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Examine the Provisions and Principles of International Accounting Standard 1 (Ias 1)

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Submitted By NMAI
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CAPE COAST PLOYTECHNIC

NAME: GABRIEL NMAI
REG. NO: 021201226
COURSE: HND ACCOUNTANCY
CLASS: ACCOUNTING 1B
TITTLE: PRINCIPLES OF FINANCIAL ACCOUNTING ASSIGNMENT

RESEARCH QUESTION
EXAMINE THE PROVISIONS AND PRINCIPLES OF INTERNATIONAL ACCOUNTING STANDARD 1 (IAS 1)

What is IAS 1?
The International Accounting Standards Board (IASB) provides a conceptual framework for the preparation and presentation of financial statements. This currently consists of:
30 standards (IAS 1 – IAS 41) and
11 interpretations (SIC 7 – SIC 32).
IAS-1: Presentation of Financial Statement Paragraph 7 of IAS -1 states that general purpose financial statements are those intended to meet the needs of users who are not in a position to demand reports that are tailored to their particular information needs. Paragraph10 of IAS -1 gives the complete list of these general purpose financial statements as follows:
• A statement of financial position at the end of the period;
• A statement of comprehensive income for the period;
• A statement of changes in equity for the period;
• A statement of cash flows for the period;
• Notes, comprising a summary of significant accounting policies and other explanatory information;
Elements of Financial Statements: According to the Paragraph 9 of IAS-1, the financial statements provide information about the following information about the entity’s :
 Assets
 Liabilities
 Equity
 Income and expenses
 Contribution by and distribution to owners in their capacity as owners, and
 Cash flows
Principles of Presentation
IAS-1 contains eight overall principles for the presentation of financial statement.
a) Fair presentation and compliance with IFRS: Paragraph 15 states that financial statements shall present fairly the financial position, financial performance, and cash flows of an entity.
b) Going Concern:

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