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LKAS 01- Presentation of Financial Statement

Added on - 10 Aug 2021

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Content
1)LKAS 01- Presentation of Financial Statement
2)LKAS 16- Property, plant and Equipment
3)LKAS 02- Inventories
4)LKAS 37-Provisions, Contingent Liabilities and Contingent Assets
5)LKAS 10-Events After the reporting Period
6)LKAS 08- Annual Policies, Changes in Accounting Estimates and Errors
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Executive Summary
The Bansei Royal Resort Hikkaduwa PLC presented their annual reports on 2017/2018
according to following LKAS
1)LKAS 01- Presentation of Financial Statement
2)LKAS 16- Property, plant and Equipment
3)LKAS 02- Inventories
4)LKAS 37-Provisions, Contingent Liabilities and Contingent Assets
5)LKAS 10-Events After the reporting Period
6)LKAS 08- Annual Policies, Changes in Accounting Estimates and Errors
According to this report included the characteristics of above Sri Lanka Accounting
Standards and how the stakeholders of the company benefited with the relevant examples.
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1)LKAS 01- Presentation of Financial Statement
1)Scope
2)Objectives
3)Qualitative characteristics
4)Users for Stake Holders

Scope
Summary report that shows how a firm has used the funds entrusted to its
stockholders and lenders and what is its current financial position. The five basic financial
statements are,
1)Statement of financial position. (Which shows firm’s assets, liabilities and
equity on a stated date)
2)Statement of comprehensive income. (Which shows how the net income of the
firm is arrived at over a stated period)
3)Statement of cash flows. (Which shows the inflows and outflows of cash
caused by the firm’s activities during a stated period)
4)Statement of changing equity. (Which shows the changes in equity during a
stated period)
5)Notes

Objectives
The responsibility of an individual who prepares a company’s financial
statements to ensure accurate information is provided to investors. These information
help to build a good financial frame before making a decision to invest in that
particular company.

Qualitative Characteristics
4

Understandability- The relevant information must be clearly presented,
with additional information supplied in the supporting footnotes. It must
be helpful to users for making decisions.
Relevance- The information are relevant to user’s needs.
Faithful representation - The information should faithfully represent
transactions and other events. They must be accurate and free of material
errors.
Comparability- The information should be comparable. They should be
easily to compare with another company information, past company
information or estimated company information. Ex: The Bansei Royal
Resort Hikkaduwa PLC- Statement of financial position is presented on
2017 and 2018



Users for Stake holders
Government- Government can charge the taxes on the assets.
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