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Financial statements provide a financial snapshot of the companys performance over the years balance sheet provides the details of the companys sources and uses of funds income statement provides an understanding of the revenues and the expenses of the bu,Sample financial statement of miningpany.
Accounting standards prescribe in considerable detail what accruals must be made, how the financial statements are to be presented, and what additional disclosures are required. Some important elements that accounting standards cover include: identifying the exact entity which is reporting, discussing any "going concern" questions, specifying ...
The Australian Accounting Standards Board (AASB) makes standards that are equivalent to International Financial Reporting Standards (IFRSs). For-profit entities fully applying the AASB's standards are able to, and required to, make an explicit and unreserved statement of .
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Jan 13, 2020· Accounting standards are not a one-size-fits-all set of rules. Financial needs and processes can vary from business to business, but accountants are bound by standards .
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