Translated from Spanish to English - www.onlinedoctranslator.
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FACULTY OF BUSINESS
ACCOUNTING SCHOOL
ACADEMIC REPORT
COURSE:
SENIOR ACCOUNTING
AUTHOR:
MONTOYA VARGAS LISBETH RAQUEL
TEACHER:
AREVALO FREDDY SEMINAR
Headquarters - Peru
(2023)
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INTRODUCTION
International Accounting Standard 1 Presentation of Financial Statements (IAS
1) is contained in paragraphs 1 to 104 and in Appendix A. All paragraphs have
equal normative value, although the Standard retains the IASC format it had
when it was adopted by the IASB. IAS 1 must be understood in the context of its
objective, the Preface to International Financial Reporting Standards and the
Conceptual Framework for the Preparation and Presentation of Financial
Statements. They provide the bases for selecting and applying accounting
policies that do not have specific guidelines.
Discuss IAS 1, which establishes the standards for the presentation of financial
statements for general information purposes, in order to ensure their
comparability, both with respect to the statements published by the same
company in previous periods, as well as with compared to those of other
different companies. To achieve this objective, the Standard establishes, firstly,
general considerations for the presentation of financial statements and then
offers guidelines to determine their structure, while setting the minimum
requirements for the content of the statements to be published. by companies.
Both the recognition and the measurement and presentation of particular
transactions and events are addressed in other International Accounting
Standards.
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II. DEVELOPMENT
Financial statements for general information purposes are those that are
intended to meet the needs of users who are not in a position to demand
reports tailored to their specific information needs. Financial statements for
general information purposes are those that are presented separately, or within
another document of a public nature, such as the annual report or a brochure or
prospectus of stock information. This Standard does not apply to intermediate
information that is presented in an abbreviated or condensed form. The rules
established in this Standard apply equally to the financial statements of an
individual entrepreneur or to the consolidated ones of a group of companies.
However, this does not exclude the possibility of presenting consolidated
financial statements,
The financial statements constitute a structured financial representation
of the financial situation and the transactions carried out by the company.
The objective of financial statements, for general information purposes, is
to provide information about the financial situation and performance, as
well as cash flows, that is useful to a wide range of users when making
their economic decisions. The financial statements also show the results
of the management that the administrators have made of the resources
that have been entrusted to them. To meet this objective, financial
statements provide information about the following elements of the
company:
Asset
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Passive
net worth
Income and expenses in which we can see profits and losses
Cash Flow
The responsibility for the preparation and presentation of the financial
statements corresponds to the company, and falls on the administrative
body or another governing body equivalent to it, although in some
companies the responsibility is joint between various governing and
supervisory bodies. .
To meet the objective in paragraph 1, the basic principle of this Standard is that
an entity shall recognize revenue to represent the transfer of promised goods or
services to customers in an amount that reflects the consideration the entity
expects to receive. right, in exchange for such goods or services.
An entity shall consider the terms of the contract and all relevant facts and
circumstances when applying this Standard. An entity shall apply this Standard,
including the use of any practical expedient, consistently to contracts with similar
characteristics and in similar circumstances.
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This Standard specifies the accounting for an individual contract with a customer.
However, as a practical expedient, an entity may apply this Standard to a
portfolio of contracts (or performance obligations) with similar characteristics, if
the entity reasonably expects that the effects on the financial statements of
applying this Standard to the portfolio they would not differ significantly from their
application to each individual contract (or performance obligation) in the portfolio.
In accounting for a portfolio, an entity shall use estimates and assumptions that
reflect the size and composition of the portfolio.
REFERENCES BIBLIOGRAPHIES
IFRS 15 Revenue from Contracts with Customers issued in May 2014 amended
the "References" section and paragraph 6. An entity shall apply that
amendment when applying IFRS 15.
