International Accounting Standards

International Accounting Standards are also known as IAS. Many countries are trying to align their regional accounting standards with IAS.

  • Presentation of Financial Statements

    IAS 1 Presentation of Financial Statements | IAS Series

    IAS 1 specifies the overall criteria for financial statement presentation, as well as rules for their structure and minimum content requirements. It requires a business to present a comprehensive set of financial statements at least once a year, including comparative figures for the preceding year (including comparative amounts in the notes). A complete set of financial statements includes the following: a statement of the financial condition at the period’s end;a profit and loss statement for the period, as well as a statement of other comprehensive income. Other comprehensive income consists of all revenue and expense items that are not recognised in profit or loss under IFRS Standards. IAS 1 permits a company to provide either a consolidated statement of profit and loss and other comprehensive income or two distinct statements;a statement of the period’s developments in equity;a cash flow statement for the time;notes, which include a synopsis of major accounting…

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