IAS 1 Presentation of Financial Statements - A Closer Look

Muthupandian K S

MPRA Paper from University Library of Munich, Germany

Abstract: The International Accounting Standards Committee issued the International Accounting Standard 1 Presentation of Financial Statements. The objective of IAS 1 is to prescribe the basis for presentation of general purpose financial statements (GPFS), to ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities. The objective of GPFS is to provide information about the financial position, financial performance, and cash flows of an entity that is useful to a wide range of users in making economic decisions. This article presents a closer look of standard (objective, scope, specifications, components and disclosure requirements).

Keywords: International Accounting Standard; Financial Statements; IASC; GPFS (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2008-05-19
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Published in The Management Accountant 43.6(2008): pp. 420-425

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