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||   LEGISLATIVE BASE


IAS1 : PRESENTATION OF FINANCIAL STATEMENTS


FINANCIAL STATEMENTS > General features >


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Fair presentation and compliance with IFRSs

15
Financial statements shall present fairly the financial [one] position, financial performance and cash flows of an entity. [two] Fair presentation requires the faithful representation of the effects [three] of transactions, other events and conditions in accordance with [four] the definitions and recognition criteria for assets, liabilities, income [five] and expenses set out in the Framework. The application of IFRSs, with [six] additional disclosure when necessary, is presumed [seven] to result in financial statements that achieve a fair [eight] presentation.

16
An entity whose financial statements comply [nine] with IFRSs shall make an explicit and unreserved [ten] statement of such compliance in the notes. An entity shall [one] not describe financial statements as complying with [two] IFRSs unless they comply with all [three] the requirements of IFRSs.

17
In virtually all circumstances, an entity [four] achieves a fair presentation by compliance with applicable [five] IFRSs. A fair presentation also requires an entity:
(a) [six] to select and apply accounting policies in accordance with [seven] IAS 8 Accounting Policies, Changes in Accounting [eight] Estimates and Errors. IAS 8 sets out a hierarchy [nine] of authoritative guidance that management considers in the absence [ten] of an IFRS that specifically applies to an item.
(b) to present [one] information, including accounting policies, in a manner that [two] provides relevant, reliable, comparable and understandable information.
(c) [three] to provide additional disclosures when compliance with [four] the specific requirements in IFRSs is insufficient to enable [five] users to understand the impact of particular transactions, other [six] events and conditions on the entity’s financial position and financial [seven] performance.

18
An entity cannot rectify inappropriate accounting [eight] policies either by disclosure of the accounting policies used [nine] or by notes or explanatory material.

19
In the extremely rare circumstances [ten] in which management concludes that compliance with [one] a requirement in an IFRS would be so misleading [two] that it would conflict with the objective [three] of financial statements set out in the Framework, the entity shall [four] depart from that requirement in the manner set out in paragraph [five] 20 if the relevant regulatory framework requires, or otherwise [six] does not prohibit, such a departure.

20
When an entity [seven] departs from a requirement of an IFRS in accordance with paragraph [eight] 19, it shall disclose:
(a) that management [nine] has concluded that the financial statements present [ten] fairly the entity’s financial position, financial performance [one] and cash flows;
(b) that it has complied [two] with applicable IFRSs, except that it [three] has departed from a particular requirement to achieve a fair [four] presentation;
(c) the title of the IFRS from which the entity has [five] departed, the nature of the departure, including the treatment that [six] the IFRS would require, the reason why that [seven] treatment would be so misleading in the circumstances [eight] that it would conflict with the objective [nine] of financial statements set out in the Framework, and the treatment adopted; [ten] and
(d) for each period presented, the financial effect [one] of the departure on each item in the financial statements that [two] would have been reported in complying with [three] the requirement.

21
When an entity has departed from a requirement of an IFRS [four] in a prior period, and that departure affects the amounts [five] recognised in the financial statements for the current period, it [six] shall make the disclosures set out in paragraph 20(c) [seven] and (d).

22
Paragraph 21 applies, for example, when an entity [eight] departed in a prior period from a requirement in an IFRS for the measurement [nine] of assets or liabilities and that departure affects the measurement [ten] of changes in assets and liabilities recognised in the current period’s [one] financial statements.

23
In the extremely rare circumstances in which [two] management concludes that compliance with a requirement [three] in an IFRS would be so misleading that [four] it would conflict with the objective of financial [five] statements set out in the Framework, but the relevant regulatory framework [six] prohibits departure from the requirement, the entity shall, to the maximum [seven] extent possible, reduce the perceived misleading aspects [eight] of compliance by disclosing:
(a) the title of the IFRS in question, the nature [nine] of the requirement, and the reason why management has concluded [ten] that complying with that requirement is [one] so misleading in the circumstances that it conflicts [two] with the objective of financial statements set out in the Framework; [three] and
(b) for each period presented, the adjustments to each [four] item in the financial statements that management has [five] concluded would be necessary to achieve a fair [six] presentation.

24
For the purpose of paragraphs 19–23, an item of information [seven] would conflict with the objective of financial statements [eight] when it does not represent faithfully [nine] the transactions, other events and conditions that it [ten] either purports to represent or could reasonably be [one] expected to represent and, consequently, it would [two] be likely to influence economic decisions made [three] by users of financial statements. When assessing whether [four] complying with a specific requirement in an IFRS would [five] be so misleading that it would [six] conflict with the objective of financial statements set [seven] out in the Framework, management considers:
(a) why the objective of financial [eight] statements is not achieved in the particular circumstances; [nine] and
(b) how the entity’s circumstances differ from those [ten] of other entities that comply with the requirement. [one] If other entities in similar circumstances comply with [two] the requirement, there is a rebuttable presumption that [three] the entity’s compliance with the requirement would not [four] be so misleading that it would [five] conflict with the objective of financial statements set [six] out in the Framework.


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Feature conception:


Thus it appears, in what various ways Nature has taught man her first great lesson of love and union.

Nor did she give the same talents either in kind or in degree to all, evidently meaning that the inequality of her gifts should be ultimately equalized by a reciprocal interchange of good offices and mutual assistance.

Thus, in different countries, she has caused different commodities to be produced, that expediency itself might introduce commercial intercourse.


Desiderius Erasmus

The Complaint of Peace

   




Moscow: IAS accounting companies



 

IAS accounting companies in Moscow

Chapter: Moscow IAS accounting companies

Moscow: IAS accounting companies

 

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