Author Archives: Karl

Changing accounting presentations may mean restating figures

First off let me state that “may” in the title means that there are always those rare cases and exceptions to almost everything when it comes to accounting. Since we’re not about those rare situations, but more wanting to state the basics, we’re going to skip this. It’s just to let you know that there are exceptions as always.  Continue reading →

Consistency of accounting presentations

IFRS (International Financial Reporting Standards), which is probably the Bible when it comes to accounting worldwide states that the presentation and classification of items in the financial statements shall be retained from one period to the next unless it is apparent, following a significant change in the nature of the entity’s operations or a review of its financial statements, that another presentation of classification would be more appropriate having regard to the criteria for selection and application of accounting policies.  Continue reading →

Management Report

Usually the first bit of text to write up when preparing an Annual Report is the management report, which let’s face it, is up to your creativity. Just make sure the important bits about the reporting period are covered, keep in mind that it should be understandable and consistent (not giving contradictive information when it comes to the rest of the Annual Report) and you should be fine. We’ve in our experience seen real work of arts in a form of a picture and very short and blunt texts. Fit somewhere between those and you’ll meet the goal of a management report.  Continue reading →