IAS 1 - Presentation Flashcards
when would a requirement be impracticable?
if it cannot be applied after making every reasonable effort
when would something be material?
if omitting / misstating it would reasonably effect the decisions of primary FS users
who are the users of FS?
potential investors
lenders
creditors
when is information obscured?
if it is communicated in a way that gives the effect on the users as if it were omitted and misstated
when shall an item be classified as a current asset?
expects to realize within 12months after reporting period and uses it primarily for trading
what are cash equivalents?
highly liquid investments that are readily convertible to cash and have low risk to changes in value
how can we present P/L and OCI?
either in one statement with two sections; or in two statements with P/L first and OCI second
how must OCI be split up?
into items that will be reclassified and items that will not be reclassified
what assumptions do we make when preparing the FS?
- accrual basis
- going concern
what is an asset?
an asset is a present economic resource controlled by the entity as a result of a past event
what do we determine for an asset at the end of each period?
impairment
depreciation / amortization
FV gains
