What are the overall considerations of IAS 1?

julie17kershaw
Mind Map by julie17kershaw, updated more than 1 year ago
julie17kershaw
Created by julie17kershaw almost 5 years ago
59
0

Description

Information about the overall considerations of financial statements
Tags

Resource summary

What are the overall considerations of IAS 1?
1 Fair Presentation and Compliance with IFR's
1.1 Present information fairly and clearly
1.2 According to the framework and requirement of IFR's
2 Going concern
2.1 Financial statements that continue to be updated
3 Accrual basis of accounting
3.1 People are required to use the accrual basis
4 Presentation consistency
4.1 To keep the same presentation throughout all financial documents
5 Comparative information
5.1 To produce statements that can be compared from one year to the next
6 Materiality and aggregation
6.1 To separate items on a financial statement that aren't similar
7 Offsetting
7.1 Offsetting of assets and liabilities/income and expense is not permitted unless required by IFRs
Show full summary Hide full summary

Similar

Flash cards, What are the overall considerations of IAS 1?
Goughy96
statement of cash flow - QUIZ
kandiewhitehead
Overall Considerations Quiz
brio32
Statement of Comprehensive Income Mind Map
hannaholiviaalas
Which reports make up a set financial statements?
jglendinning8
Cost measurement
shuma32
Stament of Comprehensive Income
Mark Platt
Who are the main users of Financial Statements
David McGuinness
Set of Financial Statements
Sunia Abdal
STATEMENT OF COMPREHENSIVE INCOME
chriskilleen
The IASB Conceptual Framework
Debs Seed