Search for notes by fellow students, in your own course and all over the country.
Browse our notes for titles which look like what you need, you can preview any of the notes via a sample of the contents. After you're happy these are the notes you're after simply pop them into your shopping cart.
Title: Accounting Standard 1 - Disclosure of Accounting Policies
Description: Accounting Standard 1 - Disclosure of Accounting Policies Brief Note(Theory)
Description: Accounting Standard 1 - Disclosure of Accounting Policies Brief Note(Theory)
Document Preview
Extracts from the notes are below, to see the PDF you'll receive please use the links above
Accounting Standard 1 (AS 1): Disclosure of Accounting
Policies
Accounting Standard 1 (AS 1) is a fundamental accounting standard that mandates
the disclosure of significant accounting policies adopted by an entity in the
preparation and presentation of its financial statements
...
Key Provisions of AS 1:
1
...
Consistency: To ensure that accounting policies are applied consistently from
one period to the next
...
2
...
Substance over Form: Transactions and events should be accounted for and
presented in accordance with their economic substance rather than their legal
form
...
3
...
Consistency: Requires the consistent application of accounting policies from
one period to the next
...
4
...
Disclosure Requirements: When a change in accounting policy is made, the
entity must disclose the nature of the change, the reason for the change, the
impact of the change on the current and prior period financial statements, and
the effect on future periods
...
Disclosure Requirements:
Significant Accounting Policies: The entity must disclose all significant
accounting policies adopted in the preparation and presentation of its financial
statements
...
By adhering to the provisions of AS 1, entities can provide financial information that
is reliable, relevant, and understandable to users, enabling them to make informed
decisions
Title: Accounting Standard 1 - Disclosure of Accounting Policies
Description: Accounting Standard 1 - Disclosure of Accounting Policies Brief Note(Theory)
Description: Accounting Standard 1 - Disclosure of Accounting Policies Brief Note(Theory)