Download Cracking the Code: Financial Statements Explained by Ranjit B Naik PDF

By Ranjit B Naik

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That responsibility falls to the accounting standards. Accounting standards address several disclosure issues that the law does not cover, eg, reporting separately the performance of continuing and discontinued operations, preparing and publishing a cash flow statement, accounting for mergers and acquisitions, and so on. Accounting standards also cover such detailed issues as: • the choice and maintenance of accounting policies; • the treatment of tangible and intangible fixed assets and calculation of depreciation and amortisation; • valuation of inventory and long-term contracts; • providing performance data by business segment; • accounting for leases and hire-purchase agreements; and • accounting for research and development, and many more.

CONTEXT OF ACCOUNTING Most businesses will make advance payments on certain types of expenditures, eg, rent, standing charges and machinery. If a prepayment includes an amount for a subsequent period, then that amount has to be deducted from the figure on the trial balance before it is entered on the income statement. The amount is also entered on the balance sheet as an asset. Businesses own fixed assets that lose value through use, age, obsolescence and so on. That loss of value has to be reflected both in the income statement as an expense and on the balance sheet as a deduction against the purchase price of the assets.

In the United Kingdom and in many countries that follow UK accounting practices, inventory is also referred to as stock. A company’s inventory is normally valued at the lower of cost or net 23 FINANCIAL STATEMENTS EXPLAINED realisable value (NRV). NRV is the sum that would be realised if the inventory were sold. Inventory is rarely valued at its prospective sales value. This is because valuing inventory at its sales value would be effectively accounting for unearned profits. The value of inventory, in common with all asset values, must be treated with caution.

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