Scribd Logo
Upload

Welcome to Scribd!

  • 15 views

    Iass

    Uploaded by

    Terrance Mawonde
    The document discusses the International Accounting Standard 1 which sets out requirements for the presentation of financial statements. IAS 1 aims to ensure consistency between financial statements over time and comparability between organizations. It establishes requirements for the structure and minimum content of financial statements, including definitions of key terms. IAS 1 applies to all entities, both for-profit and not-for-profit, although non-profits may need to adapt some line items. It covers general purpose financial statements intended for external users.

    Copyright:

    © All Rights Reserved
    Download as ODT, PDF, TXT or read online from Scribd

    Iass

    Uploaded by

    Terrance Mawonde
    15 views14 pages
    The document discusses the International Accounting Standard 1 which sets out requirements for the presentation of financial statements. IAS 1 aims to ensure consistency between financial statements over time and comparability between organizations. It establishes requirements for the structure and minimum content of financial statements, including definitions of key terms. IAS 1 applies to all entities, both for-profit and not-for-profit, although non-profits may need to adapt some line items. It covers general purpose financial statements intended for external users.

    Copyright

    © © All Rights Reserved

    Available Formats

    ODT, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document discusses the International Accounting Standard 1 which sets out requirements for the presentation of financial statements. IAS 1 aims to ensure consistency between financial statements over time and comparability between organizations. It establishes requirements for the structure and minimum content of financial statements, including definitions of key terms. IAS 1 applies to all entities, both for-profit and not-for-profit, although non-profits may need to adapt some line items. It covers general purpose financial statements intended for external users.

    Copyright:

    © All Rights Reserved
    Download as ODT, PDF, TXT or read online from Scribd
    Download as odt, pdf, or txt
    15 views14 pages

    Iass

    Uploaded by

    Terrance Mawonde
    The document discusses the International Accounting Standard 1 which sets out requirements for the presentation of financial statements. IAS 1 aims to ensure consistency between financial statements over time and comparability between organizations. It establishes requirements for the structure and minimum content of financial statements, including definitions of key terms. IAS 1 applies to all entities, both for-profit and not-for-profit, although non-profits may need to adapt some line items. It covers general purpose financial statements intended for external users.

    Copyright:

    © All Rights Reserved
    Download as ODT, PDF, TXT or read online from Scribd
    Download as odt, pdf, or txt
    of 14

    International

    Accounting Standard
    1-11 February 2024
    The purpose of IAS 1
    is to promote the basis
    for presentation of
    financial statements
    and to ensure they are
    compatibility with
    previous years and
    other similar org.
    It sets out the
    requirements of the FS
    and their structure as
    well as mininum
    requirements
    Scope
    The purpose of the Ias
    is to present the
    financial statements in
    accordance to the Ifrs.
    Other Ifrs standards
    are concerned with
    recognition,
    measurement and
    disclosure of specific
    transaction and events.
    Ias does not apply to
    condensed interim
    financial reports (Ias
    34)
    The standard shall
    apply to all entities
    including Consolidated
    Financial Statements
    (IFrs 10) and separate
    financial statements
    (Ias 27).
    The standard use the
    terms which are usefull
    for profit oriented org
    and if non-profit org
    want to use the
    standard they need to
    adjust some line items
    in their description.
    Entities that do not
    have equity need and
    share capital need to
    adapt their financial
    statements presentation
    of membership
    financial statements.
    Definition of terms
    Accounting policies,
    changes in policies and
    estimates (Ias 8)
    General Purpose
    Financial Statements
    (FS)-reports intended
    for external users
    Impractical-it is
    impractical or not
    applicable to apply a
    requirement after
    making an effort to do
    so.
    Material-info is
    material if ommiting
    the info will influence
    the decisions of
    economic users.
    Information is
    obscured or distorted if
    it is communicated the
    same as if it were
    ommitted from the FS
    for example
    1) Presenting
    information that is
    unclear or vague
    2) Information of
    similar items is
    disaggregated
    3) Information about
    a particular item is
    scartered througout
    the financial
    statement
    Notes include
    additional financial
    infor to those included
    in the Fs.
    Other income and
    expenses include items
    of expenses and
    income that are not
    included in the profit
    and loss as permittrd
    by IFRS.
    Other comprehensive
    income and expenses
    include
    A)Changes in
    revaluation surplus
    (Ias 16)
    B) Remeasurement of
    benefits(Ias 19)
    C) Gains and losses of
    translating a
    foreign operation
    (Ias 21)
    D)Gains and losses
    from investments
    with equity (ifrs 9)
    E) Gains and losses
    from measuring
    assets at fair value
    F) Insurance income
    and expenses from
    contracts within the
    scope of Ifrs 17
    Reclassification
    adjustments-this refers
    to the reclassification
    of amounts to the
    profit and loss in the
    current period for
    items that were
    recognized in the other
    comprehensive income
    of current or previous
    period.
    Total comprehensive
    income-comprises of
    all items in the profit
    and loss and other
    income.

    You might also like