Misstatement and Ordinary shares: Difference between pages

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imported>Doug Williamson
(Create page. Sources: Accounting guide https://accountinguide.com/misstatement-in-audit/ & Practical law https://uk.practicallaw.thomsonreuters.com/6-107-6878?transitionType=Default&contextData=(sc.Default)&firstPage=true#:~:text=Generally%2C%20an%20acti)
 
imported>Doug Williamson
(Identify equity context.)
 
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1.  ''Financial reporting - audit.''
''Equity.''


In financial reporting, misstatements are differences between amounts reported - or other disclosures - in financial statements, and the amounts or disclosures required by relevant accounting standards.
Ordinary shares are units of equity which have no special rights or powers.


Misstatements may be a result of error or of fraud.
Similar to common stock.
By far the most widespread form of equity shareholding.




Types of misstatement include factual misstatements and judgmental misstatements.
Ordinary shares are the last to be paid out in a liquidation.
Rights of ordinary shareholders generally include the right to receive a dividend and to vote at meetings.




In cases of identifying material misstatements, auditors will be unable to give an unqualified audit report.
Ordinary shares are also sometimes known as ''common shares''.
 
 
2. ''Law.''
 
Any false statement, not necessarily one made between two parties forming a contract together.




== See also ==
== See also ==
* [[Accounting standards]]
* [[Common stock]]
* [[Audit]]
* [[Equity]]
* [[Auditors’ report]]
* [[Preference shares]]
* [[Contract]]
* [[Share]]
* [[Disclosure]]
* [[Warrant]]
* [[Factual misstatement]]
* [[Financial reporting]]
* [[Fraud]]
* [[Fraudulent misrepresentation]]
* [[Innocent misrepresentation]]
* [[Judgemental misstatement]]
* [[Law]]
* [[Material]]
* [[Misrepresentation]]
* [[Negligent misrepresentation]]
* [[Negligent misstatement]]
* [[Qualified audit report]]
* [[Unqualified audit report]]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Financial_products_and_markets]]

Revision as of 11:27, 12 December 2018

Equity.

Ordinary shares are units of equity which have no special rights or powers.

Similar to common stock.

By far the most widespread form of equity shareholding.


Ordinary shares are the last to be paid out in a liquidation.

Rights of ordinary shareholders generally include the right to receive a dividend and to vote at meetings.


Ordinary shares are also sometimes known as common shares.


See also