NEW YORK- The International Accounting Standards Board (IASB) issued on September 5, 2007 a revised version of IAS 1 Presentation of Financial Statements.
The revision is aimed at improving users’ ability to analyze and compare the information given in financial statements.
he revised standard will come into effect for the annual periods beginning on or after January 1, 2009, but early adoption is permitted.
The publication of IAS 1 marks the completion of the first phase of the IASB’s joint initiative with the US Financial Accounting Standards Board (FASB) to review and harmonize the presentation of financial statements.
IASB is committed to developing in the public interest a single set of high quality global accounting standards.
For more information please visit the following website: www.iasb.org