What are the overall considerations of IAS 1?

What are the overall considerations of IAS 1?

1. Fair Presentation and Compliance with IFR's

   • Present information fairly and clearly
   • According to the framework and requirement of IFR's

2. Going concern

   • Financial statements that continue to be updated

3. Accrual basis of accounting

   • People are required to use the accrual basis

4. Presentation consistency

   • To keep the same presentation throughout all financial documents

5. Comparative information

   • To produce statements that can be compared from one year to the next

6. Materiality and aggregation

   • To separate items on a financial statement that aren't similar

7. Offsetting

   • Offsetting of assets and liabilities/income and expense is not permitted unless required by IFRs