IAS standards required

Question 1

IAS 1 Provides:

Answer 1

• guidance on the structure of financial statements; including minimum requirements, accounting policies and notes
• establishes practical requirements on materiality, going concern, consistency and comparitive inofmation
• the financial statements must be clearly identified and distinguished from others
• entity name
• group or published accounts
• period end, period covered
• presentation and level of rounding

Question 2

IAS 8- accounting policies

Answer 2

ACCOUNTING POLICIES - the rules and principles of preparing financial statements, if they are applicable to a material transaction the policy must be determined to IASB