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Financial Statements is to illustrate one possible approach to financial reporting by an entity engaging in transactions that are typical across a range of non-specialist sectors.
7 Throughout the Conceptual Framework, the term ‘financial statements’ refers to general purpose financial statements. 8 Assets, liabilities, equity, income and expenses are defined in Table 4.1. They are the elements of financial statements.
UNDERSTANDING FINANCIAL STATEMENTS Financial statements provide the fundamental information that we use to analyze and answer valuation questions. It is important, therefore, that we understand the principles governing these statements by looking at four questions: • How valuable are the assets of a firm?
Financial Statements. After completing this chapter, you should be able to: Explain the objectives of financial statement analysis. Describe and use the following four analytical techniques: horizontal analysis, trend analysis, vertical analysis, and ratio analysis. Explain the importance of comparisons and trends in financial statement analysis.
the ordering of notes to the financial statements, how the disclosures should be tailored to reflect the reporting entity’s specific circumstances, and the relevance of disclosures considering the needs of the users.
2 JAMES LATHAM PLC ANNUALREPORT 2021 Revenue for the financial year to 31 March 2021 was £250.2m, up 1.3% on last year’s £247.1m. Like for like volumes increased by 6.6%, with the growth mainly on delivered business from our own warehouses but with some growth on direct volumes shipped from the ports or from the manufacturers.
IAS 1 Presentation of Financial Statements replaced IAS 1 Disclosure of Accounting Policies (issued in 1975), IAS 5 Information to be Disclosed in Financial Statements (originally approved in 1977) and IAS 13 Presentation of Current Assets and Current Liabilities (approved in 1979).
