Browsing by Author "Sreseli, Nana"
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Item Discussion aspects of conceptual framework for financial reporting(Ivane Javakhishvili Tbilisi State University Press, 2021) Chiladze, Izolda; Sreseli, NanaBased on the methods of comparative analysis and professional judgment, the article discusses the recent changes in the “Сonceptual Frameworks for Financial Standards” regarding the definition of assets and its valuation methods, and the relevant conclusions are made. The following conclusions and recommendations are made: • Assets’ impairment losses are calculated from the sale of products made by the noncurrent asset based on future cash flows, whereas finished goods are not produced solely through the participation of long-term assets; • The probability of the influence of uncertainties and subjective factors is high. In particular, management may show a profit even in the event of an economic crisis or show a loss in order to reduce the tax burden; • The revaluation methodology is also influenced by changes in the financial policy of the banking sector, which further increases the degree of uncertainty; • Due to the fact that the conceptual basis of financial reporting is global in nature, the application of existing methodologies in individual countries may provoke economic crises internationally. Recommendations: • Revaluation of long-term assets should be done only at the time of their decommissioning and in case of any serious damage; • The definition of assets should be formulated as follows: An asset is a resource that an enterprise controls as a result of past events and has the potential to generate economic benefits.Item Evaluative indicators and their impact on the reliability of financial statement information(Ivane Javakhishvili Tbilisi State University Press, 2023) Sreseli, Nana; Chavleshvili, NinoThe article discusses the theoretical and practical aspects of determining the impact of evaluation indicators on the reliability of financial reporting. Valuation indicators are the determination of the value of assets and liabilities in the current conditions of economic activity. When preparing financial statements, in some cases it is inevitable not to accurately reflect the events, but to take into account professional judgment and approximate estimation models based on analytical reasoning and available information, in such conditions, the financial statements reflect estimates formed due to probable uncertainty or lack of accurate estimation. Such values are called estimates and are based on the approaches and concepts established in the conceptual foundations of financial reporting. Despite the fact that due to objective circumstances, it is impossible to develop an ideal financial statement corresponding to the conceptual foundations, it is still of crucial importance to prepare it in such a way as to improve the quality of usefulness of financial statements. The article discusses the basis of the generation of evaluative indicators and their impact on the usefulness of general purpose financial statements. The work also presents issues regulated by International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), which relate to the assessment and revaluation of reserves in own capital.Item Topical issues of audit quality control(Ivane Javakhishvili Tbilisi State University Press, 2018) Sreseli, NanaThe problems of the domestic audit industry are related to the dissatisfaction of users with the quality of the audit. The concept of audit quality indicators used in domestic practice is not effective enough because there is no general conceptual apparatus in the audit quality sphere that allows to combine users' expectations, requirements of regulatory organizations and the public audit function. An urgent issue of today's period of development of audit activity is the creation of a holistic, quality-specific audit quality concept.