The ‘OBJECTIVE’ of IFRS 1 is to Ensure that an Entity’s first IFRS financial statements, and its Interim financial reports for part of the period covered by those ‘Financial Statements‘, contain high quality information. International Financial Reporting Standards Standard · IASB Issued 2003 · Last Amended 2024 | Effective for … Read More
ISA 501 DEALS with SPECIFIC considerations by the auditor in obtaining sufficient appropriate audit evidence in accordance with ISA 330, ISA 500 and other relevant ISAs with respect to certain aspects of ‘Inventory‘, ‘Litigation and Claims‘ involving the entity and ‘Segment Information‘ in an Audit of Financial Statements. ISA 501 … Read More
ISA 300 DEALS with the auditor’s responsibility to PLAN an ‘Audit‘ of Financial Statements. International Standard on Auditing Issued by IAASB Effective for periods from December 2009 Updated February 2025 In this article Table of Contents 01Overview & Scope 02Objectives of ISA 300 03Preliminary Engagement Activities 04Overall Audit Strategy 05Audit … Read More
The Statement of Cash Flows Indirect Method PRESENTS the SOCF beginning with Net income or loss, with subsequent ADDITIONS to or DEDUCTIONS from that amount for Non-cash revenue and expense items, Resulting in cash flow from operating activities. International Accounting Standard (IAS 7) STATES that SOCF is a vital ‘Financial Statement‘ … Read More
The Concept Example of Core Competencies STATES these are activities, processes and abilities that give the entity a capability of Meeting the Critical Success Factors (CSF’s) for products or services and achieving competitive advantage. What are Competences? (Types) 1. Threshold Competences These are the activities, processes and abilities that provide … Read More
The Concept PESTEL Analysis Example(s) STATES it is a ‘structured approach‘ to analyzing the External Environment of an entity. The influences (current influences and possible future influences) of the environment on the entity are grouped into categories. PESTEL Analysis There are SIX categories of environmental influence: PESTEL Analysis Example(s) – … Read More
The Concept Stakeholder Expectations Examples STATES that each stakeholder or stakeholder group has different expectations from a company. They expect to benefit from their association with the company and the benefits they expect are different. Stakeholders According to ‘Traditional View of Corporate Governance‘ these are: Stakeholder Expectations Examples – Explained … Read More
Intended Strategy Examples DEPICTS ‘Intended Strategy‘ is a strategy that is planned in advance through a formal planning process. Intended Strategy – Definition ‘Intended Strategy‘ is a strategy that is planned in advance through a formal planning process. The choice of strategy is a conscious decision by Senior Management. Intended … Read More
What is the Purpose of a Mission Statement a Concept that STATES ‘Mission‘ is the purpose of an organisation and the reason for its existence. What is the Purpose of a Mission Statement? (6 Key Purposes) A ‘Mission Statement‘ can have SEVERAL different purposes:
Vision and Mission Statement a Concept that STATES ‘Vision’ Represents a desired optimal future state of what the organisation wants to achieve over time; AND ‘Mission’ is the purpose of an organisation and the reason for its existence. Vision and Mission Statement of the Organization – (Including Examples) 1. Vision … Read More