Fs Critique

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Financial Statements Critiquing
Full PFRSSan Miguel Pure Foods Company Inc.
Javier, Zaira Camille C.
Loyola, Lester L.BSA31 |

REPORT OF INDEPENDENT AUTHORS * * In preparing the report, it is clearly manifested that the auditors of SMPFCI follow the required reporting standards. The auditors’ report evidently affirmed whether the financial statements are in compliance with the financial reporting framework, which in this case is the Philippine Financial Reporting Standards. The report also included clear descriptions of what are the responsibilities of the management as well as the auditors themselves. And as required by the reporting standard, the auditors’ report regards the informative disclosures in the financial statements to be reasonably adequate as basis for the Group’s preparation and fair presentation of its financial statements. The report also stated an expression of opinion of auditors regarding the financial statements and their basis for auditing.

STATEMENT OF FINANCIAL POSITION * * As a compliance with the requirement found under IAS 1, the Statement of Financial Position of SMPFCI reported and classified individual items in sufficient details. The separate presentation and classification of the items permit users to assess the amounts, timing and uncertainty of future cash flows. Presenting the SFP this way also makes it easier for users to