Important Points for IC 26 - Life Insurance Finance Exam
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Financing activities are activities that result in changes in the size and composition of owners capital (including preference share capital) and borrowing of company.
Cash flows are operating activities are primarily derived from the principal revenue generating activities of the enterprise.
Extra ordinary items are those items of incomes and expenses which are clearly distinct from the ordinary activities of the business. They are not expected to recur in the future periods.
Ordinary activities are those activities which are carried out by a business entity as a part of its business operations and include any incidental activities undertaken to further the main ordinary activity.
Prior period items are those items of incomes or expenses which arise in the current period owing to errors or omissions in the preparation of the financial statements of one or more prior periods.
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