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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]
Comprehensive income (IAS 1: "Total Comprehensive Income") is the total non-owner change in equity for a reporting period. This change encompasses all changes in equity other than transactions from owners and distributions to owners.
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
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 ...
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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 ...
1. Chocolate Fondue. Think of that fondue fountain at the buffet as Willy Wonka's sacred chocolate waterfall and river. The chocolate must go untouched by human hands, or it will be ruined.
The stable monetary unit assumption is not applied during hyperinflation. IFRS requires entities to implement capital maintenance in units of constant purchasing power in terms of IAS 29 Financial Reporting in Hyperinflationary Economies. Financial accountants produce financial statements based on the accounting standards in a given jurisdiction.