By Barry Elliott
Monetary Accounting & Reporting is the main up to date textual content out there. Now totally up to date in its thirteenth version, it contains broad insurance of foreign Accounting criteria (IASs) and overseas monetary Reporting criteria (IFRSs). This market-leading textual content bargains scholars a transparent, well-structured and entire therapy of the topic. Supported through illustrations and workouts, the publication offers a powerful stability of theoretical and conceptual insurance. scholars utilizing this e-book will achieve the information and talents to aid them observe present criteria, and severely appraise the underlying ideas and monetary reporting equipment.
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Additional info for Financial Accounting and Reporting, 13th Edition
Example text
Iii) Assuming that Jane Parker sought your advice as to whether she should actually set up in business, state what further information you would require. * Question 2 Mr Norman set up a new business on 1 Januar y 20X8. He invested £50,000 in the new business on that date. The following information is available. 1 Gross profit was 20% of sales. Monthly sales were as follows: Month Januar y Februar y March April Sales £ 15,000 20,000 35,000 40,000 Month May June July Sales £ 40,000 45,000 50,000 2 50% of sales were for cash.
In our Norman example, the £172,500 cash received from debtors represents the revenue for the half-year ended 30 June 20X1. This policy is described as prudent because it does not anticipate cash flows: cash flows are recorded only when they actually occur and not when they are reasonably certain to occur. This is one of the factors that distinguishes cash flow from accrual accounting. 2 Neutrality characteristic Financial statements are not neutral if, by their selection or presentation of information, they influence the making of a decision in order to achieve a predetermined result or outcome.
Entities may, however, use other titles in their financial statements. This means that for a period both the pre-2007 and post-2007 titles will be used. In this chapter we consider two of the conventions under which the statement of comprehensive income and statement of financial position are prepared: the historical cost convention and the accrual accounting concept. 2 Historical cost convention The historical cost convention results in an appropriate measure of the economic resource that has been withdrawn or replaced.