IAS 1 Flashcards
1
Q
Overview of IAS 1?
A
Overall requirements of FSs
Ensure comparability
2
Q
Scope of IAS 1?
A
Applies to all general purpose FSs
3
Q
Objective of financial statements?
A
Provide information about financial position, performance and cash flows
4
Q
What info do financial statements provide?
A
Assets
Liabilities
Equity
Income and expenses
Cash flows
5
Q
The complete set of FSs
A
SPLOCI
SFP
SCE
SCF
Notes
Comparatives
6
Q
Going concern?
A
FSs are prepared assuming entity is going concern and continues operating for foreseeable future
7
Q
What happens with uncertainties?
A
Must be disclosed
