What is the purpose of the International Financial Reporting Standards?
To make it easier to compare businesses globally and increase transparency and trust in financial reporting.
What is IFRS 13 about?
Fair value - the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
What is IFRS 16 about?
Reporting lease obligations on a balance sheet
What is a balance sheet?
A statement of a company’s financial position, showing its assets and liabilities at a given date.
What are liabilities?
What a company owes
e.g. debt
What is a profit and loss statement?
A statement showing the income and expenditure transactions of a company at a given time.
What is a cashflow?
How much money is running through a company at any time
