Consolidated Financial Statement

According to IAS 28, consolidated financial statements are...

• statement that primarily focuses on a company’s revenues and expenses during a particular period

• the financial statements of a group in which the assets, liabilities, equity, revenues, expenses, and cash flows of the parent and subsidiary are presented as a single economic entity

• measures how well a company generates cash to pay its debt obligations, fund its operating expenses, and fund investments.

• ecords how profits are retained within a company for future growth or distributed to external parties

Definition of parent in consolidated financial statement is...

• business entity or corporation either fully owned or partially controlled by another company

• a company controlled by a holding company

• an entity, including an unincorporated entity such as a partnership, that is controlled by another entity

• an entity that has one or more subsidiaries

According to PSAK No. 13, Investment is...

• an entry that shows that money has been received

• indicates that a transaction has occurred in which a liability or a gain was caused

• an asset used by the company for the growth of wealth (acceretion wealth) through the distribution of investment returns

• an entry in accounting that records a decrease in assets or an increase in liabilities, as well as a decrease in expenses or an increase in revenue

Shares is...

• a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves)

• paper that clearly states the nominal value, company name and is followed by the rights and obligations described to each holder

• the distribution of corporate earnings to eligible shareholders

• a reward, cash or otherwise, that a company gives to its shareholders

non-current assets (long-term assets) are...

• an asset that is to be sold, converted to cash, or liquidated to pay for liabilities within one year

• assets that are held for a year or less

• the assets that are highly liquid as they are readily convertible into cash

• types of assets that are expected to be used for more than one year

Long term assets have several characteristics, except...

• held for less than one year

• has a physical form

• not intended for sale anymore

• has material value

IAS 38 defined intangible assets as...

• an asset that has physical substance

• items with a real physical form that may depreciate in value over time

• physical and measurable assets that are used in a company's operations

• an identifiable non-monetary asset without physical substance held for use in the production or supply of goods or services, for rental to others, or for administrative purposes

According to your friends presentation, there are five classification and basic accounting principles of intangible assets, except...

• acquisition method

• expected useful period

• exchangeability

• game changer