INTERNATIONAL ACCOUNTING STANDARDS FOR QANTAS AIRLINE (Coursework Sample)

INTERNATIONAL ACCOUNTING STANDARDS FOR QANTAS AIRLINE
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IAS 1 – Presentation of Financial Statements
The IAS 1 was prepared by IASB laying down guidelines that are used to present the financial statements and it sets out the minimum requirements of the financial statements content. The objective of this standard is to prescribe a basis for the general purpose financial statements presentation. General purpose financial statements are looked at as those statements that are intended to financial statement users who are not in a position to request financial reports modified to their specific needs. The standard is applicable to all IFRS based general purpose financial statements (Buschhüter and Striegel, 2011a).
IAS 1.10 considers a complete set of the periodical financial statements to include: income statement (both comprehensive and normal income), balance sheet, statement of changes in equity and the cash flow statement, notes to the statements and comparative standards (Buschhüter and Striegel, 2011).