There are new guidelines for the preparation of financial statements
The Accounting Standards Committee has issued new recommendations. They are intended to assist businesses in the preparation of financial statements and statements of operations under special conditions related to the uncertainty of the economic environment.
In its latest study, the Committee referred to the validity of the previous recommendations. It discusses issues with significant impact on the 2022 financial statements and MD&A, including the going concern assumption under uncertainty; stocktaking; simplified valuation of goods and services; inflation – impact on the valuation of assets and liabilities; provisions under uncertainty; the energy market situation and its impact on the financial statements of energy companies; income and expenses of extraordinary value or that have occurred incidentally; disclosures under uncertainty.
Entities that do not prepare a management report can use the guidance when preparing the content, notes and explanatory notes to the financial statements.
The guidance is aimed, among other things, at entity managers, as they are responsible in companies for preparing financial statements (including consolidated financial statements) and management reports.