IASs

Question 1

What is IAS1?

Answer 1

Presentation of Financial Statements. IAS1 prescribes what a set of financial statements should contain and how they should be presented.

Question 2

What is the purpose of IAS1?

Answer 2

Provide information about the financial position, performance and cash flows of an entity in order to make economic decisions. These statements will also show how effectively management have looked after the resources of the entity and assess stewardship.

Question 3

Define the complete set of financial statements for IAS1?

Answer 3

• Statement of Financial Position
• Statement of Profit or Loss
• Statement in changes of equity
• Statement of cash flows.