International Accounting Standards

International Journal of Applied Finance For Non-Financial Managers (ISSN: 1742-528X) Volume 2 Issue 1

Dr Philip E Dunn

IAS 1: Presentation of Financial Statements

Readers will be aware that all EU Companies listed on a regulated market are now required to prepare their consolidated accounts in accordance with endorsed International Accounting Standards .

The IASB – International Accounting Standards Board issued its framework for the Preparation and Presentation of Financial Statements in 1989. This is referred to as its conceptual framework.

The framework sets out the concepts that underline preparation and presentation of financial statements for external users. The IASB framework assists the IASB:

In addition, the framework may assist:

(IASB Summary of Framework)

The framework establishes the underlying concepts of accounting, some of these concepts are embedded in IAS 1, Presentation of Financial Statements.

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