Advanced Accounting Theory & Practice - Essay Example

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Advanced Accounting Theory & Practice

By providing the basic structure for each type of financial statements, the standard has become highly essential for lenders, investors, shareholders and regulatory authorities. For that objective, the standard has classified different economic units as assets, equity, liabilities, income, expenses and cash flows. This classification is used to prepare and present different types of financial statements such as statement of financial position, statement of comprehensive income, statement of changes in equity and statement of cash flows. The IAS 1 provides different qualitative characteristics which are highly essential to be depicted by the financial statements. Fair presentation suggests that the financial statements faithfully represent the effects of the economic transactions and conditions which must be complying with the framework definition, recognition and measurement criteria for assets, equities, liabilities, income and expense as well. In the following parts of this paper, first key features of IAS 1 along with different types of financial statements have been accounted for. Subsequent to that, a description elaborating qualitative characteristics has also been included. ...Show more

Summary

International Accounting Standard (IAS) 1 provides a framework for the Preparation and Presentation of Financial Statements.This accounting standard is comprised of information necessary for preparing and presenting the financial statements…
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