Month: February 2010

What are the Accounting Treatment and give examples of Non-Adjusting Events After The Balance Sheet Date

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(a)    For non-adjusting events, no adjustments are made to the amounts recognized in the financial statements. However the following disclosure should be provided namely (i) nature of the event  and (ii) estimate of the financial effect , or a statement that such an estimate cannot be made. Note that non-disclosure could affect the ability of … Read more

Please Explain What Are The Underlying Accounting Principles That At Least Need To Be Follow When Presenting Financial Statements under FRS 101

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Under FRS 101 ( Presentation of Financial Statements) it stipulates the minimum underlying accounting principles when presenting the financial statements: Going concern- refer article Accrual basis of accounting-refer article Consistency of presentation- refer article Materiality and aggregation – Each material class of item should be presented separately Offsetting meaning that Assets and Liabilities are not … Read more