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Advanced Accounting Theory & Practice
Finance & Accounting
Pages 8 (2008 words)
Year 2001, was marked as the year of establishment of International Accounting Standards Board (IASB). It was established with the idea to develop and implement International Financial Reporting Standards (IFRS).
Since then, more and more countries are adopting IFRS.1 IASB sets down accounting standards for the accounting policies that a company under IFRS must follow. These accounting standards are in accordance with the requirements of Conceptual Framework which assist users of financial statements to take various financial decisions. IASB are in continuous effort to improve the accounting standards in order to prevent creative accounting practices by companies and help representing the true and fair view about the financial conditions and performance of the companies. IAS 1 which sets out guidelines regarding presentation of financial statements, its key features, changes in its recent revision by IASB, and finally criticism with regards to these changes, all have been covered in this study. Effects of changes in IAS 1 on Coca Cola Co. have also been studied. Key Features of IAS 1 Objective IAS 1 sets the guidelines to be followed in the presentation of financial statements made by an organisation. The presentation is made for the purpose of comparability with the company’s financial statements related to preceding periods. It also ensures that the financial statements of the company can be compared with other business entities as well. IAS 1 includes comprehensive requirements about how the financial statements are presented, rules about what would be its structure and the minimum requirements about what its contents will include. ...
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