AFM391 Chapter Notes - Chapter 23: Financial Statement
Document Summary
Where here is voluntary accounting change, the new policy must provide reliable and more relevant information. Separate information should be presented for reportable segments about revenues, including information about revenues, profit and loss, and assets and liabilities. These must be reconciled to reported financial statements. In addition, information about segment products and services, as well as material customers and information by geographical areas should be disclosed. Ifrs doesn"t mandate which entities should provide interim information; however, guidance provided if entity does provide information. Basically, each interim period is considered a discrete period. The same accounting policies should be used as for the annual fs. Generally fewer requirements because private companies have less-complex transactions and stakeholders have greater access to information about the entity. Greater range of choice to account for differing sizes/complexities of business entities. Entities need not meet test of more relevant/reliable information in certain situations where accounting policies changed. Related party transactions are remeasured regarding related parties.