Fair value and IAS 1: Difference between pages

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1.
International Accounting Standard 1, dealing with presentation of financial statements.  


The amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.


IAS 1 sets out the overall requirements for financial statements prepared under International Accounting Standards (IAS).


2.  
These include the concepts of going concern, the accruals basis of accounting and the distinction between current and non-current assets and liabilities.


More specifically, the price at which an asset can be bought or sold in transparent markets, where contracting parties are informed and act in their best interest. 


It represents the theoretical equilibrium price of securities or derivatives on open markets, for example,  both buyers and sellers do not perceive them as overpriced or under-priced.
IAS 1 requires a complete set of financial statements prepared under IAS to include:


*Statement of financial position
*Statement of profit or loss and other comprehensive income
*Statement of changes in equity
*Statement of cash flows


3.


''Financial reporting - accounting practices.'' 
IAS 1 is issued by the International Accounting Standards Board.  
 
The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between [[market participant]]s at the valuation date.
 
Also known as Fair market value.
 
 
Relevant accounting standards include IFRS 13, and  Section 9 and Section 19 of FRS 102.




== See also ==
== See also ==
* [[Accruals basis]]
* [[Assets]]
* [[Assets]]
* [[Cost approach]]
* [[Current assets]]
* [[Face value]]
* [[Current liabilities]]
* [[IFRS 13]]
* [[FRS 102]]
* [[FRS 102]]
* [[FVTPL]]
* [[Going concern]]
* [[FVTOCI]]
* [[International Accounting Standards]]
* [[Income approach]]
* [[International Financial Reporting Standards]]
* [[Liabilities]]
* [[Liabilities]]
* [[Market approach]]
* [[Non-current]]
* [[Primary financial statements]]
* [[Primary statements]]
* [[Statement of cash flows]]
* [[Statement of changes in equity]]
* [[Statement of financial position]]
* [[Statement of profit or loss and other comprehensive income]]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Treasury_operations_infrastructure]]
[[Category:Corporate_finance]]

Revision as of 19:32, 10 August 2021

International Accounting Standard 1, dealing with presentation of financial statements.


IAS 1 sets out the overall requirements for financial statements prepared under International Accounting Standards (IAS).

These include the concepts of going concern, the accruals basis of accounting and the distinction between current and non-current assets and liabilities.


IAS 1 requires a complete set of financial statements prepared under IAS to include:

  • Statement of financial position
  • Statement of profit or loss and other comprehensive income
  • Statement of changes in equity
  • Statement of cash flows


IAS 1 is issued by the International Accounting Standards Board.


See also