies into a single economic entity under unified management. A concern consists of a controlling enterprise and one or more controlled enterprises. [1]
Sample article layout (click on image for larger view) This guide presents the typical layout of Wikipedia articles, including the sections an article usually has, ordering of sections, and formatting styles for various elements of an article. For advice on the use of wiki markup, see Help:Editing; for guidance on writing style, see Manual of ...
Position papers range from the simplest format of a letter to the editor, through to the most complex in the form of an academic position paper. [1] Position papers are also used by large organizations to make public the official beliefs and recommendations of the group.
In common usage, evaluation is a systematic determination and assessment of a subject's merit, worth and significance, using criteria governed by a set of standards.It can assist an organization, program, design, project or any other intervention or initiative to assess any aim, realizable concept/proposal, or any alternative, to help in decision-making; or to generate the degree of ...