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ACCOUNTING & FINANCIAL SYSTEMS MCPC 606
LECTURERS:
DR. JOHN MACCARTHY
&
DR. MALIK ZAKARIA
1
Lecture 67: Preparation and Interpretation of Financial Statements Overview:
o What is financial statements?
o The Components of the Financial Statements
o Who is Responsible for the Preparation of the Financial Statements
o Financial Records Needed for the Preparation of Financial Statements
o Critical Issues to be considered: Shares; Debentures; Income and Government
Grants 2
Statements?
• This is a quantitative way of showing the performance and status of the company at a
particular date.
It represents the different 3 main states of a company.
• 1. Profitability: Is the company making money? (Statement of Comprehensive Income).
• 2. Assets verse liabilities: What is the value of the company? Who owns what?
(Statement of Financial Position).
IAS 1 (cont.) Component of the Financial Statements
• There are five main components of Financial statements mainly:
o A statement of financial position at the end of the period.
o A statement of Comprehensive Income for the period.
o A statement of changes in equity for the period
o A statement of Cash flow.
4
• Directors are responsible for preparing financial statements for the company.
• These includes:
o Preparing financial statements in compliance with the International financial reporting
statements, framework and other regulations
o Setting up Internal control necessary to enable the preparation of financial statements that are
free from material misstatement.
o The prevention and detection of fraud.
5
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