Munich Personal RePEc Archive

IAS 1 Presentation of Financial Statements - A Closer Look

Muthupandian, K S (2008): IAS 1 Presentation of Financial Statements - A Closer Look. Published in: The Management Accountant , Vol. 6, No. 43 (June 2008): pp. 420-425.

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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).

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