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The Accounting Treatment of the Tourism Unit’s Financial Statements in Agreement with the International Financial Reporting Standards

Listed author(s):
  • Bogdan Răvaș


    (University of Petrosani, Romania)

Registered author(s):

    Financial statements should be presented on a going-concern basis unless management intends to liquidate the tourism unit or cease trading. If not presented on a going concern basis, the fact and rationale for not using it should be disclosed. Uncertainties related to events and conditions that cast significant doubt on the tourism unit's ability to continue as a going concern should be disclosed. The Statement of Financial Position provides information about the financial position of the tourism unit and it should distinguish between major categories and classifications of assets and liabilities current or noncurrent distinction. Departure from the requirements of an IFRS is allowed only in the extremely rare circumstance in which the application of the IFRS would be so misleading as to con-flict with the objectives of financial statements. In such circumstances, the tourism unit should disclose the reasons for and the financial effect of the departure from the IFRS.

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    Article provided by University of Petrosani, Romania in its journal Annals of the University of Petrosani - Economics.

    Volume (Year): 11 (2011)
    Issue (Month): 2 ()
    Pages: 257-264

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    Handle: RePEc:pet:annals:v:11:y:2011:i:2:p:257-264
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