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【知识点】Advantages and disadvantages of historical accounting 历史数据计量的优点和缺点

Advantages and disadvantages of historical accounting

1.Advantages of historcial accounting:

• Objective

• Reliable

• Less possibility for manipulation

2.Disadvantages of historical cost accounting:

• Out-of-date values

• Overstatement of profit

【知识点】A complete set of financial statements 整套财务报表的组成

A complete set of financial statements

• Statement of profit or loss and other comprehensive income.

• Statement of changes in equity.

• Statement of financial position.

• Statement of cash flows.

• Notes to the accounts.

(accounting policies and explanations)

【知识点】The components of other comprehensive income 其他综合收益的组成

The components of other comprehensive income

• Gain on PPE revaluation.

• Gain on fair value through other comprehensive income investment.

• Pension adjustment.

• Foreign currency.

• Effective portion of cash flow hedge.

【知识点】Limitation of financial statement 财务报表的局限性

Limitation of financial statement

• Financial statements are based on historical information which cannot predict future performance and trends.

• Financial statements may be manipulated to produce a desired effect.

• Figures in Statement of Financial Position may not be representative of average value throughout the year due to seasonal trading or major assets acquisition near the end of the year.

• Financial statements do not include non-financial information which may be of relevance to assess an entity.

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