Financial Reporting And Analysis MCQ - Financial Reporting And Analysis Section 1
All financial statements should be presented on an accrual basis, except
cash flow information.
Fair presentation and going concern are features underlying the creation
of financial statements. Minimum specified information on the face of
financial statements falls under „Structure and Content‟, and not under
„General Features.‟
The financial statement elements under International Financial Reporting
Standards (IFRS) are: assets, liabilities, owners‟ equity, revenue, and
expenses. Revenues are inflows of economic resources. Assets are
economic resources, but not inflows.
Based on International Accounting Standard (IAS), general requirements
for financial statements, fundamental principles include fair
presentation, going concern, accrual basis, consistency and materiality.
