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Accountant in Business
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[QUOTE="Yakub02, post: 303955, member: 94426"] Presentation and disclosure as communication tools A reporting entity communicates information about its assets, liabilities, equity, income and expenses by presenting and disclosing information in its financial statements. Effective communication of information in financial statements makes that information more relevant and contributes to a faithful representation of an entity’s assets, liabilities, equity, income and expenses. It also enhances the understandability and comparability of information in financial statements. Effective communication of information in financial statements requires: (a) focusing on presentation and disclosure objectives and principles rather than focusing on rules; (b) classifying information in a manner that groups similar items and separates dissimilar items; and (c) aggregating information in such a way that it is not obscured either by unnecessary detail or by excessive aggregation. [/QUOTE]
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