General presentations and disclosures
Michael Stewart explores the key proposals for a new accounting standard that will govern the structure and content of financial statements.
The ED proposes four new categories into which items of income and expense would be classified. These are:
Categories 2, 3 and 4 are tightly defined but 1 is not. The operating category would be the default for items of income or expense not falling within another category and would contain income and expenses from the company’s ‘main business activities’. Management would determine what these are and would describe the nature of the company’s operations and its main business activities in the notes.
Continue reading
This content is not freely available. To access 'General presentations and disclosures' you need to be one of the following:
-
ACA student
-
This content is available to ACA students. If you want to start the ACA qualification there are several routes you can take
-
Business and Finance Professional
-
An internationally recognised designation and professional status from the ICAEW.
-
Corporate Reporting Faculty
-
Guiding you through the maze of new and emerging reporting requirements, ensuring you are always one step ahead..
-
ICAEW member
-
Gain access to world-leading information resources, guidance and local networks. 98% of the best global brands rely on ICAEW chartered accountants.