Accounting Standards - Accounting Standards IAS 1...

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Accounting Standards IAS 1 – Presentation of Financial Statements IAS 2 – Inventories IAS 7 – Statement of Cash Flows IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors IAS 10 – Events After the Reporting Period IAS 11 – Construction Contracts IAS 12 – Income Taxes IAS 14 – Segment Reporting IAS 16 – Property, Plant, and Equipment IAS 17 – Leases IAS 18 – Revenue IAS 19 – Employee Benefits IAS 20 – Accounting for Government Grants and Disclosure of Government Assistance IAS 21 – The Effects of Changes in Foreign Exchange Rates IAS 23 – Borrowing Costs IAS 24 – Related Party Disclosures IAS 27 – Consolidated and Separate Financial Statements IAS 28 – Investments in IAS 29 – Financial Reporting in Hyperinflationary Economies IAS 31 – Interests in Joint Ventures IAS 32 – Financial Instruments: Presentation IAS 33 – Earnings Per Share
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IAS 34 – Interim Financial Reporting IAS 36 – Impairment of Assets IAS 37 – Provisions, Contingent Liabilities and Contingent Assets IAS 38 – Intangible Assets IAS 39 – Financial Instruments: Recognition and Measurement IAS 40 – Investment Property IAS 41 – Agriculture
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IAS 1 – PRESENTATION OF FINANCIAL STATEMENTS The IASB issued a revised IAS 1 in September 2007, applicable for annual periods beginning on or after 1 January 2009. Earlier application is permitted, therefore for periods beginning before 1 January 2009; either the extant or revised IAS 1 may be applied. IAS 1 (Extant) Please refer to the whole text of the Standard and, where appropriate, SIC-7, SIC-15, SIC-25, SIC- 29, SIC-32, IFRIC 1, and IFRIC 14. Questions 2(a) Has IAS 1 been adopted as a national standard? If so, has the standard been modified in any way for national application? Response/Comments: 2(b) Do national standards require: i. The presentation of: (a) a balance sheet, (b) an income statement, (c) a statement of changes in equity and (d) a cash flow statement? [IAS 1.8] ii. A summary of significant accounting policies [IAS 1.8]? iii. Other explanatory notes [IAS 1.8]?
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iv. Comparative information for the preceding period for all amounts reported in the financial statements [IAS 1.36]? Comments: 2(c) Should the financial statements present fairly (or give a true and fair view of) the financial position, financial performance and cash flows of an entity? [IAS 1.13] Comments: 2(d) Is an entity whose financial statements comply with national standards required to make an explicit and unreserved statement of compliance in the notes? [IAS 1.14] Comments: 2(e) Is an entity required to depart from a national standard when compliance with that standard would be misleading? [IAS 1.17] Comments: 2(f) Are financial statements prepared on the accrual basis of accounting? [Framework para. 23, IAS 1.25] Comments: 2(g)
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Is the presentation and classification of items in the financial
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Accounting Standards - Accounting Standards IAS 1...

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