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Ias 1
Ias 1
Objective:
To provide fair information and compliance with IFRS about: the financial position, financial performance, and cash flows
of an entity that is useful to a wide range of users in making economic decisions.
The Framework
The International Accounting Standards (IAS), in particular guidance on presentation and disclosure Local statutory requirements:
The Companies Ordinance, 1984, in particular the Fourth/ Fifth Schedule for presentation purposes Directives of the regulatory bodies Industry specific legislation Generally accepted accounting principles (GAAP).
4th schedule applies This includes private companies and public non-listed companies that are subsidiaries of listed companies
TYPE OF REPORT
Directors report Statement of Compliance with Code of corporate governance Company information including financial progress reports, management structure etc
REQUIREMENT OF:
Companies Ordinance 1984 Listing regulations
Fixed Assets Long term investments Long term loans and advances Long term deposits and prepayments Current assets
Stores and spares Stock in trade Trade debts Loans and advances Trade deposits, prepayments Interest accrued Other receivables Financial assets Tax refunds Cash and bank balances
Share capital Capital reserves Revenue reserves Surplus on revaluation of fixed assets
Long term financing Debentures Liabilities against assets subject to finance lease Long term Murabaha Long term Deposits Deferred Liabilities
Amended Terms
Terms before 2007 revision of IAS 1
Balance Sheet Cash Flow Statement
Summary of IAS 1
IAS 1 deals with fair structured presentation of Financial Statements in regard to its components and other reports based on Accrual Accounting system of a Going Concern entity in a Logical Order, which provides the disclosures about Material Information to its stakeholders .