I am tired, really tired. You can see that I am still up at 1am blogging. Anyway, here is my summary for today's lecture.

1. Why a need for regulation?
- separation of ownership and management
- limited liability status
- economic power
2. Objectives for General Purpose Financial Statements (GPFS)
- financial position
- performance
- cash flow position
3. Components of financial statements
- Balance Sheet
- Income Statement
- Statement if changes in Equity
- Cashflow statements
- notes to account
4. Format for IAS1.
Revenue XX
Cost of Sales (XX)
Gross Profit XX
Other Income XX
Distribution Expense (XX)
Admin Expense (XX)
Finance Cost (XX)
Profit before tax XX
tax (XX)
Net Profit XX
5. Finance Cost are basically interest payables.

That's all for now!!!

Labels: accountancy, accountant in business, accounting, business accounting, financial accountancy, financial accounting

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Alvin Ang
20 SAA'08 NTU'09

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▪ passed F4 and F8
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