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Understanding Statement of financial position
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[QUOTE="Yakub02, post: 304258, member: 94426"] Management must disclose those policies that would assist users in understanding how transactions, other events and conditions are reflected in the reported financial performance and financial position. If an IFRS allows a choice of policy, disclosure of the policy selected is especially useful. Some standards specifically require disclosure of particular accounting policies. For example, IAS 16 requires disclosure of the measurement bases used for classes of property, plant and equipment. It is also appropriate to disclose an accounting policy not specifically required by IFRSs, but selected and applied in accordance with IAS 18 An entity must disclose information regarding key assumptions about the future, and other key sources of measurement uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. [/QUOTE]
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