Assertions about classes of transactions and events and related disclosures

Question 1

What is meant by occurrence?

Answer 1

Transactions and events that have been recorded or disclosed have occurred and perform to the entity

Question 2

What is meant by completeness? (recorded)

Answer 2

All transations and events that should have been recorded have been recorded

Question 3

What is meant by completeness? (disclosure)

Answer 3

All related disclosures that should have been included in the FSs have been included

Question 4

What is meant by cut-off?

Answer 4

Transactions and events have been recorded in the correct accounting period

Question 5

What is meant by classification?

Answer 5

Transactions and events have been recorded in the proper accounts

Question 6

What is meant by accuracy?

Answer 6

Amounts and other data relating to record transactions and events have been recorded appropriately, and related disclosures have been appropriately measured and described

Question 7

What is meant by presentation?

Answer 7

Transactions and events are appropriately aggregated or disaggregated and care clearly described

Question 8

What are characteristics for related disclosures?

Answer 8

Related disclosures are reelvant and understandable in context of the requirements of the applicable financial reporting framework