Page 6 - Finac1 Test 1 slides - 3. Presentation of Financial Statements

PRESENTATION OF FINANCIAL STATEMENTS

Overview

• IAS 1 refers to general-purpose financial statements. Financial

statements prepared in terms of this accounting standard form

the basis or starting point for the preparation of financial

statements.

• If another accounting standard requires additional disclosure this is in
addition to that required by IAS 1.

• IAS 1 does not apply to the preparation of condensed interim

financial statements, but it does apply equally to the financial

statements of individual entities and the preparation of group

financial statements.

• It is the responsibility of the board of directors or management

of an entity to prepare and present the financial statements.

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