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IAS 1 was originally issued by the International Accounting Standards Committee in 1997, superseding three standards on disclosure and presentation requirements, [1] and was the first comprehensive accounting standard to deal with the presentation of financial standards. [3]
On 26 June 2019, the IASB released an exposure draft proposing several amendments. [13] Comments on the amendments were open for three months, closing on 25 September 2019. In total, 123 submissions were received. [14] In June 2020 the IASB adopted the final set of amendments and deferred the effective date of the standard to January 1, 2023. [3]
January 1, 1996: IAS 33: Earnings per Share: 1997 January 1, 1999: IAS 34: Interim Financial Reporting 1998 January 1, 1999: IAS 35 Discontinuing Operations 1998 July 1, 1999: January 1, 2005: IFRS 5: IAS 36: Impairment of Assets 1998 July 1, 1999: IAS 37: Provisions, Contingent Liabilities and Contingent Assets 1998 July 1, 1999: IAS 38 ...
For example, it requires entities to present certain reconciliations between accounting amounts under the previous GAAP and that under IFRS. [1] An entity is permitted to use the fair value of an item of property, plant and equipment at the date of transition to IFRSs as its deemed cost at that date. If it does so, the entity is required to ...
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IAS 1 requires a business entity to present a separate statement of changes in equity (SOCE) as one of the components of financial statements. The statement shall show: (IAS1.106) total comprehensive income for the period, showing separately amounts attributable to owners of the parent and to non-controlling interests
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The International Accounting Standards Committee (IASC) had been established in 1973 and had issued a number of standards known as International Accounting Standards (IAS). As the organization was reformed in 2001, it changed the name of the standard-setting body from IASC to IASB, and established a foundation to oversee it, initially known as ...