With companies receiving enormous fines for fraud due to unreliable and inconsistent financial statements. It is imperative to follow the conceptual framework created in September 2010, and underlying accounting principles. This report will question and justify any International Accounting Standards (IAS’s) used in the adjustments undertaken.
Maximise Plc, a manufacturer and retailer of photographic equipment finalising its financial statements for the year end. The purpose of this report is to analyze Maximise Plc’s finances up to the date of the 30th September 2015, relating any adjustments to the fundamental and enhancing characteristics of conceptual framework and underlying principles.
Since the International Accounting Standards Board (IASB) introduced Conceptual framework in September 2010, it has successively assisted towards consistency and reliability in financial statements, which is represented in this report. The asset definition performs a key role in this, clearly outlining precise criteria and increasing comparability between financial statements. The accounting adjustments performed adhere to the International Accounting Standards (IAS’s), which can be highlighted by the underlying accounting principles.
Freehold buildings, listed under property plant and equipment’s are tangible assets, as categorised by IAS 16 by three main features, probable economic benefit, reliably measureable and resulting from past events. When an asset is revalued many figures come to light, such as historical cost, current market value, cost of acquisition and finally the net book value (NBV).
Maximise Plc currently has its freehold buildings listed at a NBV of £2,400,000 being derived from its prev...
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...that the correction affects only prior period comparative figures. Current period amounts are unaffected. - See more at: http://accounting-simplified.com/standard/ias-8/correction-of-accounting-errors.html#sthash.nxdfRB1d.dpuf
Note 4 – IAS 37[1.0]: IAS 37 Provisions, Contingent Liabilities and Contingent Assets outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable). Provisions are measured at the best estimate (including risks and uncertainties) of the expenditure required to settle the present obligation, and reflects the present value of expenditures required to settle the obligation where the time value of money is material.
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