K MK M asked 2 years ago
1 Answers
RaviRavi Staff answered 2 years ago

We have assertions for 

  1. Account Balances (Assets & Liabilities)
  2. Transactions (Incomes & Expenses)

Presentation & Disclosures (Format & Notes to Accounts)

See below links for explanation on assertion

https://auditguru.in/question/what-is-the-meaning-of-assertions-and-managed-those-charged-with-governance/

https://auditguru.in/question/sir-what-do-you-mean-by-assertion-level/

 
Assertion for Notes to Accounts are mixed of account balance & transaction assertions

  1. Occurence & Existence / Rights & Obligation  — Items are Real and they belong to company
  2. Completeness — Nothing is left out
  3. Valuation & Accuracy — Amounts are proper
  4. Understanding & Classification — Disclosures are helping users to get proper meaning of financial items. 

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