Acca financial Accounting (FA) Study Text ac ca (FA)


the notes to the financial statements



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the notes to the financial statements

 

The notes to the financial statements comprise a statement of accounting 



policies and any other disclosures required to enable to the shareholders 

and other users of the financial statements to make informed judgements 

about the business. The notes to the financial statements are usually more 

detailed and extensive for limited liability company financial statements, 

rather than for the accounts of a sole trader or partnership. 

 

 



 

Introduction to financial reporting 

20

 

KAPLAN PUBLISHING



 



Other important accounting concepts 

There are a number of other accounting principles that underpin the preparation 

of financial statements. The most significant ones include: 

Materiality 

An item is regarded as material if its omission or misstatement is likely to 

change the perception or understanding of the users of that information – i.e. 

they may make inappropriate decisions based upon the misstated information. 

Note that this is a subjective assessment made by those who prepare the 

financial statements (usually company directors) and it requires them to 

consider the reliability of the financial statements for decision-making purposes 

by users, principally the shareholders. 

For example, consider if the bank balance of a large entity (such as a company 

listed on the stock exchange) misstated by $1 in the statement of financial 

position. This may not be regarded as a material misstatement which would 

significantly distort the relevance and reliability of the financial statements. 

However, if the bank balance was misstated by $100,000, this is more likely to 

be regarded as a material misstatement as it significantly distorts the 

information included in the financial statements. 


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