ACCA F3 (INT) Financial Accounting Study Text by Emile Woolf International

By Emile Woolf International

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The power to enforce the use of international standards belongs to the governments of individual countries. Some countries have adopted IFRSs and made them compulsory for some types of business entity. For example, in the European Union, stock market companies are required to use IFRSs in preparing their financial statements. Practice multiple choice questions 1 2 3 4 A trade receivable is an example of: A an asset B a liability C income A loan of $30,000 from a bank, repayable in three years’ time, is: A a current liability B a non-current liability C a current asset D a non-current asset.

With the accruals basis, financial transactions and other events are recognised in the financial statements when they occur, and not when the cash relating to the transaction is received or paid. Accruals basis and the income statement: Sales income = income arising in the financial period Cost of sales = costs matched with sales arising in the period Gross profit Other costs = charged in the period (financial year) to which they relate Net profit $ X (X) X (X) X Example 1: accruals basis A company prepares its financial statements to the 30 June each year.

A role of IFRSs is to encourage business entities in all countries to apply similar principles, concepts and accounting methods, so that the financial statements of all companies can be compared. com for Q/As, Notes & Study Guides © EWP Chapter 1: The context and purpose of financial reporting and understand the financial statements of companies in any country, and make comparisons. The IASC Foundation and IASB have no power to enforce the International Financial Reporting Standards and in this sense IFRSs are ‘voluntary’.

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