Accounting Standars Flashcards
Review definitions or descriptions for Section B in F1 CIMA exams. as CIMA wants from you.
1
Q
Describe the sets minimal requirements for the presentation of financial statements
A
IAS 1 sets out overall requirements for the presentation of financial statements, guidelines for their
structure and minimum requirements for their content.
Financial statements will present to the users of accounts:
๏ Statement of financial position
๏ Statement of profit or loss and other comprehensive income
๏ Statement of changes in equity
๏ Statement of cash flows
๏ Notes to the accounts
๏ Comparatives
Financial statements should provide a fair presentation of the results, which is achieved by
compliance with IFRSs.
