This video of Accounting Standards for learners will give you a clear concept of IAS 1 Presentation of Financial Statements. Beginners can easily understand the summary of The IAS 1 Presentation of Financial Statements. IAS 1 Presentation of Financial Statements is a basic and important topic of Accounting Standards.
IAS 1 prescribes the basis for the presentation of general-purpose financial statements is to ensure comparability both with the entity’s financial statements of the previous period, the financial statements of other entities. IAS 1 also sets out overall requirements for the presentation of financial statements, guidelines for their structure, and minimum requirements for their content.
IAS 1 Presentation of Financial Statements helps to understand in preparing and presenting general purpose financial statements in accordance with International Financial Reporting Standards (IFRSs).
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⏱️TIMESTAMPS
00:05 Video Intro
00:22 Introduction
01:10 Objectives & Scope
02:02 History
03:12 Purpose of FSs
05:56 General features of FSs
06:36 Identification of FSs
08:14 Components of F. Position
09:15 Current & noncurrent
11:48 Components of F. Performance
13:05 Changes in equity
13:54 Cash flow & notes
14:35 Wrap up
