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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:

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Use of IAS

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  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.

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