IAS 1

International Accounting Standard 1: Presentation of Financial Statements or IAS 1 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It lays out the guidelines for the presentation of financial statements and sets out minimum requirements of their content; it is applicable to all general purpose financial statements that are based on International Financial Reporting Standards (IFRS).

IAS 1 was originally issued by the International Accounting Standards Committee in 1997, superseding three standards on disclosure and presentation requirements, and was the first comprehensive accounting standard to deal with the presentation of financial standards. It was adopted by the IASB in 2001, and as of 2012 the standard was last amended in June 2011; these amendments will be effective from July 1, 2012.

Overview

Purpose and Features

IAS 1 sets out the purpose of financial statements as the provision of useful information on the financial position, financial performance and cash flows of an entity, and categorizes the information provided into assets, liabilities, income and expenses, contributions by and distribution to owners, and cash flows. It lists the set of statements, for example the statement of financial position and statement of profit and loss, that together comprise the financial statements.

IAS

IAS may refer to:

Science

Finance

Religion

Health

IAS machine

The IAS machine was the first electronic computer built at the Institute for Advanced Study (IAS), in Princeton, New Jersey, USA. It is sometimes called the von Neumann machine, since the paper describing its design was edited by John von Neumann, a mathematics professor at both Princeton University and IAS. The computer was built from late 1945 until 1951 under his direction. The general organization is called Von Neumann architecture, even though it was both conceived and implemented by others.

History

Julian Bigelow was hired as chief engineer in May 1946.Hewitt Crane, Herman Goldstine, Gerald Estrin, Arthur Burks and Willis Ware also worked on the project. The machine was in limited operation in the summer of 1951 and fully operational on June 10, 1952.

It was in operation until July 15, 1958.

Description

The IAS machine was a binary computer with a 40-bit word, storing two 20-bit instructions in each word. The memory was 1024 words (5.1 kilobytes). Negative numbers were represented in "two's complement" format. It had two general-purpose registers available: the Accumulator (AC) and Multiplier/Quotient (MQ).

IAS 10

International Accounting Standard 10 Events after the Reporting Period or IAS 10 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It contains requirements for when events between the end of the reporting period and the date on which the financial statements are authorised for issue should be reflected in the financial statements.

The principal factor for determining if an event is an adjusting event—and hence requiring adjustment in the financial statements—is whether the event provided evidence of conditions existing at the end of the reporting period. Non-adjusting events need also be disclosed where material.

IAS 10 (titled Events After the Balance Sheet Date) was issued in May 1999 by the International Accounting Standards Committee, the predecessor to the IASB. It was reissued by the IASB in December 2003 and retitled Events After the Reporting Period in September 2007 as a consequential amendment resulting from revisions to IAS 1 Presentation of Financial Statements.