Sir can you help to determine the difference between classification and presentation? I can't really get clear but from them.
Thank you
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Difference between assertion of classification and presentation?
See page 83:
Classification - in the proper accounts e.g. proper classification between revenue expense and capital expense - does not concern disclosure
Presentation - in the financial statements - includes related disclosure
Incorrect classification may give rise to incorrect presentation (e.g. as above) but presentation is wider - not only because it includes disclosure but also appropriate aggregation/disaggregation
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