Ias 1 rules, Financial Accounting

Assignment Help:

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.


Related Discussions:- Ias 1 rules

What will be the percentage of return on investment, 1. A stock sells for $...

1. A stock sells for $10 a share. you purchase 100 shares for $1000 and after a year, the prices rises to $17.50. What will be the percentage of return on your investment if you bo

Describe about financial intermediation, Q. Describe about Financial interm...

Q. Describe about Financial intermediation? Financial intermediation refers to the role of a bank or else other financial institution that serves to bring together lenders and

Determine annual operating cash flow, A 4 year project has an initial asset...

A 4 year project has an initial asset investment of 306600, and initial net working capital investment of 29200, and an annual operating cash flow of -46720. The fixed asset is ful

Theoretical value of shareholding, Q. Theoretical value of shareholding? ...

Q. Theoretical value of shareholding? (i) Theoretical value of shareholding Theoretical ex-rights value = ((No. shares in issue×Market value) + (No. rights shares× righ

Americans with disabilities act - ada, Americans With Disabilities Act - AD...

Americans With Disabilities Act - ADA  legislation passed in 1990 that bans discrimination against people who are having disabilities. According to this Act, discrimination against

ACCRUED INTEREST, IF I HAVE A LOAN AND ACCRUED INTEREST .THEN ACCRUED INTER...

IF I HAVE A LOAN AND ACCRUED INTEREST .THEN ACCRUED INTEREST GOES ON WHICH SIDE- DEBIT OR CREDIT ?

Stock exchange., #define stock exchange? mention the SEBI guideline pertain...

#define stock exchange? mention the SEBI guideline pertaining to the functioning of stock exchange? question..

Determine the various forms of business organizations, Determine the Variou...

Determine the Various forms of business organizations There are various forms of business organizations: o Business-organization's objective is to earn a profit o Sole Pr

Income statement, how should i treat items in the additional information

how should i treat items in the additional information

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd