You should know that the International Accounting Standard Board (IASB) has the authority to set International Financial Reporting Standard (IFRS) and to endorse explanation of these standards.
IFRSs are intended to be applied by profit-orientated entities. These entities financial statements give information about performances, position and cash flow that is useful to a range of users making financial decisions. These users include shareholders, creditors, employees and the general public. A complete of financial statements includes a :
- Balance Sheet
- Statement of Comprehensive Income
- Cash Flow Statement
- Statement of changes in equity
- A description of accounting policies
- Notes to the Financial Statements
In my coming post I will go deeper in the above financial statements. These are the basic principle that you should know if you want to go into accounting careers. You can also get more information from Accounting Coach HERE or read through their free articles. The pro membership is an excellent addition which you will get with a small onetime fee.
Very well explained, thanks for posting this resource.
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