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1.what is entry financial performance and position? 2.what is IFRS presentation financial statements required:the answer for...

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

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

Solutions

Expert Solution

1. Financial performance is measured over a period of time say monthly, quarterly, half yearly, yearly, however financial position is on any particular day.

Any company may have very good financial position as on 30.06.2018 due to good performance in last few years, however due to bad performance in one quarter from 01.07.2018 to 30.09.2018 the financial position may still remain strong but financial performance will be considered bad for this particular quarter.

2. IFRS aims to to develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRS).

As per IFRS a complete set of financial statement includes the following :

1. Statement of financial position

2. Statement of comprehensive income or an income statement

3. Statement of changes in equity

4. Statement of cash flows

5. Notes.

All statements are required to be presented with equal prominence

ekkarill92 answered 2 years ago
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