How many IFRSs & IASs till date

There are total 9 IFRS, 41 IAS, and 19 IFRICs have been issued till date. For a complete study of IFRS, one has to thoroughly read and understand these all. Though some of the IASs are now reconstituted and new IASs and IFRSs are issued on the same topics.

IAS 1 Presentation of Financial Statement

IAS 1 Presentation of Financial Statement:
Objectives--Provide information about Financial Position, Performance & Cash Flow of the entity.

Components--complete set inclusive of :-

1. Balance Sheet
2. Income Statement
   
3. A separate Statement of changes in Equity
4. Cash Flow Statement
5. Accounting Policies and explanatory Notes
   

While preparing the Financial Statements one should always consider following :-

• Applying appropriate Accounting Policies and compliance with IFRS
• Going Concern Assumption
  
• Accrual Basis of Accounting
  
• consistency of presentation (unless it will result in more appropriate presentation or required by a standard
• Materiality concept
• Comparative Information : previous period info should be mentioned unless a statement requires otherwise