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

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

Assignment, I have an assignment due in four hours. Is it possible to get a...

I have an assignment due in four hours. Is it possible to get an inquiry if at least half of it can be done within that time?

Illustration of change in profit sharing ratio, Illustration of change in p...

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

Quarterly production budget, In response to a question about financing the ...

In response to a question about financing the acquisition, James replied "The production equipment will cost $950,000.  We will also need to purchase $50,000 of additional equipmen

How accounting objectives can be achieved, How Accounting objectives can be...

How Accounting objectives can be achieved There are two main ways by which this can be achieved: All the accounting records are maintained at the head office; or Each

Derivatives, On April 10, ABC inc. Enters in a swap contract for 10 years w...

On April 10, ABC inc. Enters in a swap contract for 10 years with a chartered bank to turn a fixed rate on liability of $150 million to floating rate. ABC wants to receive interest

Global financial crisis, 1. Assume that the money market is initially in eq...

1. Assume that the money market is initially in equilibrium for an economy. Explain with the aid of a diagram how the market adjusts to (i) an increase in money supply (ii

Discounted present value, A player for a Rice team, Jim Jones, is graduatin...

A player for a Rice team, Jim Jones, is graduating this year and is considering a career in professional sports. The alternative is to work for two years and then attend business s

Illustrations of retained profits brought forward, Illustrations of retaine...

Illustrations of retained profits brought forward H Ltd acquired 75% of the ordinary shares of S Ltd since S Ltd was incorporated. The Summarized income statement for the two c

Rate of return on assets, EVERLIGHT COMPANY LIMITED Comparative Balan...

EVERLIGHT COMPANY LIMITED Comparative Balance Sheet December 31, Year 1 and Year 2     Year 1       Year2

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