Author Archive for: admin

IAS 1 : What is Other comprehensive income ? Other comprehensive income comprises items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs. The components of other comprehensive income include:   changes in revaluation surplus (see IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets);

IAS1-Material Omissions or misstatements Material Omissions or misstatements of items are material if they could, individually or collectively, influence the economic decisions that users make on the basis of the financial statements. Materiality depends on the size and nature of the omission or misstatement judged in the surrounding circumstances. The size or nature of the item, or a combination of

IAS 1: International Financial Reporting Standards (IFRSs) International Financial Reporting Standards (IFRSs) are Standards and Interpretations issued by the International Accounting Standards Board(IASB). They comprise: (a) International Financial Reporting Standards; (b) International Accounting Standards; (c) IFRIC Interpretations; and (d) SIC Interpretations.