BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -MFRS 101 Presentation of Financial Statements, paragraph MY16. 1, requires financial statements that have been prepared in accordance with MFRSs to also make an explicit and unreserved statement of compliance with IFRSs.

Detailed explanation-2: -MFRS 101 is the “mother” of presentation requirements. This is because it governs the overall guiding principles on presentation of transactions or events as well as presentation of financial statements as a whole.

Detailed explanation-3: -The purpose is to provide information that is useful in analysing an entity’s financial statements (see paragraphs BC31 and BC32 of the Basis for Conclusions). IN13 The previous version of FRS 101 required the presentation of an income statement that included items of income and expense recognised in profit or loss.

Detailed explanation-4: -The core principle of MFRS 15 is that revenue is recognised when the goods or services are transferred to the customer, at the transaction price. Revenue is recognised in accordance with that core principle by applying a 5-step model as shown below. Identify the contract. Separate performance obligations.

Detailed explanation-5: -MFRS 108 defines prior period errors as omissions from, and misstatements in the entity’s financial statements for one or more prior periods arising from a failure to use, or misuse of, reliable information that: a. Was available when financial statements for those periods were authorised for issue; and. b.