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you are here: > United America
> Article 94
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10. Finance & accounting standards
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| Article 94-Financial documents and standards | ||
| 94.1 | Financial documents and standards | |
| Financial documents and statements of the Nation are the official documents providing financial information for Members, the general public, sponsors, the media and complying laws and regulations in regards to the state of financial affairs of the Nation. When the key financial documents of the Nation are combined, they shall be known as a Financial Report of the Nation. | ||
| 94.2 | Financial Report | |
| A financial report of the Nation shall comprise of the following financial documents and statements: | ||
| (a). A balance sheet; | ||
| (b). An income statement; | ||
| (c). A cash flow statement; | ||
| (d). A statement of changes in equity; | ||
| (e). Notes, comprising a summary of significant accounting policies and other explanatory notes. | ||
| 94.3 | Considerations in presentation of financial report | |
| The overall considerations that the Nation shall make in presenting financial reports are: | ||
| (a). Fair presentation and compliance with internationally recognized Accounting Documents; | ||
| (b). Accounting policies; | ||
| (c). Going concern; | ||
| (d). Accrual basis of accounting; | ||
| (e). Consistency of presentation; | ||
| (f). Materiality and aggregation; | ||
| (g). Offsetting; | ||
| (h). Comparative information; | ||
| (i). The classification of items in the financial statements; | ||
| (j). A range of disclosures about financial position and financial performance. | ||
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