DISCLOSURE

Five (5) components of set of financial statements.

Financial statement are report prepared by management of the entity to provide information to owners of the entity and other users about the financial position and financial performance of the entity.



The following are components of set of financial statements:

  • statement of financial position;
  • statement of comprehensive income;
  • statement of changes in equity;
  • statements
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IAS 2- INVENTORIES – ALL YOU NEED TO KNOW.

IAS 2 (inventories) set out the accounting treatment for inventories, including the determination of cost, the subsequent recognition of the expense and any write-down to Net Realizable Value (NRV)

So what is the inventory?

Inventory according to IAS 2 are assets that are :

  • Held for sale in the ordinary course of business
  • are in the process of production for
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