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

1.what is entry financial performance and position?
2.what is IFRS presentation financial statements regarding to SOCI SOFB SOCF

required:the answer for each question must be just 3
Sentences.

Solutions

Expert Solution

1. Financial Position

The financial position of an entity is represented by a statement called Balance Sheet.This statement is prepared by the management at the end of an accounting year/financial year.

Financial Performance

Financial performance of an entity is the amount of revenue generated by the entity using the entity's financial assets. It is normally shown as a statement of Profit and Loss. It can be generated or prepared at any time during an accounting year.

2. IFRS Presentation financial statements regarding to SOCI SOFP SOCF

IFRS was issued to bring in uniformity in accounting globally to facilitate comparison of the financial statemnts.

SOCI- Statement of Comprehensive Income Statement - It is the Profit and Loss Account that contains the revenue, expense, cost and tax expenses. It shall be prepared as per IFRS, IAS-1.

SOFP- Statement of Financial Position - It is nothing but the balance sheet which contains the details of the company assets and liabilities. It is prepared as per IFRS, IAS-1.

SOCF- Statement of Cash Flow - Cash Flow statement represents the cash inflow and cash outflows of the company. It is prepared as per IFRS, IAS 7.

IAS Stands for International Accounting Standard.

ekkarill92 answered 1 year ago

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