General Accounting

IAS 1: change the presentation or classification of items in its financial statements If an entity changes the presentation or classification of items in its financial statements, it shall reclassify comparative amounts unless reclassification is impracticable. When an entity reclassifies comparative amounts, it shall disclose (including as at the beginning of the preceding period): (a) the nature of the reclassification;

IAS 1: Present separately each material class of similar items. An entity shall present separately each material class of similar items. An entity shall present separately items of a dissimilar nature or function unless they are immaterial. Financial statements result from processing large numbers of transactions or other events that are aggregated into classes according to their nature or function.

IAS1 : Going concern Going concern When preparing financial statements, management shall make an assessment of an entity’s ability to continue as a going concern. An entity shall prepare financial statements on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. When management is

IAS 1 : Complete set of financial statements A complete set of financial statements comprises:   a statement of financial position as at the end of the period;  a statement of profit or loss and other comprehensive income for  the period;  a statement of changes in equity for the period;  a statement of cash flows for the period; notes, comprising

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.