ACCA Paper F 7 Financial Reoirting F7FR Session03 d08
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¾ Many accounting standards now require assets or liabilities to be measured at fair value, IAS 39 on financial instruments and IFRS 3 on business combinations being two examples.
¾ If it is not practicable to determine the period specific effects of an error on comparative information for prior periods presented, the entity shall restate the opening
¾ An entity shall present current and non-current assets and current and non-current liabilities as separate classifications on the face of the statement of financial position,
¾ When the cost model is used, the fair value of property, plant and equipment when this is materially different from the carrying
¾ All assets and liabilities of the subsidiary that are recognised in the consolidated statement of financial position are measured at their acquisition date fair values.. ¾
The consolidated statement of comprehensive income shows the income generated by the group’s resources (= net assets in consolidated statement of
¾ Where the share of the associate’s net assets acquired at fair value are in excess of the cost of investment, the difference is included as income in determining the investor’s
To improve transparency and comparability, the Group’s financial reporting is based primarily on continuing operations, while assets held for sale and discontinued operations
