Presentation and Disclosure of Financial Statements


The International Accounting Standards Board (IASB) is an independent, personal body which is responsible for developing and approving International Financial Reporting Standards ( IFRSs) and to promote such standards in the industries. In this we will provide information relating to IAS 1 Presentation of Financial Statements which consist of Balance Sheet, Profit and loss statement, Cash flow statements and explanatory notes attached to it. Question has asked us to provide in-depth knowledge related to the presentation of financial statements and initiative started by the IASB In the form of discussion paper.

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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 Financial Statements which presents out the overall guidelines for financial statements, their structure and essential requirement for such content.

The IAS 1 requires a complete set of financial statements comprising of

  • a statement which describes financial position of the company at the end of financial year.
  • a statement of profit and loss and encompassing earning in the financial year.
  • a statement which provides if there is any change in the equity of the company in that financial year.
  • a statement comprising cash flows for the financial year.
  • Notes which summarises all the accounting policies used by the company and other explanatory information.
  • a statement which provides financial position of the company at the beginning.
  • The international Accounting Board plans and focus on better projects which will enhance usage of International Accounting standards among the industries worldwide for that they offers open communication for if there is any requirement for changing presentation of financial statements.

International Financial Reporting standards ( IFRS) are issued by IASB for better transparency and comparison of financial statements among industries as well as reduces down the cost of companies from penalties, fines.A Normative theory provides different approach and guidance which is not based on observations but on logics and values. It will provide more consistency, accountability, transparency to accounting standards. They can be easy comparable internationally and secondly it will increase open communication between Boards and its member. This will also enhance development of accounting standards more economically as well as it will avoid development of standards in ad hoc manner (Garanina, Garanina and, 2017).

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 of high quality so that it can be useful to the users of financial statements. They ask users to evaluate the standards and in case if they are not updated as per present scenario they can send their valuable comments and recommendation to the board.

2. Project planning: In this they decide whether they should perform this project individually or collectively with any other board.

3. To develop and publish discuss

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