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
how to prepare the accounts when goodwill is not to be maintained in the books

Q. Explain In the Money and Out of the Money option? In the Money option - Option granted with an exercise price below market price on grant date Out of the Money option - O

Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material

In the context of the public sector, discuss incremental system of budgeting and evaluate their strengths and weaknesses

what is the different between prorfit and margin prorfi

Beginning balance 24,000 cash Sales 250,000 Gross profit 45% of sales Accounts receivable increase by 24,000 Accounts payable increased by 51,000 Inventory increased by 98,000 Sell

Money demand in an economy in which no interest is paid on money is M d /P = 500 + 0.2Y - 1000i (a) Suppose that P = 100, Y = 1000, and i = 0.10. Find real money demand, nomi

Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as tehy prepare and issue financial statements. Let's start by getting an understanding of wh

An investment project requires a net investment of $100,000 and is expected to generate annual net cash inflows of $25,000 for 6 years. The firm's cost of capital is 12 percent. De

The following items represent liabilities on a firm's balance sheet: a. An amount of money owed to a supplier based on the terms 2/20, n/40, for which no note was executed. b. An a