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Topic 2
COMMON ISSUES OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
2.1	Representation of financial statements (Standard №1 International Accounting Standards (IAS).........................................................................................................................44
2.1.1	Aim and objectives of financial reporting................................................................44
2.1.2	Conceptual foundations of financial reporting.........................................................49
2.1.3	Elements of financial reports ...................................................................................59
2.1.4	Financial position (Accounting balance)………......................................................61
2.1.5	Gross revenues (Profit and Loss Account)………................................... ...............68
2.1.6	Cash flow movement report………….....................................................................72
2.1.7	Report on the capital flow changes…………..........................................................74
	Topic-based tests……………..................................................................................75
2.2	Impact of changes in the exchange rate (IAS №21)............................... .................77
2.2.1	Aims and sphere of application of the standard…...................................................77
2.2.2	Functional currency…..............................................................................................79
2.2.3	Representation of foreign currency transactions in functional currency..................82
2.2.4	Recognition of exchange rate difference.................................................. ...............84
2.2.5	Transformation of information by a foreign branch from one currency to another one.............................................................................................................................87
	Topic-based tests......................................................................................................89
2.3	Accounting policy (IAS №8)……............................................................................91
2.3.1	Selection and application of accounting pol.............................................................91
2.3.2	Application of changes in the accounting policy.. ...................................................94
2.3.3	Accounting policy composition............................... ................................................97
2.3.4	Errors in the accounting and procedure for their correction…….............................99
	Topic-based tests……………................................................................................101