1 / 5

Use of IAS

Use of IAS . In preparation of financial statements. What is IAS??. IAS – International Accounting Standards Instructions of how particular types of transactions and other events should be reflected in a financial statement. The International Accounting Standard Board. Framework:

vin
Download Presentation

Use of IAS

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Use of IAS In preparation of financial statements

  2. What is IAS?? • IAS – International Accounting Standards • Instructions of how particular types of transactions and other events should be reflected in a financial statement.

  3. The International Accounting Standard Board • Framework: • This defines the objective of financial statements • Identifies qualitative characteristics that makes statements useful • Provides concepts of capital maintenance • Shows the basic elements of financial statements and the concepts for recognizing and measuring them in financial statements

  4. The Purpose of financial statements • The Framework addresses general purpose financial statements that a business entity (private or public) prepares and presents at least annually to meet the common information needs of a wide range of users external to the entity. • This framework services as a guide to the Boars in developing accounting standards and as a guide to resolving accounting issues that are not addressed directly in an IAS or International Financial Reporting Standard or Interpretation

  5. The Objective of Financial Statements • The objective of F.S. is to provide information about the financial position, performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions.

More Related