Search results
Results From The WOW.Com Content Network
IAS 10 requires an entity to adjust the amounts recognised in its financial statements to reflect adjusting events after the reporting period. [7] For instance, the settlement after the reporting period of a court case that confirms that the entity had a present obligation at the end of the reporting period. [8]
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).
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 ...
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;
An example is the recognition of internally generated brands, mastheads, publishing titles, customer lists and items similar in substance, for which recognition is prohibited by IAS 38. [21] In addition research and development expenses can only be recognised as an intangible asset if they cross the threshold of being classified as 'development ...
Emphasis of matter is a type of paragraph in an auditors' report on financial statements.Such a paragraph is added to indicate a matter which is disclosed appropriately in the notes forming part of the financial statements that the auditor considers is fundamental to the users' understanding of the financial statements.
International Standards on Auditing (ISA) are professional standards for the auditing of financial information. These standards are issued by the International Auditing and Assurance Standards Board (IAASB).
Download as PDF; Printable version; ... Going concern; Historical cost; Matching principle; Materiality; ... (under IAS 39, paragraph 58), or if the asset is sold or ...