- Created by: Eliza Thompson
- Created on: 02-12-13 15:00
IAS 1 aims to prescribe the basis of presentation of financial statements, and to ensure comparability with previous periods and with the financial statements of other entities. The standard gives the minimum amount of information required in financial statements.
Financial statements must present a true and fair view of the financial position, financial performance and cash flows of a business.
*Materiality - an item is deemed material if its omission or mistreatment would influence the economic decisions of a user of the financial statements.