BUSN1001 Lecture Notes - Lecture 4: Ibm General Parallel File System, Current Liability, Financial Statement
Document Summary
A balance sheet (a statement of financial position) A statement of profit or loss (an income statement and included as part of a statement of. An entity"s financial report can include four gpfs: (at a particular point in time different to a statement of profit and loss that reflects during a current period) comprehensive income) A statement of cash flows: nature and purpose of the balance sheet. The balance sheet is a financial statement that details the entity"s assets, liabilities and equity as at a particular point in time normally the end of the reporting period. In preparing financial statements in compliance with accounting standards, preparers are given accounting choices and are required to use estimations and judgements. Accounting choices applied to the recognition and measurement of elements in the financial statements are referred to as accounting policies. An analysis of an entity"s accounting policies is very important for a proper understanding of the accounting information provided.
