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الموضوع: Overview of external financial reporting

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    Overview of external financial reporting

    Overview of external financial reporting
    (Unit 11)




    Overview of external financial reporting

    11.1 conceptual framework underlying financial accounting

    Nature of cash
    · First presented item in asset section of balance sheet being the most liquid asset.
    · On the balance sheet, only one cash account is presented, reflecting all unrestricted cash.

    Items of cash
    · Must be readily available for use by business and can have no restrictions placed on its use.
    · Consists of;
    o Coin and currency on hand including petty cash and change funds.
    o Demand deposits (checking accounts).
    o Time deposits (saving accounts).
    o Near-cash assets (un-deposited checks).

    Cash equivalents
    Short-term, highly liquid investments having the following characteristics:
    · Readily convertible into known amounts of cash.
    · So near maturity, that interest rate risk is insignificant.
    · Have an original maturity of 3 months or less.
    Such as treasury bills, money market funds, short term commercial paper…etc

    Restricted cash
    · Cash designated for special uses, should be held in separate bank account.
    · Nature of use will determine whether such amount will be classified as current or non-current.

    Compensating balances
    · As part of a loan agreement, borrower may keep an average or minimum amount on deposit with lender.
    · Reporting depend on duration of the agreement,
    o If balances related to short-term agreement, it is reported as cash or cash equivalent at current asset.
    o If balances related to long-term agreement it should separately classified in long-term asset as investment or other assets.

    Trading securities


    12.2 statement of financial. Position
    · It is an asset recognized to reflect a claim against another party for the receipt of money, goods, or services
    · Recorded as current if it is reasonably expected to be collected within one year or entity’s normal operating cycle.
    · Trade receivables, arises from credit sales (normally unsecured and nonbearing interest).
    · Non-trade receivables such as lease receivables, deposits to guarantee payment or to cover possible debts, advances to shareholders, tax refunds, interest, dividends, royalties accrued…etc.
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