This article looks at the highlights of IAS 1 Presentation of Financial Statements, beginning with a refresher on the International Accounting Standards Board (IASB) Framework that sets the conceptual foundation for the rest of the International Financial Reporting Standards (IFRSs).
IAS 1 provides perhaps the clearest link to the IASB Framework for the Preparation and Presentation of Financial Statements (the Framework). The Framework is not a standard itself; rather, it sets out the concepts that underlie the preparation and presentation of financial statements for external users. Further, the Framework provides a common grounding for national and international standard setters, as well as financial statement preparers, users, and auditors. In this way, the Framework serves as a point of reference for preparers of financial statements in cases where no specific guidance is available in the IFRSs or IASs.
IAS 1 Presentation of Financial Statements — 2011
For a more comprehensive introduction to the adoption of IFRSs, see the online course, IFRS 1/IAS 1. You must be registered to access and purchase the course.
Further resources on IFRS/IAS
Other IFRS/IAS articles and Professional Development Courses on PD Net