Ias 1
IAS - 1
Presentation of Financial Statements
By: http://www.WorldGAAPInfo.com
International Accounting Standard No 1 (IAS 1)
Presentation of Financial Statements
This revised Standard replaces IAS 1 (revised 1997) Presentation of Financial Statements and will apply for annual periods beginning on or after January 1, 2005. Earlier application is encouraged.
By: http://www.WorldGAAPInfo.com
Objective
1.
The objective of this Standard is to lay the groundwork for the submission of financial statements for purposes of general information to ensure that they are comparable, both with the financial statements of the same entity in prior years, as with those of various other entities. To achieve this objective, the Standard states, firstly, general requirements for submitting financial statements, and then provides guidelines for determining its structure, while laying down minimum requirements on its contents. Both the recognition, as the valuation and disclosure on certain transactions and other events, are addressed in other Standards and Interpretations. Scope
2.
This rule applies to all types of financial statements for purposes of general information, which are drafted and presented in accordance with the International Financial Reporting Standards (IFRS). The financial statements for purposes of general information are those who seek to meet the needs of users who are not in a position to demand reports tailored to their specific needs for information. The financial statements for purposes of general information include those who presented separately, or in another document of a public nature as the annual report or a brochure or information leaflet stock. This rule does not apply to the structure and content of interim financial statements which present a condensed form and are prepared in accordance with IAS 34 interim financial reporting. However, paragraphs 13 to 41 shall apply to such statements. The rules set out in this
Presentation of Financial Statements
By: http://www.WorldGAAPInfo.com
International Accounting Standard No 1 (IAS 1)
Presentation of Financial Statements
This revised Standard replaces IAS 1 (revised 1997) Presentation of Financial Statements and will apply for annual periods beginning on or after January 1, 2005. Earlier application is encouraged.
By: http://www.WorldGAAPInfo.com
Objective
1.
The objective of this Standard is to lay the groundwork for the submission of financial statements for purposes of general information to ensure that they are comparable, both with the financial statements of the same entity in prior years, as with those of various other entities. To achieve this objective, the Standard states, firstly, general requirements for submitting financial statements, and then provides guidelines for determining its structure, while laying down minimum requirements on its contents. Both the recognition, as the valuation and disclosure on certain transactions and other events, are addressed in other Standards and Interpretations. Scope
2.
This rule applies to all types of financial statements for purposes of general information, which are drafted and presented in accordance with the International Financial Reporting Standards (IFRS). The financial statements for purposes of general information are those who seek to meet the needs of users who are not in a position to demand reports tailored to their specific needs for information. The financial statements for purposes of general information include those who presented separately, or in another document of a public nature as the annual report or a brochure or information leaflet stock. This rule does not apply to the structure and content of interim financial statements which present a condensed form and are prepared in accordance with IAS 34 interim financial reporting. However, paragraphs 13 to 41 shall apply to such statements. The rules set out in this