International Accounting Standards Board (IASB) Assignment

   

Added on  2020-02-03

14 Pages3550 Words445 Views
Presentation and Disclosureof Financial Statements
International Accounting Standards Board (IASB) Assignment_1
Table of ContentsINTRODUCTION.....................................................................................................................................3MAIN BODY.............................................................................................................................................3Question 1: IAS 1 Presentation of Financial Statements and IASB's Disclosure Initiative............3Question 2: Application of materiality in the financial statements in an open draft exposure byIFRS...................................................................................................................................................6CONCLUSION........................................................................................................................................10REFRENCES...........................................................................................................................................11
International Accounting Standards Board (IASB) Assignment_2
INTRODUCTIONThe International Accounting Standards Board (IASB) is an independent, personal bodywhich is responsible for developing and approving International Financial Reporting Standards( IFRSs) and to promote such standards in the industries. In this we will provide informationrelating to IAS 1 Presentation of Financial Statements which consist of Balance Sheet, Profit andloss statement, Cash flow statements and explanatory notes attached to it. Question has asked usto provide in-depth knowledge related to the presentation of financial statements and initiativestarted by the IASB In the form of discussion paper. This requires them to include all the facts,figures, recommendations and principles. MAIN BODY Question 1: IAS 1 Presentation of Financial Statements and IASB's Disclosure Initiative.International Accounting Standard 1 known as IAS 1 refers to Presentation of FinancialStatements which presents out the overall guidelines for financial statements, their structure andessential requirement for such content.The IAS 1 requires a complete set of financial statements comprising of a) a statement which describes financial position of the company at the end of financial year.b) a statement of profit and loss and encompassing earning in the financial year. c) a statement which provides if there is any change in the equity of the company in that financialyear.d) a statement comprising cash flows for the financial year.e) Notes which summarises all the accounting policies used by the company and otherexplanatory information. f) a statement which provides financial position of the company at the beginning.The international Accounting Board plans and focus on better projects which will enhanceusage of International Accounting standards among the industries worldwide for that they offersopen communication for if there is any requirement for changing presentation of financialstatements (Principles of Disclosure , 2017.)
International Accounting Standards Board (IASB) Assignment_3
A Normative theory provides different approach and guidance which is not based onobservations but on logics and values. It will provide more consistency, accountability,transparency to accounting standards. They can be easy comparable internationally and secondlyit will increase open communication between Boards and its member. This will also enhancedevelopment of accounting standards more economically as well as it will avoid development ofstandards in ad hoc manner (Garanina, Garanina and et.al., 2017).International Financial Reporting standards ( IFRS) are issued by IASB for bettertransparency and comparison of financial statements among industries as well as reduces downthe cost of companies from penalties, fines. There are 6 stages for setting process for processing standards.1.Set the agenda : The IASB seeks to address that the information provided is in nature ofhigh quality so that it can be useful to the users of financial statements. They ask users toevaluate the standards and in case if they are not updated as per present scenario they cansend their valuable comments and recommendation to the board.2.Project planning : In this they decide whether they should perform this projectindividually or collectively with any other board.3.To develop and publish discussion paper 4.It's mandatory to develop and publish the exposure draft.5.To reconvert the standards as per the development and publications.6.After IFRS has been issued it involves consultation and evaluation of standards.Public interest is base for any accounting reform as all the accounting revolves aroundthem so it is a responsibility of accountant profession to always act in the public interest. Butthere is always a dilemma in what is in public interest as one thing will be in profit for oneperson can be disadvantage for another. So accounting professional has to use their experienceand expertise to find out the best opportunity for the people as a whole lot.Private interest refers to the private interest of accountant in the accounting theory.They are more motivated towards concept of self interest. They think about their own motive andinterest for them. They like keeping themselves on the top.
International Accounting Standards Board (IASB) Assignment_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Advanced Financial Accounting
|8
|1542
|92

International Accounting Standard Board
|9
|896
|64

IASB Disclosure Initiative: Improving Communication of Financial Information
|18
|4334
|78

Analysis of Advanced Financial Accounting
|12
|3134
|13

IAS 1: Presentation of Financial Statements - Summary
|6
|1427
|309

Introduction to Finance and Accounting
|6
|1328
|185