Components of Financial Statements
All the paragraphs have equal authority. These statements are prepared as the requirement. Pin Page The group engagement team may decide to use the audit evidence on which the audit opinion on the financial statements of the component is based to provide audit evidence for the group audit but the requirements of this ISA nevertheless apply. . Financial statements are the reports or statements that provide the detail of the entitys financial information including assets liabilities equities incomes and expenses shareholders contribution cash flow and other related information during the period of time. Financial accounting information is conveyed through a standardized set of reports. These statements normally require an annual audit by independent auditors and are. The other financial statements are the income statement statement of retained earnings and statement of cash flows. What are Types of Financial Statements. AASB...