Conceptual Framework
- IFRS Accounting Standards
- IAS Standards
- IFRIC Interpretations
Conceptual Framework for Financial Reporting
Learn the key accounting principles to be applied when preparing and presenting financial statements.
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Handbooks | November 2023
Handbook: financial statement presentation, latest edition: in-depth guide on presentation and disclosure requirements, plus considerations under sec regulations..
Valerie Boissou
Partner, Dept. of Professional Practice, KPMG US
+1 212-954-1723
Jennifer Yruma
Executive Director, Department of Professional Practice, KPMG US
+1 212-909-5829
Using detailed Q&As and examples, we explain various presentation and general disclosure requirements included in the Codification (i.e. ASC 205 to ASC 280), other broad topics (e.g. related parties under ASC 850 and subsequent events under ASC 855) and SEC regulations. This November 2023 edition incorporates updated guidance and interpretations.
Applicability
- All entities
Relevant dates
- Effective immediately
Key impacts
In the financial statement process, considerable time is devoted to determining what items get recorded and how to account for them, but the critical final mile is determining how they need to appear – i.e. how they are presented and disclosed.
Once the debits and credits have been settled, presentation and disclosure is how that information is conveyed to financial statement users in a transparent, understandable and consistent manner. Disclosure goes ‘behind the numbers’ and is necessary to fully understand the financial statements.
ASC 205 to 280 in the FASB’s Accounting Standards Codification® are dedicated to presentation and disclosure and provide the baseline requirements. Other ASCs address more detailed requirements, specific to certain transactions or industries. For SEC registrants, there is yet more guidance that contains many additional requirements, and which has helped shape practices over the years for all other entities.
In this Handbook, we pull together many of the general requirements and practices to provide you with a fuller picture of how the different financial statements are constructed and how they interact with one another.
Report contents
- Financial statements: general principles
- Balance sheet
- Income statement
- Comprehensive income
- Notes to the financial statements
- Risks and uncertainties
- Related parties
- Subsequent events
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ASC 205-30 was added to the Codification by ASU 2013-07, which is effective for entities that determine liquidation is imminent during annual periods beginning after December 15, 2013, and interim reporting periods therein. ASC 205-30 notes: The Liquidation Basis of Accounting Subtopic provides guidance on when and how an entity should prepare ...
ASC 260 addresses the calculation, presentation, and disclosure of EPS. Entities that present EPS must provide two metrics: On the Radar: Earnings per share. Download the article. Many entities also disclose non-GAAP EPS amounts (e.g., diluted EPS adjusted to exclude certain charges or gains). SEC registrants may generally disclose non-GAAP EPS ...
Under both IFRS Accounting Standards and U.S. GAAP, a complete set of financial statements consists of the following: a statement of financial position, a statement of profit or loss and OCI, a statement of cash flows, a statement of changes in shareholders' equity, and accompanying notes. The table below shows the key differences between the ...
IAS 1 Presentation of Financial Statements 1h 39m. Learn the key accounting principles to be applied to financial statements, including fair presentation and compliance with IFRS Standards. ... DTTL (also referred to as "Deloitte Global") and each of its member firms and related entities are legally separate and independent entities, which ...
For the year ended 31 May 2021, KMP of Deloitte LLP comprised 9 members (2020: 7 members) and their profit entitlement was £14 million (2020: £6 million). At 31 May 2021, the amount due to the KMP of Deloitte LLP is £0.7 million (2020: £0.7 million) and the amount due from them is £0.3 million (2020: £0.1 million).
Deloitte & Touche LLP . March 27, 2020 This publication presents sample annual financial reports of a fictional, private, emerging growth company, ... [Guidance note: Refer to (Accounting Standards Codification (ASC) 205-40, Presentation of Financial Statements, if the Company believes there may be substantial doubt about its ability to ...
New York, NY, 7 September 2023—Deloitte today reported aggregate global revenue of US$64.9 billion for the fiscal year ending 31 May 2023 (FY2023), a 14.9% increase in local currency (and 9.3% increase in USD) from FY2022. "In an environment of increasing complexity and an accelerated pace of technology-driven change around the globe, Deloitte's unrivaled breadth of expertise within our ...
Overview. IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction. The standard requires a complete set of financial statements to comprise a ...
IAS 1 Presentation of Financial Statements. Start. Oval 6. IAS 1 Presentation of Financial Statements . Start. Skip Navigation. Hit enter to return to the slide. PREV. NEXT SUBMIT. Menu IAS 1 Presentation of Financial Statements . Transcript. Glossary. Resources. Skip Navigation. Hit enter to return to the slide. ...
This Deloitte e-learning module provides training in the background, scope and principles under IAS 1 'Presentation of Financial Statements', and the application of this Standard. Topics covered include financial statements, aggregation and set off, classifying items as current or non-current, classifying items between profit or loss and other comprehensive income, items disclosed on the face ...
Business Acquisitions — SEC Reporting Considerations Business Combinations Carve-Out Financial Statements Comparing IFRS Accounting Standards and U.S. GAAP Consolidation — Identifying a Controlling Financial Interest Contingencies, Loss Recoveries, and Guarantees Contracts on an Entity's Own Equity Convertible Debt (Before Adoption of ASU ...
Conceptual Framework for Financial Reporting. 1h 30m. Learn the key accounting principles to be applied when preparing and presenting financial statements. Last Updated: December 2020. Launch.
Publication date: 10 Mar 2024. us Financial statement presentation guide. A PDF version of this publication is attached here: Financial statement presentation guide (PDF 14.4mb) PwC is pleased to offer our Financial statement presentation guide. This guide serves as a compendium of many of today's presentation and disclosure requirements ...
9. Financial review and financial highlights 38 10. Statement by Management and Independent auditor's report 41 11. Financial Statements 45 Sections 1-9 constitute the Management commentary. Sections 2-7 constitute the statutory CSR statements cf. sections 99a and 99b of the Danish Financial Statements Act.
Once the debits and credits have been settled, presentation and disclosure is how that information is conveyed to financial statement users in a transparent, understandable and consistent manner. Disclosure goes 'behind the numbers' and is necessary to fully understand the financial statements. ASC 205 to 280 in the FASB's Accounting ...
Chapter 1 — Overview of SEC Reporting Requirements for Equity Method Investees 1.1 Introduction 1.2 Separate Financial Statements 1.3 Summarized Financial Information 1.4 Summarized Income Statement Information 1.5 Comparison of Requirements 1.6 SRCs With Significant Equity Method Investees 1.7 Requests to the SEC to Waive Certain ...
Volume C - UK Reporting - International Financial Reporting Standards Volume D - UK Reporting - IFRS 9 and related Standards Volume E - UK Reporting - IAS 39 and related Standards Volume F - UK Reporting - IFRS 17 Insurance Contracts Disclosures in practice Illustrative annual report and financial statements for UK listed groups - IFRS Standards Illustrative disclosures for insurers applying ...
This Financial Reporting Spotlight examines how Fortune 500 companies have addressed various disclosures in their latest annual reports in light of these evolving themes. It also provides insights into some new disclosure requirements that became effective this year. While disclosures are most meaningful when tailored to a company's specific facts and circumstances, understanding broader ...
This Deloitte e-learning module provides training on the scope and basic concepts by which financial statements are prepared under the revised Conceptual Framework for Financial Reporting and its application in practice. Topics covered include the objective of general purpose financial reporting, the qualitative characteristics of useful financial information, the recognition and derecognition ...
New York, NY, 8 September 2022—Deloitte today reported aggregate global revenue of US$59.3 billion for the fiscal year ending 31 May 2022 (FY2022), a 19.6% increase in local currency from FY2021.In seven years, Deloitte revenue has grown US$24 billion, or 69%, in USD terms. "Over the past several years, we have steered a remarkable course to become the leading professional services ...
April 1989. Framework for the Preparation and Presentation of Financial Statements (the Framework) was approved by the IASC Board. July 1989. Framework was published. April 2001. Framework adopted by the IASB. September 2010. Conceptual Framework for Financial Reporting 2010 approved by the IASB. March 2018.
The 2024 edition of Deloitte's Life Sciences Industry Accounting Guide addresses topics of relevance to finance and accounting professionals in the life sciences industry, such as acquisitions and divestitures, consolidation, contingencies and loss recoveries, financial instruments, income taxes, leases, research and development (R&D), and revenue recognition. Considerations discussed ...
IFRS compliance, presentation and disclosure checklist. Published on: Nov 08, 2023. The 2023 checklist summarizes the recognition, measurement, presentation and disclosure requirements set out in IFRS ® Standards in issue as of December 31, 2022. This publication was released by our Global firm.
New York, NY, 8 September 2021 —Deloitte today reported aggregate global revenue of US$50.2 billion for the fiscal year ending 31 May 2021 (FY2021), a 5.5% increase in US dollars (USD). "Events of this past year have had an unprecedented impact on the world and our organization. From the COVID-19 pandemic to more frequent, extreme climate ...
Read our Clarity publication to respond to ASIC's new approach to financial reporting surveillance. ASIC released its inaugural annual financial reporting and audit findings surveillance report for the year 2022-23 after previously communicating that its financial surveillance program would receive a shake-up.The reinvigorated program leverages a risk-based and data informed method of ...
The regulation requires certain disclosures in registration statements and annual reports, including financial impact and climate-related impact metrics—in other words, reporting on how an organization has an impact on the natural environment and how changes in the environment are impacting business operations and performance.
Volume C - UK Reporting - International Financial Reporting Standards Volume D - UK Reporting - IFRS 9 and related Standards Volume E - UK Reporting - IAS 39 and related Standards Volume F - UK Reporting - IFRS 17 Insurance Contracts Disclosures in practice Illustrative annual report and financial statements for UK listed groups - IFRS Standards Illustrative disclosures for insurers applying ...
Deloitte Australia, which generated $2.85 billion in revenue last financial year, is still on track to become the largest local big four consulting firm thanks to the collapse in revenue at its ...
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