Question

1. what is entry financial performance and position?
2.what is IFRS presentation financial statements?

Answer 1

ANS=1 The Balance sheet (B/S)is one of the four primary financial statements that publicly held companies must publish every quarter and year. The B/S summarizes the firm'sfinancial position at one point in time. In fact, some firms and most government organizations publish their Balance sheets under the other proper name for the B/S, Statement of financial position.

The other three mandatory statements are the Income statement, theStatement of retained earnings, and the Statement of changes in financial position.

For a given date, the Balance sheet shows the following for the company:

• Firstly, total Assets. Items of value the firm owns or controls, which it uses to earn revenues.
• Secondly, total Liabilities. What the firm owes.
• Thirdly, total Owners Equities. What the firm owns outright.

More accurately, the Balance sheet shows end-of-period balances in the firm's Assets, Liabilities, and Owners Equity accounts. However, its name includes "Balance" for another reason.especially that its three main sections represent the accounting equation:

Assets = Liabilities + Owners Equity

ANS=2 International Financial Reporting Standards, usually called IFRS, are standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. They are the rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per the users internal or external.

These are accounting standards and related Interpretations, which are issued and regulated by the International Accounting Standards Board (IASB) and these encompasses:

• International Financial Reporting Standards (IFRS)
• International Accounting Standards (IAS)
• Interpretations issued by IFRIC and
• Interpretations issued by SIC

The term of general purpose financial statements refers to as ‘financialstatements’ which are intended to meet the needs of users who are not in a positionto require an entity to prepare reports tailored to their particular informationneeds.This standard prescribes the basis for presentation of general purpose financialstatements in order to provide comparability both with the entity’s financial

statements of previous periods and with the financial statements of other entities. Theoverall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content are set out by this standart.

The objective of financial statements for purposes of general information is to provide information about the financial position, financial performance,cash flowsand the management results of the entity.A wide variety of information users cantake their economic decision relying on the financial statements. In order to satisfythese criterias the financial statements provide information about theassets;liabilities;net worth;expenditures and revenues, which include gains andlosses;other changes in equity and cash flows of the entity.