Chapter 2 International Financial Reporting Standards

Chapter Outline

  • The Tie Between Bankers and Auditors 19
    • The Auditor’s Role 19
    • Accounting Conventions 21
    • Auditor’s Opinions 23
      • Qualified Opinion 23
      • Adverse Opinion 23
      • Disclaimer 24
    • Letter of Transmittal 25
    • Compilation 25
  • A Review of Accounting Principles 26
    • Historical Cost 26
    • Accounting Standards as Applied to Revenue Realization 26
    • The Matching Principle 27
    • Consistency 27
    • Disclosure 27
    • Objectivity 28
  • Financial Reports 28
    • Frequency of Statements 28
      • Annual Statements 28
      • Interim Statements 28
    • Footnotes 29
    • Contingent Liabilities 30
      • Classification of Contingencies 31
      • General Loss Contingencies 31
      • Financial Instruments with Off-Balance Sheet Risk 31
      • Product Warranties or Defects ...

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