What are assertion for notes to accounts

1 answer

Ravi Staff February 6, 2018

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



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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