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
Suppose that Oxford Inc. is interested in the two new products, AME and CGK. Because of its capital budget constraint, it can only launch one new product line. Eric just graduated

Olivia has received a $15 gift certificate that is redeemable only for roasted peanuts. Bags of roasted peanuts come in two sizes, regular and jumbo. A regular bag contains 30 pean

Horton Co. was organized on January 2, 2010, with 500,000 authorized shares of $10 par value common stock. During 2010, Horton had the following capital transactions: January 5-iss

ABC Corportation purchased $15,000 of office furniture by putting down $7000 soqn in cash and the rest on accout

ACCUMULATION ACCOUNTS FOR MINORS   (a) Income accumulations : When property is left in trust for minors, the income earned for the period will be divided equally or according t

Wider-range Investments (Requiring advice in writing from a properly qualified person) Quoted shares of a company with a paid-up capital of not less than Shs10m and has


zorn conducted his professional practice through zorn, inc. the corporation uses a fiscal year ending september 30 even though the business purpose test for a fiscal year cannot be

Circumstances under which a subsidiary company can be excluded from consolidation Consolidated financial statements shall include all subsidiaries of the parent A parent need

Book :Accounting Research :Tools and Strategies • Facts: • Sony is a Japanese multinational company that decided to expand its entertainment business in the United States. Sony