TAILIEUCHUNG - Lecture Intermediate accounting (IFRS 2nd edition): Chapter 24 - Kieso, Weygandt, Warfield

Chapter 24 - Presentation and disclosure in financial reporting. After studying this chapter, you should be able to: Review the full disclosure principle and describe implementation problems; Explain the use of notes in financial statement preparation; Discuss the disclosure requirements for related-party transactions, subsequent events, and major business segments;. | PREVIEW OF CHAPTER 24 Intermediate Accounting IFRS 2nd Edition Kieso, Weygandt, and Warfield Identify the major disclosures in the auditor’s report. Understand management’s responsibilities for financials. Identify issues related to financial forecasts and projections. Describe the profession’s response to fraudulent financial reporting. After studying this chapter, you should be able to: LEARNING OBJECTIVES Review the full disclosure principle and describe implementation problems. Explain the use of notes in financial statement preparation. Discuss the disclosure requirements for related-party transactions, subsequent events, and major business segments. Describe the accounting problems associated with interim reporting. Presentation and Disclosure in Financial Reporting 24 Full disclosure principle calls for financial reporting of any financial facts significant enough to influence the judgment of an informed reader. Financial disasters at Mahindra Satyam (IND) and Société Générale (FRA) highlight the difficulty of implementing the full disclosure principle. FULL DISCLOSURE PRINCIPLE LO 1 ILLUSTRATION 24-1 Types of Financial Information LO 1 FULL DISCLOSURE PRINCIPLE Increase in Reporting Requirements Reasons: Complexity of the business environment. Necessity for timely information. Accounting as a control and monitoring device. LO 1 FULL DISCLOSURE PRINCIPLE Differential Disclosure LO 1 FULL DISCLOSURE PRINCIPLE IASB has developed IFRS for small- and medium-sized entities (SMEs). SMEs is less complex in a number of ways: Topics not relevant for SMEs are omitted. Allows fewer accounting policy choices. Many principles for recognizing and measuring assets, liabilities, revenue, and expenses are simplified. Significantly fewer disclosures are required. Revisions to the IFRS for SMEs will be limited to once every three years. Identify the major disclosures in the auditor’s report. Understand management’s responsibilities for financials. Identify issues related to .

• Kế toán - Kiểm toán
• Intermediate accounting
• Lecture Intermediate accounting
• Financial reporting
• Full disclosure principle
• The financial statements
• Financial Accounting
• Accounting process
• Accounting equation
• Accounting processing cycle
• Stock issuance
• Estimating reserves
• Liquidating dividends
• Accounting changes
• Error corrections
• Accounting choices
• Theoretical structure
• Accrual accounting
• Financial accounting environment
• Accounting for leases
• Leasing environment
• Accounting by lessee
• Special accounting problems
• Cash versus accrual accounting
• International standard setting
• Accounting standards
• Accounting assists
• The challenges facing accounting
• Income taxes
• Accounting for income taxes
• Deferred tax liabilities
• Error analysis
• Accounting policy
• Accounting estimate
• Accounting policies
• Accounting information system
• Measurement issues
• Characteristics of accounting
• Capital allocation process