IAS01_06 - IAS 1 International Accounting Standard 1...

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IAS 1 © IASCF 683 International Accounting Standard 1 Presentation of Financial Statements This version includes amendments resulting from new and amended IFRSs up to 31 December 2005.
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IAS 1 684 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN20 INTERNATIONAL ACCOUNTING STANDARD 1 PRESENTATION OF FINANCIAL STATEMENTS OBJECTIVE 1 SCOPE 2–6 PURPOSE OF FINANCIAL STATEMENTS 7 COMPONENTS OF FINANCIAL STATEMENTS 8–10 DEFINITIONS 11–12 OVERALL CONSIDERATIONS 13–41 Fair presentation and compliance with IFRSs 13–22 Going concern 23–24 Accrual basis of accounting 25–26 Consistency of presentation 27–28 Materiality and aggregation 29–31 Offsetting 32–35 Comparative information 36–41 STRUCTURE AND CONTENT 42–126 Introduction 42–43 Identification of the financial statements 44–48 Reporting period 49–50 Balance sheet 51–77 Current/non-current distinction 51–56 Current assets 57–59 Current liabilities 60–67 Information to be presented on the face of the balance sheet 68–73 Information to be presented either on the face of the balance sheet or in the notes 74–77 Income statement 78–95 Profit or loss for the period 78–80 Information to be presented on the face of the income statement 81–85 Information to be presented either on the face of the income statement or in the notes 86–95 Statement of changes in equity 96–101 Cash flow statement 102 Notes 103–126 Structure 103–107 Disclosure of accounting policies 108–115 Key sources of estimation uncertainty 116–124
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IAS 1 © IASCF 685 Capital 124A–124C Other disclosures 125–126 EFFECTIVE DATE 127–127B WITHDRAWAL OF IAS 1 (REVISED 1997) 128 APPENDIX Amendments to other pronouncements APPROVAL OF IAS 1 BY THE BOARD APPROVAL OF AMENDMENTS TO IAS 1 BY THE BOARD BASIS FOR CONCLUSIONS DISSENTING OPINION IMPLEMENTATION GUIDANCE
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IAS 1 686 © IASCF International Accounting Standard 1 Presentation of Financial Statements (IAS 1) is set out in paragraphs 1–128 and the Appendix. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 1 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
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IAS 1 © IASCF 687 Introduction IN1 International Accounting Standard 1 Presentation of Financial Statements (IAS 1) replaces IAS 1 Presentation of Financial Statements (revised in 1997), and should be applied for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. Reasons for revising IAS 1 IN2 The International Accounting Standards Board developed this revised IAS 1 as part of its project on Improvements to International Accounting Standards.
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IAS01_06 - IAS 1 International Accounting Standard 1...

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