Financial Reporting Council’s Post

Read this article from FORVIS for details on the audit and related-party financial statement requirements of final rules from the U.S. #DepartmentOfEducation as the effective date draws closer.

Read this article from FORVIS for details on the audit and related-party financial statement requirements of final rules from the U.S. #DepartmentOfEducation as the effective date draws closer.

Read this article from FORVIS for details on the audit and related-party financial statement requirements of final rules from the U.S. #DepartmentOfEducation as the effective date draws closer.

New standard IFRS18 aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss.

#IAS 1 Presentation of financial statements The items of the financial statements of the current reporting period should be presented alongside similar items of the financial statements of the previous reporting period to enhance comparability.

Read this article from FORVIS for details on the audit and related-party financial statement requirements of final rules from the U.S. #DepartmentOfEducation as the effective date draws closer.

#How are you presenting statutory receivables in the financial statements? Users of financial statements need information on statutory receivables to evaluate their significance on an entity’s financial position and performance. Read our full newsletter here:https://buff.ly/4cOF9cu

IND AS-1 on Presentation of Financial statements denotes titles of financial statements to include “Balance Sheet”, which is same as in Schedule III under Companies Act. IAS-1 on Presentation of Financial statements denotes titles of financial statements to include “statement of financial position” for “balance sheet’. IASB reaffirmed the title as it will only better reflect the function of the statement and is consistent with the Framework for the Presentation of Financial Statements. Look forward for more conceptual convergence in the future days.

Jeopardy: AUD Edition True or False? In order for an auditor to issue an opinion on supplementary information in relation to the financial statements as a whole, the supplementary information must be in a separate document from the audited financial statements.

Stay updated with the latest in financial reporting! 📈 Managing Partner Kenneth Pun, CPA, CGMA overviews GASB Statement No. 103 and its key improvements. This significant update aims to enhance the effectiveness of governmental financial statements. Discover the impact of these changes and what they mean for state and local governments: https://bit.ly/3VIlVO2 #financialstatements #governmentfinance #stateandlocalgovernment