[SACHIN EDUCATION HUB BOOK NOTES – SACHIN ARORA]
IMPORTANT QUESTION: – Explain the disclosures as per IFRS in reporting the accounts of company.
[SACHIN EDUCATION HUB BOOK NOTES – SACHIN ARORA]
- IFRS requires companies to disclose a wide range of information in their financial statements to provide a clear and comprehensive understanding of their financial performance and position. Some key disclosures required by IFRS include:
NOTE – For more points, and notes refer our Book – ISSUES IN FINANCIAL REPORTING
[SACHIN EDUCATION HUB NOTES – SACHIN ARORA]
- Financial statements: Companies are required to prepare and present financial statements that include a balance sheet, income statement, cash flow statement, and statement of changes in equity.
- Notes to the financial statements: Companies are required to provide detailed notes to the financial statements about accounting policies, significant accounting estimates, and contingencies.
- Segment information: This information is intended to help investors and other stakeholders understand how the company is performing in different geographic regions, product lines, or other business segments.
[SACHIN EDUCATION HUB NOTES – SACHIN ARORA]
Video Link: – https://youtu.be/13TvWG8dous
- Revenue recognition: Companies are required to disclose information about how they recognize revenue in their financial statements. This includes information about the timing of revenue recognition, the nature of the revenue, and any significant judgments or estimates used in determining revenue.
- Leases: Companies are required to disclose information about leases that they have entered into, including the nature of the leases, the lease payments, and the assets that are subject to the leases.
[SACHIN EDUCATION HUB NOTES – SACHIN ARORA]
- Financial instruments: Companies are required to disclose information about financial instruments that they hold, such as debt and equity securities, derivatives, and other financial assets and liabilities. This information may include the fair value of the instruments, the credit risk associated with the instruments, and any significant judgments or estimates used in determining the fair value of the instruments.
[SACHIN EDUCATION HUB NOTES – SACHIN ARORA]
NOTE – For more points, and notes refer our Book – ISSUES IN FINANCIAL REPORTING
Video Link: – https://youtu.be/13TvWG8dous
