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OBJECTIVE OF IAS 1
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SCOPE
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OBJECTIVE OF FINANCIAL STATEMENTS
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OBJECTIVE OF FINANCIAL STATEMENTS
To meet that objective, financial statements
provide information about an entity's:-
Assets
Liabilities
equity
income and expenses
including gains and losses
contributions by and distributions to owners
cash flows
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OBJECTIVE OF FINANCIAL STATEMENTS
That information, along with other information
in the notes, assists users of financial statements
in predicting the entity's future cash flows and,
in particular, their timing and certainty.
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COMPONENTS OF FINANCIAL STATEMENTS
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ACCRUAL BASIS OF ACCOUNTING
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CONSISTENCY OF PRESENTATION
The presentation and classification of items in
the financial statements shall be retained from
one period to the next unless a change is justified
either by a change in circumstances or a
requirement of a new IFRS
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MATERIALITY AND AGGREGATION
Each material class of similar items must be
presented separately in the financial statements.
An entity shall present separately items of a
dissimilar nature or function unless they are
immaterial.
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OFFSETTING
Offsetting:-Assets and liabilities, and income and
expenses, may not be offset unless required or
permitted by an IFRS
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COMPARATIVE INFORMATION
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STRUCTURE AND CONTENT OF FINANCIAL
STATEMENTS IN GENERAL
Clearly identify:
the financial statements
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REPORTING PERIOD
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STATEMENT OF FINANCIAL POSITION
(BALANCE SHEET)
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STATEMENT OF CASH FLOWS
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STATEMENT OF CHANGES IN EQUITY
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NOTES TO THE FINANCIAL STATEMENTS
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