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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › assertion level
hi sir,
i watched the lecture on risk but was not able to understand the difference between assertion and financial statement level .can you please explain it in simple words ?
Assertion level: qualities such as existence, valuation, completeness etc have to be verified for each figure in the FS.
Financial statement level: less easy, but you could have all the figures technically correct but as a whole the FS might be misleading.
Assertion level to some extent looks at the ‘true’ part of ‘true and fair’ whilst financial statement level looks at the ‘fair’ part.
An easy example might be looking at the going concern position of the company. A note about going concern worries could be included without having to alter any figure in the FS and the note might be needed to ensure that the FS were ok at the financial statement level.