Upon watching this video presentation I learned: First, the objective of PAS 1 prescribe the basis of general purpose financial Statements. Second, I was enlightened about the general features which are fair presentation and compliance with PFRSs, Going Concern, Accrual basis of accounting, Materiality and Aggregation, Offsetting, Frequency of reporting, Comparative information, and consistency of presentation Lastly, the current asset, current liability, current maturing long-term liabilities and reach of loan agreement was explained articulately. Thank you so much sir!
After watching the video discussion, I have learned the General Features of Financial Statements. I have learned that there are eight features. I have already learned these features before, except Offsetting. I have learned that the Offsetting is permitted by the PFRs once it reflects the substance of the transactions. The given examples made it clearer to understand the term, like the presenting gains or losses from sales of assets net of the related selling expenses and presenting a loss from provision net of a reimbursement from a third party.
This video on financial statement presentation presented useful information about the elements of financial statements and how they are produced by accountants who truly collaborate to generate a trustworthy and reliable report. The following are three of the most important things I learned: First, I learned about the six financial statements, which include the statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, the statement of cash flows, notes, and the additional statement of financial position. Second, I learned that when you offset, you reduce the sum, or net, of a particular account balance to produce a net balance, and that you can only offset if a PFRS requires or permits it. Finally, I learned about the retrospective feature of additional financial statements, which is an application of new accounting rules for transactions, events, or other situations as though they had already been introduced.
In today's video, I have learned that: 1. Statement of financial position can be presented as either classified or unclassified. The former means that there is a clear distinction between the current and non-current assets and liabilities, while the latter shows none but instead is arranged based on liquidity. 2. I also learned that currently maturing liabilities are presented as current liabilities. However, there is an exception if there is a refinancing agreement like if the previous loan is changed into a new one with an additional twelve months or so. 3. Before, I was unfamiliar with breach of a loan agreement in terms of accounting but now, I learned that if we violate an agreement, the liabilities may become payable on demand even though it is still a long term liability, but it should be noted that this does not apply to all type of loans. There has to be a provision of agreement in a certain loan. That's all. Thank you for the informative video, as always, Sir.
I was able to fully grasp the aim of PAS 1, which is to recommend the basis for the presentation of general purpose financial statements that cater to the common needs of most users in order to improve comparability, during this discussion. The following are my understandings: Firstly, I learned about intra-comparability and inter-comparability, which are both important for enhancing the comparability of financial statements from the same entity either with different periods or from a different entity. Secondly, I also learned the complete set of financial statements, unlike before i only kniw its component. However, the financial statements were thoroughly covered in this video. Lastly, I acquired additional knowledge about the General Features of Financial Statements like in the offsetting part, we cannot offset accounting elements unless the PFRS had permitted or required to do so.
This discussion has introduced to me the objectives, general purpose, and the complete set of the financial statement. This will also be a guide for providing comprehensive guidance on how a financial statement should be structured and the minimum requirements for their content. One of the highlights that I have observed and the thing that's needed to be remembered is that external users are those who do not have the authority to demand financial reports tailored to their specific needs only with their common needs.
In this video, I have learned a lot of new informations: First, I have learned about the Elements of Financial Statement that I am already familiar with, and the General Features of Financial Statement: Fair Presentation and Compliance, Going Concern, Accrual Basis, Materiality and Aggregation, Off Setting, and there's more. Second, the additional statement of financial position wherein I was not familiar with and is new to me. I have learned that the effect of the event to the statement is at the beginning of the preceding period material. And third, classifying an asset if its is a current asset. A current asset expects to realize asset or intends to sell or consume it, in its normal operating cycle. It also holds the assets primarily for the purpose of trading and expects to realize the asset within 12 months after the reporting. The asset is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle liability for at least 12 months after the reporting period. Overall, it was an informative discussion for me that I was able to learned a lot. Thank you Sir!
In this session i learned a lot from the general purpose of Financial statements to financial position. That there are 6 parts of financial statements. It is important for a business to have a financial statement because thesecan provide comprehensive guidance on whats going to the business at the present and on the future
This topic taught me that it is very important to understand the financial position for the business and I've learned the statement of profit and loss is a good tool to figure out the increase profits or income. Thank you, Sir! God bless!
First, I've learned that the complete set of financial statements consist of 6 statements - statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flow, notes, and additional statement of financial position. Since I thought that the complete set of financial statements consist of only 5 statements though the last statement is required only when certain instances occur. Second, I've learned that additional statement of financial position has a material effect on the information in the statement of financial position at the beginning of the preceding period. Third, I've learned that liquidity refers to the ability to pay short-term obligations while solvency refers to the ability to pay long-term obligations. I thought that liquidity refers to the ability to convert non-cash assets into cash while solvency is the ability to pay obligations whether it's short-term or long-term obligations. Thank you very much sir!!
On the first lesson, i learned more about complete set of financial statement especially on the offsetting part where we can't present accounting elements net of each other unless it is required or permitted by a PFRS and the frequency of reporting where when the entity changes the end of its reporting period they must disclose the period covered by the financial statement, and also that a statement has to form either classified and unclassified which based on liquidity
I would like to thank you sir for making this video. In this video, you talked about the Philippine Accounting Standard (PAS) 1 and here are my learning points. First, as for general features, I have learned that even if offsetting is a feature it is not recommended unless required by the PFRS. Second, I have always known that reporting period is to be at least annually, however I have learned that there could also be an interim period where it is longer or shorter than annually as long as the purpose of the change is specified. Third, I haven't known until this video that there are two ways we can present the statement of financial position (classified and unclassified). What I always see is an unclassified financial position and I thought that it is always like that. This video is very informative and concise.
With this video of the Presentation of Financial Statements, I have gained additional knowledge from what I have learned before, and below are some of the learning points I remembered. The additional statement of financial position as part of the complete set of financial statements can only occur when the entity makes a retrospective restatement of items in its financial statements or simply reclassifies the items in its financial statements and also considers if those reclassifying has a material effect on the information of the statement of financial information at the beginning of the preceding period. In this case the entity shall present three financial statements of position which are the current year, preceding year and the additional. In the concept of the consistency of presentation, changing the reporting period doesn’t mean that you are violating the rule because it is also efficient to change reporting period especially if it makes information more relevant, meaningful, and faithfully represented to the entity which is very useful in making economic decision. And other consideration might also be the reason such as a change for the revision of the standard and lastly, if it is required by the PFRS. In presenting the statement of financial position, it can be done in two different ways which is classified and unclassified. Classified means there is a distinction between current and non-current as to assets and liabilities while in unclassified there’s no distinction but rather it is based on liquidity. But I guess for me my preference is the classified because a classified presentation highlights an entity’s working capital and facilitates the computation of liquidity and solvency ratios. Indeed, the video was very informative and thank you for sharing it Sir.
On this first part of the lesson, I learned more about the complete set of financial statements. I also learned about its general features and the terms used. I’ve learned the features mentioned are important and should be kept in mind when presenting financial statements. I was also able to understand the classification of the current assets and non-current assets, current liabilities and non-current liabilities.
This video, the Presentation of Financial Statements gave me new and meaningful informations about the elements of Financial Statements and how they are created by accountants that really work together to create a faithfully and unbiased report. I learned from this video the different meanings of the general features of Financial Statements that I haven't learned before, like the offsetting which I now know that in this feature you decrease the total, or net, of a different account balance to create a net balance and that you can only offset unless required or permitted by a PFRS. I also learned the feature of additional Statement of Financial which is Retrospective wherein it is an implementation of new accounting policies for transaction, event, or other circumstances as if it had been implemented. I hope to learn more in the next video!
This video session has helped me understand the general features of statement presentation such as fair presentation and compliance with IFRS, going concern and etc. I've also learned about the components of a complete set of financial statements. It aldo helped me classify current and non-current asset as well as liability. There are a lot of things in this video that I really need to remember and understand well because of how important it is to the presentation of financial statements.
In this video, I have learned about the general purposes of financial statements where it cater to most of the common needs of a wide range of external users. The general features which include the fair presentation and compliance with PFRSs, going concern, accrual basis of accounting, materiality and aggregation, offsetting, and etc. I realized that we should not offset assets and liabilities and income and expenses if it is not required or permitted by PFRS. Also, I have learned that the balance sheet may be presented as either classified or unclassified. Classified is when there is a distinction between current and non current assets and liabilities and unclassified if there is no distinction between the two. I gained more understanding about the current and non current assets and current liabilities and the current maturing long term liabilities. The breach of loan agreement is insightful since I don't have much grasp about this, but I learned that the general rule of it is that when the liability is payable on demand, it is a current liability, but it is presented as a non-current liability if the lender provides the entity, on or before the balance sheet date.
Today, I have learned that the presentation of Financial Reporting represents the most significant step to date in the process of developing a coherent framework for the preparation and presentation of financial statements. I understand the importance of Disclosing the accounting policies relevantly as well. Since I'm a beginner on this topic, it really helps me a lot.
This video presentation of financial statement I've learned about the financial statements can only answer the common needs among his particular groups or kinds of user but not for their specific needs. I've learned also that in objectives of PAS1 improving the comparability we can compare one entity over another entity of the same industry. And also I learned the 6 set of financial statements.
In this video I learned about the general purposes of financial statements, statement of financial position, and the general features. This topic helps me a lot.
For today's video, I observe that in Millan's CFAS book some of the concepts that Sir mentioned earlier were mostly different. I struggle to find the concepts from the book that I have, but somehow in this lesson, I gained more knowledge to focus on the topic in PAS 1. Here are some key points that I acknowledge are all about the general features of the financial statement, especially we cannot offset the elements unless permitted by the PFRS. And of course, the breach of the loan agreement means a violation of an agreement that Sir tackled in the last part of this video. Indeed, I learned so many things despite the different sources used for these lessons. Thank you.
After watching the video, I have learned a very important information about the Presentation of Financial Statement. There are my learnings below: First, I learned that the general purpose of financial statement is to prepare for the common needs of a wide range of users only not for the specific needs. Second, I learned about the two types of comparability. Intra-comparability is the comparability of financial statements of the same entity but from one period to another. Inter-comparability is the comparability of financial statements between different entities. Lastly, I learned the difference between classified and unclassified in presenting the statement of financial position. The classified is presents information about an entity's assets, liabilities, and shareholders' equity that is aggregated into subcategories of accounts. The unclassified does not provide any sub-classifications of assets, liabilities, or equity. Instead, this reporting format simply lists all normal line items found in their order of liquidity, and then presents totals for all assets, liabilities, and equity. Thank you for this informative discussion sir...
This video content gave me a peek into potential accounting topics, and I learned that financial statements can only meet the basic needs of external users. Intra comparability refers to financial records within an entity, while inter comparability refers to financial statements from one entity to another in the same sector. And the rest of the subject was like a memory for me, but I did pick up on a few items that were not mentioned back when was in SHS.
For todays lesson I have learned so much information about this video. I've learned about the 6 financial statements (Statement of financial position or balance sheet, Statement of profit or loss, Statement of Changes in Equity, Statement of Cash flow, Notes, and Additional Statement of Financial Position).Also the general features and its individual definitions.
Watching this video, I have learned the general features of financial statements and its components. I also learned on how the statement of financial position can be presented, it is through classified or unclassified.
In this video, I learned that we cannot offset accounting elements unless it is permitted by a PFRS. I also learned that sometimes, we need to change in presentation in PFRS for us to be compliant with the revisions of the new standard. One of biggest learning I got from this video is that breach of a loan agreement might result for a liability to be payable on demand even though it is still a long-term liability. Although there is an exemption whereas the lender provides a grace period ending at least 12 months after the balance sheet date to rectify a breach of loan covenant. That is what I learned fron this video.
I have learned new terms from the General Feature like offsetting .Although some of it are known to me.And also on how to realize the current liability and its exception.
After watching the discussion about the PAS 1 presentation of financial statements my knowledge about the accounting elements and general features has broadened. Here are my learnings points: First, I've learned the objective of PAS 1 which is the basis for the presentation of general purpose financial to improve comparability. The two types of comparability are intra-comparability and inter-comparability. Intra-comparability is the comparing of financial statements in different periods while Inter-comparability is the comparing of financial statements of other entities. Second, I've learned that offsetting is a general feature which means that the net of the accounting elements of each other shall not be presented or be offset unless it is required or permitted by the Philippine Financial Reporting Standards. Lastly, an Additional Statement of financial position is presented at the beginning of the preceding period and I also learned that financial position may be presented as either classified or unclassified. The difference between classified or unclassified is that classified shows distinctions between current and noncurrent assets while the unclassified don't show the distinction.
This informative video provided a glimpse of what more to expect in higher accounting when offsetting was being explained. At first, I was expecting that contra-asset accounts are some items that must be offsetted. However, I got it wrong because allowance for doubtful accounts and accumulated depreciation are just the means of presenting such in the statement of financial position. I am looking forward to knowing the underlying reasons in the coming semesters. Also, I have learned that there is no stated policy or there is no strict requirement to present the items in statement of financial position in a classified or unclassified manner; it simply depends upon the situation.
After the discussion on this video, I've learned about the objectives, general purpose and complete set of the financial statement. It states here that the objective of Financial Statement is comparing the financial statements in a company to the other entities which helps them enhancing their businesses and more information for the general purpose of financial statement and complete set of financial statement. It was stated here the General Features of Financial statement one by one and very self explanatory.
Through this video, I learned about the General Purpose of Financial Statements, its complete set and general features. Also the statement of financial position (classified and unclassified). Highlights : - Income is earned regardless of when it is collected and Expense is incurred regardless of when it is paid. - The entity is not a going concern if there's an intention to liquidate (to stop the operations of the business, sell the assetes, pay all the liabilities and other ways to properly end the business). - We cannot offset accounting elements unless permitted or required by the PFRSs.
In this video, I've learned that financial statements under standard would result to financial statements that would cater the needs of wide range of users or decision makers. Also, to improve comparability, we can compare one entity over another entity's in the same industry. Intra- comparability is within the company and Inter- comparability is with one entity over another entity. I learned also that general purpose financial statements serve the common needs of wide range of external users. Breach is a violation of the loan agreement also known as covenant. Breach of loan agreement will result a current liability is not applicable to all types of loan or has a provision of a certain loan. Overall, it gives an idea for me on how financial statements is very important. Thank you!
Good day, sir! Today I learned two new terms the intra-comparability and inter- comparability in which the first means comparing the entity's financial statements with the previous periods, while, the latter compares the entity's financial statements to the financial statements of other entities. I've also learned that before the authorization of the financial statements for issue in consideration of the continuity of the business there should have at least 12 months intended for assessing whether the entity should continue or not. And lastly, monthly is the shortest financial reporting period as shorter than this is costly for the entity and reasons must be presented if ever there is a sudden change of the accounting period of an entity.
These are the following points that I have learned in the discussion: First, I have learned that in Fair Presentation and Compliance with PFRS under general features is that in order to achieve fair presentation we should comply all provisions applicable to PFRS and include fair disclosure when necessarily to have fair presentation. We cannot achieve fair presentation by just complying the majority, it should be all standards that are applicable. Second, in terms of offsetting I was be able to understand that we cannot present or offset accounting elements unless it was required or permitted by the Philippine Financial Reporting Standards. Lastly, I was enlightened by the thought that in terms of presenting Statement of Financial Position, it is not actually required by the standards to present current elements ahead of non-current elements. It just that the country considered this as a practice for practitioners to present current ahead non-current elements. But afterall, it really depends on the situations.
In this discussion of Presentation of financial statements, I have learned what are the main and general purpose of financial statements, where these reports help the entity to compare the previous periods of the firm's performances in order to develop what it is need to be developed. Also, that the financial statements serve as a common need for the external users but they cannot demand to the specific reports they want. The second, I have learned is that the full set of financial statements, the statement of financial position or commonly known as the balance sheet that composes of assets, liability and equity, second is the Statement of Comprehensive income and this composed of income and expenses, also for the Statement of changes in equity and it's components are the capital and lastly the Statement of cash flow where it composed of inflow and outflow of the money. Third lesson I have learned is the general features of a Financial statements, though there are already features I have learned, but in this video, I have learned the Fair present of the Financial statements that it should comply with the standards of PFRS, Materiality and Aggregation that the items that are similar in nature should be combined and other that are different in nature should be separated. The frequency of reporting should be as least annually and the comparative information in Financial statements is important in comparing two items like the performance of the entity. Also for the consistency of Presentation the reports should contain consistent concept and principles throughout the period. This are the new features of the Financial statements I learned in the video.
As I watched the video, I was able to learn new informations. Here are the key points I have noted: First, In presenting the assets it is not necessary to present current asset ahead of the non current asset. It's just that here in the Philippines, we are used to it and many practitioners were using this format that's why most of us follow this format as it was used for a long time here in the Philippines. Second, In consistency we should apply concept and principles all throughout the period for as long as they are applicable but if any circumstances there are changes, it doesn't mean an entity is not consistent especially if it is for the betterment of an entity in presenting useful, meaningful, relevant and faithfully represented informations. Lastly, In Refinancing agreement a non current liability can be realized if an entity expect or has a discretion to refinance it in a long term basin under an existing loan facility.
Day-by-day my knowledge on Accounting gets wider and wider and as of today, I came to learn that; First, presentation of accounting elements'net of each other is not advisable or we cannot offset our assets and liabilities or our income and expenses unless the Philippine Financial Reporting Standards has given its permission to do so. Second, in the case of preparing additional statement of financial position at the beginning of the preceding period, making retrospective restatement of items in financial statements is done by going back to the past and by the time that an impact has been determined, let's say an error has been determined, we assume that that certain item has been there from the very beginning as we put that certain item at the beginning of the preceding year. Lastly, all along I thought presenting the financial position should always be classified but, I have just discovered from the discussion that it is presented either classified or unclassified.
The video is all about the Presentation of Financial Statements. This are my key points in the discussion. First, I learned the two types of comparability , the intra - comparability and inter - comparability. Intra - comparability from the word internal it is within with the company. Inter - comparability is to compare one entity to another. Second, I learned also the the six financial statements and it broaden my knowledge. It includes the statement of financial position , statement of profit and loss and other comprehensive income, statement of changes in equity, statement of cash flows , notes and lastly , additional statement of financial position. Third, I learned the term offsetting which means that assets, liabilities, income and expenses , shall not be offset unless required or permitted by a PFRS. Overall the video gives additional knowledge to us a accounting student. Thanks sir for this presentation. BSA 1 - 70377
Good day sir. In todays video, I learned about the intra-comparability and inter-comparability. Intra-comparability is the comparing the financial statements of the entity of the prior period while inter-comparability is the comparing of financial statements of one entity to another entity. Most of the terms discussed were familiar to me and it serves as a review for me of those basic terms like the Current and Non current assets and liabilities. What is new to me was the additional statement of the financial position. I learned that this is presented at the beginning of the proceeding period and the effect of the event in the income statement of financial as at the beginning of the proceeding is material. Lastly, I have understood more about the maturing long-term liabilities in which they are are not presented in the current liabilities when the refinancing agreement is fully completed on or before the balance sheet date or when there is a refinancing agreement after the balance sheet date but before the financial statements are authorized for issue. Everything was well discussed, thank you Sir.
In this video, I've learned that the PAS 1 objective in connection to the general purpose financial statements is to improve comparability both with entity's financial statements of previous record and other financial statements entities. I also learned the general features and its improartance in presenting a financial statements. Lastly I also learned that there's two classification of financial statements.. Which is the classified and unclassified. Classified as when there's a distinction between current asset and noncurret asset, and also liabilities.. While unclassified is the opposite of classified which is no distinction with the 2 elements.
The video rediscussed the elements of financial statements and discussed thoroughly on the complete set of financial statement. Also i have learned how to classify current and non-current asset as well as liability. Also I have learned the main goals and objectives of financial statements.
I learned that intra-comparability refers to comparing the financial statements of an entity to the previous period. It also happens within the company from the root word "intra" meaning internal. On the other hand, inter-comparability is that if we are going to compare the financial statements of one entity over another entities in the same industry. I have also learned that if ever we prepare financial statements we have to disclose the period cover, the reason for using a longer or shorter period and the fact that amounts presented in the financial statements are not entirely comparable. Furthermore, I have realized that the statement of financial position may either be presented as classified and unclassified (based on liquidity). Classified means that we have to show the current assets and non-current assets and the liabilities also. While the unclassified (based on liquidity) this means that no distinction of all current and non-current they are mixed together and arrange based on liquidity. Liquidity it is the ability of an entity to pay short-term obligations.
In this video, I have learned about the general features of financial statements and its components. I discovered that we cannot offset an accounting feature unless PFRS allows or approves it. Therefore, such transactions/situations can be offset. Second, I found that financial statements can be prepared on a daily or weekly basis; before, I had only heard about financial statements being prepared quarterly or annually. Finally, I discovered that a statement of financial status can be viewed in classified or unclassified format.
Good day, Sir! In this video, it focuses on the presentation of financial statements wherein I have learned its general features though some of those are already familiar to me. My knowledge on current assets and current liabilities gets wider and broader. Also, I have learned that a statement of financial position may be presented as either classified where it shows distinctions between current and noncurrent assets as well as liabilities, or may be presented as unclassified, meaning it shows no distinction between current and noncurrent items or simply say they are mixed together.
In this video, PAS 1 Presentation of financial statement I was able to learn new terms and knowledge. First, I learned about the general features of financial statement position like fair presentation and compliance with the PFRS, accrual basis of accounting and materiality & aggregation but some of this are new to me like Offsetting which it can’t present accounting element to each other unless it was permitted by the PFRs. Second, I was able to broaden my knowledge about financial, I didn’t know that it can be presented either classified or unclassified based on liquidity. It also broadens my understanding about the current and noncurrent asset, liability and I learned about the non-current liability exception which is the refinancing agreement. Third, the breach of loan agreement is something new to me. It is liability that is payable on demand is current liability.
In this video, I've learned the general purpose of financial statement that cater the most of common needs of wide range of external users. That emphasizes of external users who are outside the company who cannot demand reports. The complete set of financial statements that have six components that show us assets, liabilities and equity the two would show the income statement items. General features and Statement of financial position that may be presented as either: Classified that clearly show current assets and then non current assets and liabilities. Unclassified (based on Liquidity) that showing no distinction of all current and non current asset are mixed together and they are arranged based on liquidity. Lastly, the Breach of Loan agreement that would make it a current liability is not applicable to all types of loans.
Good day Sir! Thank you for this informative video. So here are my learning points in this video: First, I learned we cannot offset an accounting element unless required or permitted by PFRS, However, offsetting is possible to happen to certain transactions/situations. Second, I also learned that it is possible to prepare a financial statement by day or weekly, I was only aware about preparing financial statements quarterly or annually. However, preparing financial statements daily or weekly is not advisable since it would be costly to the part of the company, also, preparing financial statements daily or weekly doesn't anymore make sense so it doesn't need to be disclosed. Lastly, I learned that statement of financial position can be presented through classified or unclassified. So, it is considered classified when it shows distinctions between current and non current assets and liability and it is considered unclassified when it does not show distinction and unclassified is based on its liquidity. Thank you and Godbless
After watching this video , I've learned something new FIRST, the General purpose financial statements is cater of most of the common need of a wide range of external users. And there's 6 set of financial statements SECOND, I learned one of the General features is Going Concern , also known as the continuity assumption this simply means that an entity will continue for a foreseeable future time, indefinite period of time or beyond the horizon and the business will have to end somewhere but is not actually clear when it will stop. And the assessment of Going Concern is at least 12 months THIRD, I learned that statement of financial position can be presented as either Classified or Unclassified. You can tell if it is classified when it shows the distinction between current and non-current assets and liabilities, While Unclassified is showing no distinction between current and non-current items.
In this Video Lecture I have learned the different financial statement , the general feature of these financial statements and the rules in presenting them.
This video discussed the PAS 1 Presentation of financial statements. In this video I have the learned that PAS 1 served as the basis for presentation of general purpose financial statements to improve comparability both intra and inter-comparability. The general features of the general purpose financial statements are as follow: fair presentation and compliance with PFRS, going concern, accrual basis of accounting, materiality and aggregation, offsetting, frequency of reporting, comparative information, and consistency of presentation. I am quite familiar with some of these features but offsetting was something new to me. I learned that we can not present accounting elements net of each other unless if it is required or permitted by a PFRS. The statement of financial position or previously known as balance sheet shows financial flexibility, liquidity, solvency and sources of financing. It may be presented as either classified, where is there is a distinction between current and noncurrent assets and liabilities; whereas in unclassified, there is no distinction between current and non-current items. I was also able to learn about the current and non current assets and liabilities in-depth. Things about currently maturing long-term liability and the breech of loan agreement were something I wasn't that knowledgeable about. But know I understand that it is presented as current liabilities if it the long term liability is currently maturing, of course there would always be exceptions. In the breech of loan agreement, it is possible that the liability becomes payable on demand despite the fact that is is still a long-term liability. That's all for my new learnings in this video. Thank you sir!
for today's topic presentation of financial statements ,I have learned about the the complete set of financial statements and the general purpose of it which is to provide information about the results of operations of an organization within 12 months or less.
Presentation of Financial Statements (Part 1) tackles about different elements of financial statements, complete set of financial statements, general features, and current and non-current assets and liabilities. Here are some of the key points I have intuited from the said discussion: 1. The main objective of PAS 1 is to prescribe a basis for the presentation of general purpose financial statements to improve the level of comparability between the entity's financial statements of previous periods (known as intra-comparability), and the financial statements of other entities (known as inter-comparability). This is essential to provide useful information on financial position, financial performance, and cash flows of an entity. 2. One of its general features is the Frequency of Reporting. With this general feature, an entity shall present a complete set of financial statements at least annually. I have learned that it is possible for an entity to change the end of its reporting period and present its financial statements for a period longer or shorter than a year. They just have to present or disclose the period covered by their financial statements, the reason for using a longer or shorter period, and the fact that amounts presented in the financial statements that are not entirely comparable. 3. Another general feature is that an entity shall retain presentation and classification of items in the financial statements from one period to the next, otherwise known as the Consistency of Presentation. But, these might be modified if it is apparent that another presentation or classification would be more appropriate following a significant change in the nature of an entity's operations. It does not mean an entity is not consistent if one changes its presentation and classification of items, remember that change is imminent and if a change is required, it shall be done.
In this video, PAS 1 Presentation of Financial Statements I have learned new information about the elements of financial statements and how they are presented. Below are my learning points of this video. First, I learned the complete set of financial statements which are the Balance Sheet, Income Statement or other Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows, Notes and Additional Statements of Financial Position. Second, I learned the eight General Features which are Fair Presentation and Compliance with PFRS, Going Concern, Accrual Basis which are already introduced in the previous lesson, the Materiality and Aggregation, Offseting, Frequency of Reporting, Comparative Information and the Consistency of Presentation which is also called the Transitional Provision wherein An entity shall retain the presentation and classification of items in the financial statements from one period to next unless; It is apparent that another classification or classification would be more appropriate following a significant change and when PFRS requires change in presentation. Lastly, I learned when to classify an asset if it is current. An asset is current when , it expects to realized the asset or intends to sell or consume it in its normal operating cycle , it holds the asset primarily for the purpose of trading, it expects to realize the asset within twelve months after the reporting period or the asset is cash or cash equivalent unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period if an asset simply didn't meet that definition it is not a current asset. I also learned how to classify if a liability is a current or not alongside with currently maturing long tern liabilities and the breach of Loan Agreement.
These are my learnings after the 1st part discussion of the PAS 1 which is the presentation of financial statements First: Iam used with these following terms; income statement and balance sheet. It is mentioned that balance sheet has its new title of statement of financial position and income statement as statement of profit or loss and other comprehensive income. This new titles are based on the revised IAS No. 1 which is issued by the IASB on Sept 6, 2007. These financial statements I mentioned are part of the 6 complete sets of financial statements as mentioned in the PAS 1 which are structured presentations accumulated and processed in financial accounting and is periodically communicated to its users' to answer their common needs of financial information to permit informed economic judgements. Second: I learned that current asset being ahead of non current asset is not required by the accounting standard it is the matter of decision and choice of statements preparer. It is also emphasized in the PAS 1 the manner of presenting statement of financial position. It can be "classified" which pertains the distinction of current and non current elements of financial position and "unclassified"; a presentation based on the liquidity of those elements. In other words, those items that are expected to pay short- term obligations. Best example is Cash. That is why it is placed first in the statement of financial position under current asset because of its liquidity. Third: I want to highlight the importance of PAS 1. It is the guidelines and foundation for me as an accounting student and a future professional accountant. It will help me understand why there is a need of understanding the preparation of financial statements and how onerous it is if Iam ignorant with this. Financial statements are communicated to wide range of users (primary users) and a guidance for making economic decisions and assessing how effectively the management uses its economic resources (management stewardship). Thats all
The first thing I had kept in mind is the objective of PAS 1, which it is said that PAS 1 objective is to prescribe the basis for the presentation of general purpose financial statements to ensure comparability. The second would be about what consists of complete financial statements which are; (1) statement of financial position, (2) statement of profit or loss (income statement) and other comprehensive income (OCI), (3) statement of changes in equity, (4) statement of cash flows, (5) notes, (5.1) comparative information, and (6) additional statement of financial position when an entity makes a retrospective application, retrospective restatement, or reclassifies items - with material effect. Lastly, the statement of financial position may be presented either showing current/noncurrent distinction (classified or based on liquidity) (unclassified). PAS 1 encourages the classified presentation.
In this video of PAS 1 which is the Presentation of Financial Statements. I learned that the objective of PAS 1 is to improve comparability that means we can compare one entity over another entity or entities in the same industry. In addition to that the Intra- Comparability it means within the company which is the financial statements of the company or same company. If will be comparing financial statements of one entity over another entities in the same industry to which it belongs called Inter- Comparability. I learned also that there are six financial statements that can comprise the complete set. Also , Statement of Financial Position may be presented as either Classified or Unclassified. Specially , the general purpose of financial statements.
These are my insights for the first part of the discussion of PAS 1: First, intercomparability are comparability of financial statements within the same entity and on the other hand, intercomparability are comparability of different entities' financial statements. Second, I only know the 4 financial Statements but they are 6 actually to complete the set, which are the notes and the additional balance sheet which are required only when certain instances occur. Third, I have learned that Income Statement is actually different from the Statement of Comprehensive Income. I thought they are just the same when we are in our Fundamentals. Also, I learned the word "offsetting" which is according to its meaning we cannot present the net of accounting elements, they must be presented separately unless permitted by PFRS. Fourth, the Presentation of Statements of Financial Position can either be Classified, there is a clear distinction between current and non-current, or Unclassified, all items are arranged in liquidity without distinction. But, as what I have observed during our practice in doing or preparing the balance sheet, the different presentation is both used, they are classified and arranged in liquidity at the same time. Lastly, I already understood the other topics or subtopics discussed in the PAS 1 Presentation of Financial Statements.
In this first part of discussion, I was able to fully understand the objective of PAS 1 which is to prescribe the basis for the presentation of general purpose financial statements that cater the common needs of most users to enhance comparability. I also get to learn new two terms which are intra-comparability and inter-comparability. The latter one means that one entity's annual financial statements are comparable to those of previous years. This enables the business to see how its results, financial condition, and cash flows have changed or decreased over time. On the other hand, the former one means that an entity's financial statements are comparable to those of another entities in the same industry. I also came to know the general features of financial statement presentation. One feature that I was not familiar with is the offsetting which means that we cannot offset accounting elements unless it is required or permitted by PFRS. Ultimately, I have learned about breach of loan agreement which means a violation of a loan agreement. If there is a breach of agreement, there is a possibility that a liability is payable on demand even though it is still a long-term liability.
In this session, it discussed about the general purpose of financial statements. I was able to know the difference between the intra-comparability (within the company) and inter-comparability (with one entity over another entity). I have also learned the complete set of financial statements and its general features.
This is a pre-recorded discussion of about PAS 1 presentation of financial statements, written below are the informations that I had learned: The objective of PAS 1 which prescribes the basis for presentation of general purpose financial statements to improve comparability. In this topic I had learned about intra-comparability and inter-comparability. Intra-comparability means financial statements in each year of an entity are comparable to the previous periods and inter-comparability means that financial statements of an entity are comparable to the financial statements of other entities. The general features are also discussed, I had already encountered about this topic but only this time I had fully understand. It is mentioned that even if offsetting is a feature it is not recommended unless required or permitted by a PFRS. I had also learned that there statement of financial position can be presented in two ways which is: classified and unclassified. Classified in where there is a distinction between current and noncurrent assets and liabilities while unclassified is the opposite of it in which there is no distinction of the two elements. That's all and thankyou sir.
In this video, I've learn and had the option to portray the overall highlights of fiscal summary, and its segments. There are still a few sections where I need to apply more exertion in understanding the discussion.
In this video, I've learn and was able to describe the general features of financial statement, and its components. There are still some parts where I need to exert more effort in understanding the discussion.
This video lecture helped provide clarification to various information concerning financial statements that were still a bit confusing for me. The following are the most prominent topics I learned out of this video: 1. General purpose financial statements are made for those who are not authorized to demand financial information from the entity and that it is only directed to the common needs of the external users and not the specific ones. 2. Financial statements should be prepared on accrual basis wherein accrual means recognizing transaction on its occurrence, not when payment is received. 3. Reporting of financial statements are usually done annually. But an entity could have it monthly, quarterly or semi annually. It really depends on the needs of the entity. 4. Consistency in the preparation of financial statements is an advantage since it could help the entity to have basis on comparisons of similarities and differences in financial information. Aside from the lessons mentioned above, this video lecture also served as refreshment for the accounting knowledge I already have.
Upon watching this video presentation I learned:
First, the objective of PAS 1 prescribe the basis of general purpose financial Statements.
Second, I was enlightened about the general features which are fair presentation and compliance with PFRSs, Going Concern, Accrual basis of accounting, Materiality and Aggregation, Offsetting, Frequency of reporting, Comparative information, and consistency of presentation
Lastly, the current asset, current liability, current maturing long-term liabilities and reach of loan agreement was explained articulately.
Thank you so much sir!
After watching the video discussion, I have learned the General Features of Financial Statements. I have learned that there are eight features. I have already learned these features before, except Offsetting. I have learned that the Offsetting is permitted by the PFRs once it reflects the substance of the transactions. The given examples made it clearer to understand the term, like the presenting gains or losses from sales of assets net of the related selling expenses and presenting a loss from provision net of a reimbursement from a third party.
This video on financial statement presentation presented useful information about the elements of financial statements and how they are produced by accountants who truly collaborate to generate a trustworthy and reliable report. The following are three of the most important things I learned:
First, I learned about the six financial statements, which include the statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, the statement of cash flows, notes, and the additional statement of financial position.
Second, I learned that when you offset, you reduce the sum, or net, of a particular account balance to produce a net balance, and that you can only offset if a PFRS requires or permits it.
Finally, I learned about the retrospective feature of additional financial statements, which is an application of new accounting rules for transactions, events, or other situations as though they had already been introduced.
In today's video, I have learned that:
1. Statement of financial position can be presented as either classified or unclassified. The former means that there is a clear distinction between the current and non-current assets and liabilities, while the latter shows none but instead is arranged based on liquidity.
2. I also learned that currently maturing liabilities are presented as current liabilities. However, there is an exception if there is a refinancing agreement like if the previous loan is changed into a new one with an additional twelve months or so.
3. Before, I was unfamiliar with breach of a loan agreement in terms of accounting but now, I learned that if we violate an agreement, the liabilities may become payable on demand even though it is still a long term liability, but it should be noted that this does not apply to all type of loans. There has to be a provision of agreement in a certain loan.
That's all. Thank you for the informative video, as always, Sir.
I was able to fully grasp the aim of PAS 1, which is to recommend the basis for the presentation of general purpose financial statements that cater to the common needs of most users in order to improve comparability, during this discussion.
The following are my understandings:
Firstly, I learned about intra-comparability and inter-comparability, which are both important for enhancing the comparability of financial statements from the same entity either with different periods or from a different entity.
Secondly, I also learned the complete set of financial statements, unlike before i only kniw its component. However, the financial statements were thoroughly covered in this video.
Lastly, I acquired additional knowledge about the General Features of Financial Statements like in the offsetting part, we cannot offset accounting elements unless the PFRS had permitted or required to do so.
This discussion has introduced to me the objectives, general purpose, and the complete set of the financial statement. This will also be a guide for providing comprehensive guidance on how a financial statement should be structured and the minimum requirements for their content. One of the highlights that I have observed and the thing that's needed to be remembered is that external users are those who do not have the authority to demand financial reports tailored to their specific needs only with their common needs.
In this video, I have learned a lot of new informations:
First, I have learned about the Elements of Financial Statement that I am already familiar with, and the General Features of Financial Statement: Fair Presentation and Compliance, Going Concern, Accrual Basis, Materiality and Aggregation, Off Setting, and there's more.
Second, the additional statement of financial position wherein I was not familiar with and is new to me. I have learned that the effect of the event to the statement is at the beginning of the preceding period material.
And third, classifying an asset if its is a current asset. A current asset expects to realize asset or intends to sell or consume it, in its normal operating cycle. It also holds the assets primarily for the purpose of trading and expects to realize the asset within 12 months after the reporting. The asset is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle liability for at least 12 months after the reporting period.
Overall, it was an informative discussion for me that I was able to learned a lot. Thank you Sir!
In this session i learned a lot from the general purpose of Financial statements to financial position. That there are 6 parts of financial statements. It is important for a business to have a financial statement because thesecan provide comprehensive guidance on whats going to the business at the present and on the future
This topic taught me that it is very important to understand the financial position for the business and I've learned the statement of profit and loss is a good tool to figure out the increase profits or income. Thank you, Sir! God bless!
First, I've learned that the complete set of financial statements consist of 6 statements - statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flow, notes, and additional statement of financial position. Since I thought that the complete set of financial statements consist of only 5 statements though the last statement is required only when certain instances occur. Second, I've learned that additional statement of financial position has a material effect on the information in the statement of financial position at the beginning of the preceding period. Third, I've learned that liquidity refers to the ability to pay short-term obligations while solvency refers to the ability to pay long-term obligations. I thought that liquidity refers to the ability to convert non-cash assets into cash while solvency is the ability to pay obligations whether it's short-term or long-term obligations. Thank you very much sir!!
On the first lesson, i learned more about complete set of financial statement especially on the offsetting part where we can't present accounting elements net of each other unless it is required or permitted by a PFRS and the frequency of reporting where when the entity changes the end of its reporting period they must disclose the period covered by the financial statement, and also that a statement has to form either classified and unclassified which based on liquidity
I would like to thank you sir for making this video. In this video, you talked about the Philippine Accounting Standard (PAS) 1 and here are my learning points.
First, as for general features, I have learned that even if offsetting is a feature it is not recommended unless required by the PFRS.
Second, I have always known that reporting period is to be at least annually, however I have learned that there could also be an interim period where it is longer or shorter than annually as long as the purpose of the change is specified.
Third, I haven't known until this video that there are two ways we can present the statement of financial position (classified and unclassified). What I always see is an unclassified financial position and I thought that it is always like that.
This video is very informative and concise.
With this video of the Presentation of Financial Statements, I have gained additional knowledge from what I have learned before, and below are some of the learning points I remembered.
The additional statement of financial position as part of the complete set of financial statements can only occur when the entity makes a retrospective restatement of items in its financial statements or simply reclassifies the items in its financial statements and also considers if those reclassifying has a material effect on the information of the statement of financial information at the beginning of the preceding period. In this case the entity shall present three financial statements of position which are the current year, preceding year and the additional.
In the concept of the consistency of presentation, changing the reporting period doesn’t mean that you are violating the rule because it is also efficient to change reporting period especially if it makes information more relevant, meaningful, and faithfully represented to the entity which is very useful in making economic decision. And other consideration might also be the reason such as a change for the revision of the standard and lastly, if it is required by the PFRS.
In presenting the statement of financial position, it can be done in two different ways which is classified and unclassified. Classified means there is a distinction between current and non-current as to assets and liabilities while in unclassified there’s no distinction but rather it is based on liquidity. But I guess for me my preference is the classified because a classified presentation highlights an entity’s working capital and facilitates the computation of liquidity and solvency ratios.
Indeed, the video was very informative and thank you for sharing it Sir.
On this first part of the lesson, I learned more about the complete set of financial statements. I also learned about its general features and the terms used. I’ve learned the features mentioned are important and should be kept in mind when presenting financial statements. I was also able to understand the classification of the current assets and non-current assets, current liabilities and non-current liabilities.
This video, the Presentation of Financial Statements gave me new and meaningful informations about the elements of Financial Statements and how they are created by accountants that really work together to create a faithfully and unbiased report. I learned from this video the different meanings of the general features of Financial Statements that I haven't learned before, like the offsetting which I now know that in this feature you decrease the total, or net, of a different account balance to create a net balance and that you can only offset unless required or permitted by a PFRS. I also learned the feature of additional Statement of Financial which is Retrospective wherein it is an implementation of new accounting policies for transaction, event, or other circumstances as if it had been implemented. I hope to learn more in the next video!
This video session has helped me understand the general features of statement presentation such as fair presentation and compliance with IFRS, going concern and etc. I've also learned about the components of a complete set of financial statements. It aldo helped me classify current and non-current asset as well as liability. There are a lot of things in this video that I really need to remember and understand well because of how important it is to the presentation of financial statements.
In this video, I have learned about the general purposes of financial statements where it cater to most of the common needs of a wide range of external users. The general features which include the fair presentation and compliance with PFRSs, going concern, accrual basis of accounting, materiality and aggregation, offsetting, and etc. I realized that we should not offset assets and liabilities and income and expenses if it is not required or permitted by PFRS. Also, I have learned that the balance sheet may be presented as either classified or unclassified. Classified is when there is a distinction between current and non current assets and liabilities and unclassified if there is no distinction between the two. I gained more understanding about the current and non current assets and current liabilities and the current maturing long term liabilities. The breach of loan agreement is insightful since I don't have much grasp about this, but I learned that the general rule of it is that when the liability is payable on demand, it is a current liability, but it is presented as a non-current liability if the lender provides the entity, on or before the balance sheet date.
Today, I have learned that the presentation of Financial Reporting represents the most significant step to date in the process of developing a coherent framework for the preparation and presentation of financial statements. I understand the importance of Disclosing the accounting policies relevantly as well. Since I'm a beginner on this topic, it really helps me a lot.
This video presentation of financial statement I've learned about the financial statements can only answer the common needs among his particular groups or kinds of user but not for their specific needs. I've learned also that in objectives of PAS1 improving the comparability we can compare one entity over another entity of the same industry. And also I learned the 6 set of financial statements.
In this video I learned about the general purposes of financial statements, statement of financial position, and the general features. This topic helps me a lot.
For today's video, I observe that in Millan's CFAS book some of the concepts that Sir mentioned earlier were mostly different. I struggle to find the concepts from the book that I have, but somehow in this lesson, I gained more knowledge to focus on the topic in PAS 1. Here are some key points that I acknowledge are all about the general features of the financial statement, especially we cannot offset the elements unless permitted by the PFRS. And of course, the breach of the loan agreement means a violation of an agreement that Sir tackled in the last part of this video. Indeed, I learned so many things despite the different sources used for these lessons. Thank you.
After watching the video, I have learned a very important information about the Presentation of Financial Statement. There are my learnings below:
First, I learned that the general purpose of financial statement is to prepare for the common needs of a wide range of users only not for the specific needs.
Second, I learned about the two types of comparability. Intra-comparability is the comparability of financial statements of the same entity but from one period to another. Inter-comparability is the comparability of financial statements between different entities.
Lastly, I learned the difference between classified and unclassified in presenting the statement of financial position. The classified is presents information about an entity's assets, liabilities, and shareholders' equity that is aggregated into subcategories of accounts. The unclassified does not provide any sub-classifications of assets, liabilities, or equity. Instead, this reporting format simply lists all normal line items found in their order of liquidity, and then presents totals for all assets, liabilities, and equity.
Thank you for this informative discussion sir...
This video content gave me a peek into potential accounting topics, and I learned that financial statements can only meet the basic needs of external users. Intra comparability refers to financial records within an entity, while inter comparability refers to financial statements from one entity to another in the same sector. And the rest of the subject was like a memory for me, but I did pick up on a few items that were not mentioned back when was in SHS.
For todays lesson I have learned so much information about this video. I've learned about the 6 financial statements (Statement of financial position or balance sheet, Statement of profit or loss, Statement of Changes in Equity, Statement of Cash flow, Notes, and Additional Statement of Financial Position).Also the general features and its individual definitions.
Watching this video, I have learned the general features of financial statements and its components. I also learned on how the statement of financial position can be presented, it is through classified or unclassified.
In this video, I learned that we cannot offset accounting elements unless it is permitted by a PFRS. I also learned that sometimes, we need to change in presentation in PFRS for us to be compliant with the revisions of the new standard. One of biggest learning I got from this video is that breach of a loan agreement might result for a liability to be payable on demand even though it is still a long-term liability. Although there is an exemption whereas the lender provides a grace period ending at least 12 months after the balance sheet date to rectify a breach of loan covenant. That is what I learned fron this video.
I have learned new terms from the General Feature like offsetting .Although some of it are known to me.And also on how to realize the current liability and its exception.
After watching the discussion about the PAS 1 presentation of financial statements my knowledge about the accounting elements and general features has broadened. Here are my learnings points:
First, I've learned the objective of PAS 1 which is the basis for the presentation of general purpose financial to improve comparability. The two types of comparability are intra-comparability and inter-comparability. Intra-comparability is the comparing of financial statements in different periods while Inter-comparability is the comparing of financial statements of other entities.
Second, I've learned that offsetting is a general feature which means that the net of the accounting elements of each other shall not be presented or be offset unless it is required or permitted by the Philippine Financial Reporting Standards.
Lastly, an Additional Statement of financial position is presented at the beginning of the preceding period and I also learned that financial position may be presented as either classified or unclassified. The difference between classified or unclassified is that classified shows distinctions between current and noncurrent assets while the unclassified don't show the distinction.
This informative video provided a glimpse of what more to expect in higher accounting when offsetting was being explained. At first, I was expecting that contra-asset accounts are some items that must be offsetted. However, I got it wrong because allowance for doubtful accounts and accumulated depreciation are just the means of presenting such in the statement of financial position. I am looking forward to knowing the underlying reasons in the coming semesters. Also, I have learned that there is no stated policy or there is no strict requirement to present the items in statement of financial position in a classified or unclassified manner; it simply depends upon the situation.
After the discussion on this video, I've learned about the objectives, general purpose and complete set of the financial statement. It states here that the objective of Financial Statement is comparing the financial statements in a company to the other entities which helps them enhancing their businesses and more information for the general purpose of financial statement and complete set of financial statement. It was stated here the General Features of Financial statement one by one and very self explanatory.
Through this video, I learned about the General Purpose of Financial Statements, its complete set and general features.
Also the statement of financial position (classified and unclassified).
Highlights :
- Income is earned regardless of when it is collected and Expense is incurred regardless of when it is paid.
- The entity is not a going concern if there's an intention to liquidate (to stop the operations of the business, sell the assetes, pay all the liabilities and other ways to properly end the business).
- We cannot offset accounting elements unless permitted or required by the PFRSs.
In this video, I've learned that financial statements under standard would result to financial statements that would cater the needs of wide range of users or decision makers. Also, to improve comparability, we can compare one entity over another entity's in the same industry. Intra- comparability is within the company and Inter- comparability is with one entity over another entity. I learned also that general purpose financial statements serve the common needs of wide range of external users. Breach is a violation of the loan agreement also known as covenant. Breach of loan agreement will result a current liability is not applicable to all types of loan or has a provision of a certain loan. Overall, it gives an idea for me on how financial statements is very important. Thank you!
Good day, sir! Today I learned two new terms the intra-comparability and inter- comparability in which the first means comparing the entity's financial statements with the previous periods, while, the latter compares the entity's financial statements to the financial statements of other entities. I've also learned that before the authorization of the financial statements for issue in consideration of the continuity of the business there should have at least 12 months intended for assessing whether the entity should continue or not. And lastly, monthly is the shortest financial reporting period as shorter than this is costly for the entity and reasons must be presented if ever there is a sudden change of the accounting period of an entity.
These are the following points that I have learned in the discussion:
First, I have learned that in Fair Presentation and Compliance with PFRS under general features is that in order to achieve fair presentation we should comply all provisions applicable to PFRS and include fair disclosure when necessarily to have fair presentation. We cannot achieve fair presentation by just complying the majority, it should be all standards that are applicable.
Second, in terms of offsetting I was be able to understand that we cannot present or offset accounting elements unless it was required or permitted by the Philippine Financial Reporting Standards.
Lastly, I was enlightened by the thought that in terms of presenting Statement of Financial Position, it is not actually required by the standards to present current elements ahead of non-current elements. It just that the country considered this as a practice for practitioners to present current ahead non-current elements. But afterall, it really depends on the situations.
In this discussion of Presentation of financial statements, I have learned what are the main and general purpose of financial statements, where these reports help the entity to compare the previous periods of the firm's performances in order to develop what it is need to be developed. Also, that the financial statements serve as a common need for the external users but they cannot demand to the specific reports they want. The second, I have learned is that the full set of financial statements, the statement of financial position or commonly known as the balance sheet that composes of assets, liability and equity, second is the Statement of Comprehensive income and this composed of income and expenses, also for the Statement of changes in equity and it's components are the capital and lastly the Statement of cash flow where it composed of inflow and outflow of the money. Third lesson I have learned is the general features of a Financial statements, though there are already features I have learned, but in this video, I have learned the Fair present of the Financial statements that it should comply with the standards of PFRS, Materiality and Aggregation that the items that are similar in nature should be combined and other that are different in nature should be separated. The frequency of reporting should be as least annually and the comparative information in Financial statements is important in comparing two items like the performance of the entity. Also for the consistency of Presentation the reports should contain consistent concept and principles throughout the period. This are the new features of the Financial statements I learned in the video.
In this video, I learned about the general features of financial
statement presentation and their components
As I watched the video, I was able to learn new informations. Here are the key points I have noted:
First, In presenting the assets it is not necessary to present current asset ahead of the non current asset. It's just that here in the Philippines, we are used to it and many practitioners were using this format that's why most of us follow this format as it was used for a long time here in the Philippines.
Second, In consistency we should apply concept and principles all throughout the period for as long as they are applicable but if any circumstances there are changes, it doesn't mean an entity is not consistent especially if it is for the betterment of an entity in presenting useful, meaningful, relevant and faithfully represented informations.
Lastly, In Refinancing agreement a non current liability can be realized if an entity expect or has a discretion to refinance it in a long term basin under an existing loan facility.
Day-by-day my knowledge on Accounting gets wider and wider and as of today, I came to learn that;
First, presentation of accounting elements'net of each other is not advisable or we cannot offset our assets and liabilities or our income and expenses unless the Philippine Financial Reporting Standards has given its permission to do so.
Second, in the case of preparing additional statement of financial position at the beginning of the preceding period, making retrospective restatement of items in financial statements is done by going back to the past and by the time that an impact has been determined, let's say an error has been determined, we assume that that certain item has been there from the very beginning as we put that certain item at the beginning of the preceding year.
Lastly, all along I thought presenting the financial position should always be classified but, I have just discovered from the discussion that it is presented either classified or unclassified.
The video is all about the Presentation of Financial Statements. This are my key points in the discussion.
First, I learned the two types of comparability , the intra - comparability and inter - comparability. Intra - comparability from the word internal it is within with the company. Inter - comparability is to compare one entity to another.
Second, I learned also the the six financial statements and it broaden my knowledge. It includes the statement of financial position , statement of profit and loss and other comprehensive income, statement of changes in equity, statement of cash flows , notes and lastly , additional statement of financial position.
Third, I learned the term offsetting which means that assets, liabilities, income and expenses , shall not be offset unless required or permitted by a PFRS.
Overall the video gives additional knowledge to us a accounting student. Thanks sir for this presentation.
BSA 1 - 70377
In this video, I have learned the general features and differences of financial statement presentations.
Good day sir. In todays video, I learned about the intra-comparability and inter-comparability. Intra-comparability is the comparing the financial statements of the entity of the prior period while inter-comparability is the comparing of financial statements of one entity to another entity. Most of the terms discussed were familiar to me and it serves as a review for me of those basic terms like the Current and Non current assets and liabilities. What is new to me was the additional statement of the financial position. I learned that this is presented at the beginning of the proceeding period and the effect of the event in the income statement of financial as at the beginning of the proceeding is material. Lastly, I have understood more about the maturing long-term liabilities in which they are are not presented in the current liabilities when the refinancing agreement is fully completed on or before the balance sheet date or when there is a refinancing agreement after the balance sheet date but before the financial statements are authorized for issue. Everything was well discussed, thank you Sir.
In this video, I've learned that the PAS 1 objective in connection to the general purpose financial statements is to improve comparability both with entity's financial statements of previous record and other financial statements entities. I also learned the general features and its improartance in presenting a financial statements. Lastly I also learned that there's two classification of financial statements.. Which is the classified and unclassified. Classified as when there's a distinction between current asset and noncurret asset, and also liabilities.. While unclassified is the opposite of classified which is no distinction with the 2 elements.
The video rediscussed the elements of financial statements and discussed thoroughly on the complete set of financial statement. Also i have learned how to classify current and non-current asset as well as liability. Also I have learned the main goals and objectives of financial statements.
I learned that intra-comparability refers to comparing the financial statements of an entity to the previous period. It also happens within the company from the root word "intra" meaning internal. On the other hand, inter-comparability is that if we are going to compare the financial statements of one entity over another entities in the same industry. I have also learned that if ever we prepare financial statements we have to disclose the period cover, the reason for using a longer or shorter period and the fact that amounts presented in the financial statements are not entirely comparable. Furthermore, I have realized that the statement of financial position may either be presented as classified and unclassified (based on liquidity). Classified means that we have to show the current assets and non-current assets and the liabilities also. While the unclassified (based on liquidity) this means that no distinction of all current and non-current they are mixed together and arrange based on liquidity. Liquidity it is the ability of an entity to pay short-term obligations.
In this video, I have learned about the general features of financial statements and its components. I discovered that we cannot offset an accounting feature unless PFRS allows or approves it. Therefore, such transactions/situations can be offset. Second, I found that financial statements can be prepared on a daily or weekly basis; before, I had only heard about financial statements being prepared quarterly or annually. Finally, I discovered that a statement of financial status can be viewed in classified or unclassified format.
In this video, I've learned the general purpose of financial statements, complete sets of financial statements and its general features.
Good day, Sir! In this video, it focuses on the presentation of financial statements wherein I have learned its general features though some of those are already familiar to me. My knowledge on current assets and current liabilities gets wider and broader. Also, I have learned that a statement of financial position may be presented as either classified where it shows distinctions between current and noncurrent assets as well as liabilities, or may be presented as unclassified, meaning it shows no distinction between current and noncurrent items or simply say they are mixed together.
In this video, PAS 1 Presentation of financial statement I was able to learn new
terms and knowledge.
First, I learned about the general features of financial statement position like fair presentation and compliance with the PFRS, accrual basis of accounting and materiality & aggregation but some of this are new to me like Offsetting which it can’t present accounting element to each other unless it was permitted by the PFRs.
Second, I was able to broaden my knowledge about financial, I didn’t know that it can be presented either classified or unclassified based on liquidity. It also broadens my understanding about the current and noncurrent asset, liability and I learned
about the non-current liability exception which is the refinancing agreement.
Third, the breach of loan agreement is something new to me. It is liability that is payable on demand is current liability.
In this video, I've learned the general purpose of financial statement that cater the most of common needs of wide range of external users. That emphasizes of external users who are outside the company who cannot demand reports. The complete set of financial statements that have six components that show us assets, liabilities and equity the two would show the income statement items. General features and Statement of financial position that may be presented as either: Classified that clearly show current assets and then non current assets and liabilities.
Unclassified (based on Liquidity) that showing no distinction of all current and non current asset are mixed together and they are arranged based on liquidity. Lastly, the Breach of Loan agreement that would make it a current liability is not applicable to all types of loans.
Good day Sir! Thank you for this informative video. So here are my learning points in this video:
First, I learned we cannot offset an accounting element unless required or permitted by PFRS, However, offsetting is possible to happen to certain transactions/situations.
Second, I also learned that it is possible to prepare a financial statement by day or weekly, I was only aware about preparing financial statements quarterly or annually. However, preparing financial statements daily or weekly is not advisable since it would be costly to the part of the company, also, preparing financial statements daily or weekly doesn't anymore make sense so it doesn't need to be disclosed.
Lastly, I learned that statement of financial position can be presented through classified or unclassified. So, it is considered classified when it shows distinctions between current and non current assets and liability and it is considered unclassified when it does not show distinction and unclassified is based on its liquidity.
Thank you and Godbless
After watching this video , I've learned something new
FIRST, the General purpose financial statements is cater of most of the common need of a wide range of external users. And there's 6 set of financial statements
SECOND, I learned one of the General features is Going Concern , also known as the continuity assumption this simply means that an entity will continue for a foreseeable future time, indefinite period of time or beyond the horizon and the business will have to end somewhere but is not actually clear when it will stop. And the assessment of Going Concern is at least 12 months
THIRD, I learned that statement of financial position can be presented as either Classified or Unclassified. You can tell if it is classified when it shows the distinction between current and non-current assets and liabilities, While Unclassified is showing no distinction between current and non-current items.
In this Video Lecture I have learned the different financial statement , the general feature of these financial statements and the rules in presenting them.
I have learned about the different financial statements, although I am somehow already familiar with it, as well as general features.
This video discussed the PAS 1 Presentation of financial statements. In this video I have the learned that PAS 1 served as the basis for presentation of general purpose financial statements to improve comparability both intra and inter-comparability. The general features of the general purpose financial statements are as follow: fair presentation and compliance with PFRS, going concern, accrual basis of accounting, materiality and aggregation, offsetting, frequency of reporting, comparative information, and consistency of presentation. I am quite familiar with some of these features but offsetting was something new to me. I learned that we can not present accounting elements net of each other unless if it is required or permitted by a PFRS.
The statement of financial position or previously known as balance sheet shows financial flexibility, liquidity, solvency and sources of financing. It may be presented as either classified, where is there is a distinction between current and noncurrent assets and liabilities; whereas in unclassified, there is no distinction between current and non-current items.
I was also able to learn about the current and non current assets and liabilities in-depth. Things about currently maturing long-term liability and the breech of loan agreement were something I wasn't that knowledgeable about. But know I understand that it is presented as current liabilities if it the long term liability is currently maturing, of course there would always be exceptions. In the breech of loan agreement, it is possible that the liability becomes payable on demand despite the fact that is is still a long-term liability.
That's all for my new learnings in this video. Thank you sir!
for today's topic presentation of financial statements ,I have learned about the the complete set of financial statements and the general purpose of it which is to provide information about the results of operations of an organization within 12 months or less.
Presentation of Financial Statements (Part 1) tackles about different elements of financial statements, complete set of financial statements, general features, and current and non-current assets and liabilities. Here are some of the key points I have intuited from the said discussion:
1. The main objective of PAS 1 is to prescribe a basis for the presentation of general purpose financial statements to improve the level of comparability between the entity's financial statements of previous periods (known as intra-comparability), and the financial statements of other entities (known as inter-comparability). This is essential to provide useful information on financial position, financial performance, and cash flows of an entity.
2. One of its general features is the Frequency of Reporting. With this general feature, an entity shall present a complete set of financial statements at least annually. I have learned that it is possible for an entity to change the end of its reporting period and present its financial statements for a period longer or shorter than a year. They just have to present or disclose the period covered by their financial statements, the reason for using a longer or shorter period, and the fact that amounts presented in the financial statements that are not entirely comparable.
3. Another general feature is that an entity shall retain presentation and classification of items in the financial statements from one period to the next, otherwise known as the Consistency of Presentation. But, these might be modified if it is apparent that another presentation or classification would be more appropriate following a significant change in the nature of an entity's operations. It does not mean an entity is not consistent if one changes its presentation and classification of items, remember that change is imminent and if a change is required, it shall be done.
In this video, PAS 1 Presentation of Financial Statements I have learned new information about the elements of financial statements and how they are presented. Below are my learning points of this video.
First, I learned the complete set of financial statements which are the Balance Sheet, Income Statement or other Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows, Notes and Additional Statements of Financial Position.
Second, I learned the eight General Features which are Fair Presentation and Compliance with PFRS, Going Concern, Accrual Basis which are already introduced in the previous lesson, the Materiality and Aggregation, Offseting, Frequency of Reporting, Comparative Information and the Consistency of Presentation which is also called the Transitional Provision wherein An entity shall retain the presentation and classification of items in the financial statements from one period to next unless;
It is apparent that another classification or classification would be more appropriate following a significant change and when PFRS requires change in presentation.
Lastly, I learned when to classify an asset if it is current. An asset is current when , it expects to realized the asset or intends to sell or consume it in its normal operating cycle
, it holds the asset primarily for the purpose of trading, it expects to realize the asset within twelve months after the reporting period or the asset is cash or cash equivalent unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period if an asset simply didn't meet that definition it is not a current asset. I also learned how to classify if a liability is a current or not alongside with currently maturing long tern liabilities and the breach of Loan Agreement.
These are my learnings after the 1st part discussion of the PAS 1 which is the presentation of financial statements
First: Iam used with these following terms; income statement and balance sheet. It is mentioned that balance sheet has its new title of statement of financial position and income statement as statement of profit or loss and other comprehensive income. This new titles are based on the revised IAS No. 1 which is issued by the IASB on Sept 6, 2007. These financial statements I mentioned are part of the 6 complete sets of financial statements as mentioned in the PAS 1 which are structured presentations accumulated and processed in financial accounting and is periodically communicated to its users' to answer their common needs of financial information to permit informed economic judgements.
Second: I learned that current asset being ahead of non current asset is not required by the accounting standard it is the matter of decision and choice of statements preparer. It is also emphasized in the PAS 1 the manner of presenting statement of financial position. It can be "classified" which pertains the distinction of current and non current elements of financial position and "unclassified"; a presentation based on the liquidity of those elements. In other words, those items that are expected to pay short- term obligations. Best example is Cash. That is why it is placed first in the statement of financial position under current asset because of its liquidity.
Third: I want to highlight the importance of PAS 1. It is the guidelines and foundation for me as an accounting student and a future professional accountant. It will help me understand why there is a need of understanding the preparation of financial statements and how onerous it is if Iam ignorant with this. Financial statements are communicated to wide range of users (primary users) and a guidance for making economic decisions and assessing how effectively the management uses its economic resources (management stewardship).
Thats all
The first thing I had kept in mind is the objective of PAS 1, which it is said that PAS 1 objective is to prescribe the basis for the presentation of general purpose financial statements to ensure comparability.
The second would be about what consists of complete financial statements which are; (1) statement of financial position, (2) statement of profit or loss (income statement) and other comprehensive income (OCI), (3) statement of changes in equity, (4) statement of cash flows, (5) notes, (5.1) comparative information, and (6) additional statement of financial position when an entity makes a retrospective application, retrospective restatement, or reclassifies items - with material effect.
Lastly, the statement of financial position may be presented either showing current/noncurrent distinction (classified or based on liquidity) (unclassified). PAS 1 encourages the classified presentation.
In this video of PAS 1 which is the Presentation of Financial Statements. I learned that the objective of PAS 1 is to improve comparability that means we can compare one entity over another entity or entities in the same industry. In addition to that the Intra- Comparability it means within the company which is the financial statements of the company or same company. If will be comparing financial statements of one entity over another entities in the same industry to which it belongs called Inter- Comparability. I learned also that there are six financial statements that can comprise the complete set. Also , Statement of Financial Position may be presented as either Classified or Unclassified. Specially , the general purpose of financial statements.
These are my insights for the first part of the discussion of PAS 1:
First, intercomparability are comparability of financial statements within the same entity and on the other hand, intercomparability are comparability of different entities' financial statements.
Second, I only know the 4 financial Statements but they are 6 actually to complete the set, which are the notes and the additional balance sheet which are required only when certain instances occur.
Third, I have learned that Income Statement is actually different from the Statement of Comprehensive Income. I thought they are just the same when we are in our Fundamentals. Also, I learned the word "offsetting" which is according to its meaning we cannot present the net of accounting elements, they must be presented separately unless permitted by PFRS.
Fourth, the Presentation of Statements of Financial Position can either be Classified, there is a clear distinction between current and non-current, or Unclassified, all items are arranged in liquidity without distinction. But, as what I have observed during our practice in doing or preparing the balance sheet, the different presentation is both used, they are classified and arranged in liquidity at the same time.
Lastly, I already understood the other topics or subtopics discussed in the PAS 1 Presentation of Financial Statements.
In this first part of discussion, I was able to fully understand the objective of PAS 1 which is to prescribe the basis for the presentation of general purpose financial statements that cater the common needs of most users to enhance comparability. I also get to learn new two terms which are intra-comparability and inter-comparability. The latter one means that one entity's annual financial statements are comparable to those of previous years. This enables the business to see how its results, financial condition, and cash flows have changed or decreased over time. On the other hand, the former one means that an entity's financial statements are comparable to those of another entities in the same industry. I also came to know the general features of financial statement presentation. One feature that I was not familiar with is the offsetting which means that we cannot offset accounting elements unless it is required or permitted by PFRS. Ultimately, I have learned about breach of loan agreement which means a violation of a loan agreement. If there is a breach of agreement, there is a possibility that a liability is payable on demand even though it is still a long-term liability.
In this session, it discussed about the general purpose of financial statements. I was able to know the difference between the intra-comparability (within the company) and inter-comparability (with one entity over another entity). I have also learned the complete set of financial statements and its general features.
Thank youu for this💗More power!
This is a pre-recorded discussion of about PAS 1 presentation of financial statements, written below are the informations that I had learned:
The objective of PAS 1 which prescribes the basis for presentation of general purpose financial statements to improve comparability. In this topic I had learned about intra-comparability and inter-comparability. Intra-comparability means financial statements in each year of an entity are comparable to the previous periods and inter-comparability means that financial statements of an entity are comparable to the financial statements of other entities.
The general features are also discussed, I had already encountered about this topic but only this time I had fully understand. It is mentioned that even if offsetting is a feature it is not recommended unless required or permitted by a PFRS.
I had also learned that there statement of financial position can be presented in two ways which is: classified and unclassified. Classified in where there is a distinction between current and noncurrent assets and liabilities while unclassified is the opposite of it in which there is no distinction of the two elements.
That's all and thankyou sir.
In this video, I've learn and had the option to portray the overall highlights of fiscal summary, and its segments. There are still a few sections where I need to apply more exertion in understanding the discussion.
In this video, I've learn and was able to describe the general features of financial statement, and its components. There are still some parts where I need to exert more effort in understanding the discussion.
This video lecture helped provide clarification to various information concerning financial statements that were still a bit confusing for me. The following are the most prominent topics I learned out of this video:
1. General purpose financial statements are made for those who are not authorized to demand financial information from the entity and that it is only directed to the common needs of the external users and not the specific ones.
2. Financial statements should be prepared on accrual basis wherein accrual means recognizing transaction on its occurrence, not when payment is received.
3. Reporting of financial statements are usually done annually. But an entity could have it monthly, quarterly or semi annually. It really depends on the needs of the entity.
4. Consistency in the preparation of financial statements is an advantage since it could help the entity to have basis on comparisons of similarities and differences in financial information.
Aside from the lessons mentioned above, this video lecture also served as refreshment for the accounting knowledge I already have.
What is offsetting po Sir?