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Types of financial statements, questions of their submission and comparative analysis according to the IFRS

Author

Listed:
  • Levan Sabauri

    (Ivane Javakhishvili Tbilisi State Univeristy)

  • Nadezhda Kvatashidze

    (Ivane Javakhishvili Tbilisi State University)

Abstract

In conditions of globalization there is increased significance of financial statements increased, the qualitative characteristics of information of which define its usefulness for user of information. Information is useful when it helps the information user to make economical decision. For making of economical decisions users need different statements, rules of preparation and submission of which are regulated by International Financial Reporting Standards (IFRS). These statements are of general purpose, individual. consolidated, combined, pro forma. International Accounting Standards Board (IASB) constantly works on improvement of submission of information from such statements, and as result there were made so many changes in the corresponding IFRS during the last years (2011-2016). These changes are expressed in explanation of doctrines, parameters of consolidation, methods of estimation of statements indexes, explanatory notes etc. For all this we need to think from the beginning about what purpose and contents has any kind of financial statement, how do they differ from each other, in which case which statement shall be submitted, which statement does the user need.

Suggested Citation

  • Levan Sabauri & Nadezhda Kvatashidze, 2016. "Types of financial statements, questions of their submission and comparative analysis according to the IFRS," Proceedings of International Academic Conferences 5306917, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iacpro:5306917
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    File URL: https://iises.net/proceedings/27th-international-academic-conference-prague/table-of-content/detail?cid=53&iid=041&rid=6917
    File Function: First version, 2016
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    More about this item

    Keywords

    Purpose of financial statement; conception of enterprise; conception of owner; standards of small and average enterprises; financial statement of general purpose; individual financial statement; consolidated financial statement; combined financial statement; pro forma financial statement;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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