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Assertions about classes of transactions and events

Occurrence, Completeness, Accuracy, Cut-Off and Classification

Assertions about account balances

Existence, Rights and Obligations, Completeness and Valuation and Allocation

Assertions about presentation and disclosure

Occurrence, rights and obligations, Completeness, Classification and Understandability and Accuracy and valuation


Transactions and events that have been recorded have occurred and concern the entity


All transactions and events that should have been recorded have been recorded


Amounts and other data relating to recorded transactions and events have been recorded appropriately


Transactions and events have been recorded in the correct accounting period


Transactions and events have been recorded in the proper accounts


Assets, liabilities and equity interests exist

Rights and obligations

The entity holds or controls the rights to assets, and liabilities are the obligation of the entity

Valuation and Allocation

Assets, liabilities and equity interests are included in the financial report at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded.

Classification and understandability

Financial information is appropriately presented and described and disclosures are clearly expressed.

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