Ias 1 rules, Financial Accounting

IAS 1 rules

IAS 1 requires companies to observe the following rules in preparing published financial statements:

1) The financial statements should reflect a true and fair view of the company ‘s financial position and performance. Where transactions are reported faithfully and the financial statements comply in all aspects with IFRSs then the true and fair view objective is achieved.

2) The company should apply its accounting policies consistently form one financial period to the next and incase there is a change in the accounting policy then, adequate disclosure should be made.

3) The Financial statement should be prepared on a going concern basis incase the going concern basis isn’t suitable; adequate disclosure should be made.

4) The financial statements should be made on an annual basis (should related to a period of 12 months) and incase the period covered is more or less than 12months then, this fact should be disclosed.

5) The financial statement should be presented on a comparable basis i.e. the current years’ and previous years’ financial results unless it is the first year of trading.

6) Financial statements should disclose the date when they were approved for issue by the directors.

Posted Date: 12/11/2012 11:44:59 PM | Location : United States







Related Discussions:- Ias 1 rules, Assignment Help, Ask Question on Ias 1 rules, Get Answer, Expert's Help, Ias 1 rules Discussions

Write discussion on Ias 1 rules
Your posts are moderated
Related Questions
Courts application for grant A court may: 1) Wherein a deceased person is proved whether by production of a will or authenticated copy of the will or by oral evidence of its

An investment will pay $200 at the end of every of the next 3 years, $400 at the end of Year 4, $600 at the end of Year 5, and $800 at the end of Year 6. If other investments of eq

on 31.12.2001 the following trail balance sheet was prepared from the book of raju debit credit sundry debators 50,ooo - sundry creditors -

Litigation Support/Dispute Resolution - A service that CPAs every so often provide to attorneys -for example expert testimony about the value of a business or other asset, for

Illustration of change in profit sharing ratio A, B and C have been trading as equal partners having capital contributions of £400,000, £300,000 and £200,000 respectively. They

The company pays its employees at the end of the day Friday for work done during that five-day work-week. Total wages for a week are $16,000. In the current year, December 31 occur

APPLICABILITY OF THE OPERATING CYCLE IN VEGETABLE GROWING BUSINESS

Group Accounts A company can have investments in other companies in the form of: ordinary shares, preference shares and loan stock. The investment in ordinary shares leads to own

Q. What is Reconnaisance Survey explain? This item should apply to all rough and rapid investigations of an area with a view to determine the technical feasibility and approxim

What two components are used to compute the return on assets ?