International Financial Reporting Essay Example | Topics and Well Written Essays - 3000 words - 3

International Financial Reporting - Essay Exampleanges in a given period, specie flow assertion for the period, financial position statement in the periods balance sheet, comprehensive income statement and the notes which include a summary of explanatory notes and the accounting policies. Any given entity may yield titles for the stated above statements other than those referred to above.A beautiful presentation as well as compliance with the International Financial Reporting Standards (IFRSs) is the emphasis of IAS 1.15. The workout of the relevant IFRSs which contain additional disclosures as necessity calls for is usually presumed to have an end result of a set of financial statements which reflect a fair presentation as IAS 1.15 states. (iasplus.com, 2010)According to the definition given under IAS 1s stipulations, fair presentation is the requirement that there is a faithful design of the transaction effects, other events as well as the conditions with emphasis on the recog nition and definitions criteria for income, assets, liabilities and expenses stated in the framework. That entity which ensures that its financial statements are in accordance with the IFRSs shall do an unreserved and explicit statement of its compliance in the notes. Also any entity that describes its financial statements as complying with IFRSs where the case is contrary, then that entity will be in difference of opinion with the IFRS requirements. (ec.europa.eu, 2010)The reporting is required for general purpose financial statements as IAS 1 says. The main objective of these financial statements is to give information concerning the position of the business financially, hard currency flows and performance which is useful to various users while making decisions economically. So as to meet the objective, the entitys financial statements provide such information as liabilities, assets, equity, expenses and income cash flows and changes in equity. This information combined with note s to financial statements helps the users of such statements to