What an 'assertion' means?

The grammatical meaning of assertion is "a positive statement, usually made without an attempt at furnishing evidence"

There are many statements made by management in the financial statements in the form of notes to accounts. These may be called assertions by the managemen

When you go through the notes to accounts of a financial statement, you will see that the management gives some statements regarding the accounting policies, significant disclosures and other details which would be useful for the user of the financial statement.

Let us say there is some extraordinary item included in Other income. A note to this would be put in the notes to accounts. Now as an auditor, one has to ensure that the note made in this regard are free of material misstatements. The auditor has to assess the risk of material misstatements in these assertions. He may have to review the way/methodology adopeted by the management in making these assertions.

There may be other assertions which may have significant impact on user's understanding of financial statements.

I could not understand the types of assertions mentined by you. May be these are not types of management assertions but are the assertions (statements made) by an auditor.

Like if an auditor says that the financial statements are free of material misstatements, it would imply that the assertions made by management are complete, accurate and free from material mis-statements.

Hope it is clear. 

'Assertions' is the terminology used for various disclosures in the financial statements, which includes revenue, employee cost and so on. The auditor has to evaluate these assertions from various perspectives, such as existence-occurrence (in case of fixed assets/ debtors), completeness (in case of sales/ employee cost or other periodical expenses). These are a few examples of assertions and their evaluations by auditors.

Assertion is a representation which is ,made by the mangement in the Preparation of the financials .These are called as the management representation and this is different from the audit assertions .We would evaluate the broad representations made by the management in the 

following perspectives like occurence ,completeness ,accuracy or valuation or the existence etc,.

An assertion is an amount or disclosure existing in the account or FS of an entity which is represented by management and while auditing statutory auditor has to perform specified audit procedure to value, verify its existance,completeness,accuracy, obligation in respect thereof,its presentation in FS.

tHANK YOU VERY MUCH TO ALL ,,, EVEN I WAS CONFUSED FOR THE SAME TERM

See it here.......

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Whether all IND AS is applicale in may 2016 final examination. Them Whats aout  current Accounting standerds.

Very nice explained sir ji...

1. a positive statement or declaration, often without support or reason

2. An act of asserting

3. An assertion is a declaration that's made emphatically, especially as part of an argument or as if it's to be understood as a statement of fact.

1. a positive statement or declaration, often without support or reason

2. An act of asserting

3. An assertion is a declaration that's made emphatically, especially as part of an argument or as if it's to be understood as a statement of fact.