Definition of "Objective of as 1"
1. The purpose of this Statement is
a. to promote better understanding of financial statements by establishing through an accounting standard the disclosure of significant accounting policies and
b. the manner in which accounting policies are disclosed in the financial statements.
2. Such disclosure would also facilitate a more meaningful comparison between financial statements of different enterprises.
3. Disclosure of significant accounting policies followed is necessary if the view presented is to be properly appreciated.