features of IFRS IAS 1 Presentation of financial statements

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Dipankar asked over 1 year ago

What are the features of IFRS IAS 1 Presentation of financial statements ?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 vinod saini answered over 1 year ago

IAS 1 also elaborates on the following features of the financial statements:

  • fairly presented and compliant with IFRS.
  • prepared on a going concern basis.
  • prepared using the accrual basis of accounting.
  • has material classes presented separately.
  • does not offset assets and liabilities.
  • prepared at least annually.
  • includes comparison with previous periods.
  • presented consistently across periods.

For more details you can view   here.

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