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IAS 1Intenational Accounting Standard
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IAS 1 sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content.
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1. Statement of financial Position (balance sheet0
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2. Statement of Profit or loss
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3. Statement of Cash flow
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4. Statement of Change in Equity
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5. Notes to the Financial statement
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1Comparative Financial statement
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must be comparative with last ( previous) period
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Year 2020year 2019
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*******
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******
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2Prepared Annually: Financial Statement msut prepared yearly base
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3Materiality
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Material:Large effect of Financial statement
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*Implement Provisions of standards
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Immaterial:
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* Small effect on Financial Statement
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*Does not implement provisions of standards
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4Fundamental Principles
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Going concern
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Consistency
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Presentation
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Classificationsupa deurali
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Accrual basis
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Complete set of financial statements
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1. Statement of Financial Position
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** Present and Classified all the items in there specific heads
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* Current liabilites
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* Non Current liabilities
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*NO offsetting b/w assets and liabilities
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2. Statement of Profit or loss and other comprehensive income
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* Include all items of income and expenses
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* Can be present in a single statement with a subtotal or as a separately
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* present by nature ( eg depreciation) or by function ( cost of sale)
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3. Cash Flow statement
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IAS 7
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4. Statement of Change in Equity
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* Show income fro the period
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5. notes to the financial Statements
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* Show accounting policies
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*Judgement of Management for accounting
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*Sources of estimation
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*Compliance with capital Requirement
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*Change this year
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*Interpretation
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*Pending changes by IASB
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*History of IAS 1
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