ACCT3321 Lecture Notes - Lecture 9: Ibm General Parallel File System, Disclose, Accounting
Document Summary
Principles, bases or rules adopted by a company in preparing and presenting its nancial reports. Aasb 108 accounting policies, changes in accounting estimates and errors is the accounting standard dealing with: setting accounting principles, changing accounting policies, disclosures in nancial statements concerning accounting policies. Contents of summary of signi cant accounting policies note is broadly set out in aasb 101. Details of the note may be prescribed by other accounting standards. Summary of accounting policies note will usually disclose information with details: a statement that financial statements are gpfs. Identi cation of statutory basis or other reporting framework that underpins their preparation. A statement that statements are prepared in accordance with accounting standards and interpretations of accounting standards: the measurement basis used in preparing nancial statements. Going concern/accrual accounting need not be mentioned (unless there is material uncertainty about ability to continue as going concern: a description of accounting policies.
