“That you were born in a
bakery doesn’t make you a loaf of bread.”
Anonymous
Hello!
Have you ever been a spectator in a
relay race? Ever been thrilled by the way the baton passes from the first
runner to the anchor man? There’s one common goal the teammates hold dear to
their hearts –crossing the tape even if winning seems slim.
The same
applies to the issuance of standards by the IASB. The major aim of every
standard is to achieve one common goal –the presentation of a true and fair
financial statement.
Little
wonder this was the first shot released from the arsenal of the defunct IASC.
This is in no way different from the saying of Steven Covey, “Begin with the
end in mind.”
As long as
everyone in a race doesn’t come out all victorious, it is worthy to note that
the IASB never envisaged a perfect financial statement, rather, one that fairly
presents the state of the organization in the best possible way. Hence, the
saying that, “it is better to be roughly right than to be perfectly wrong.”
For more
clarification and simplified explanation on the subject matter of IAS 1
–Presentation of Financial Statements, click below to view or download the pdf.
Read it carefully as it serves as the basis for subsequent standards.
Kindly drop your comments, opinions and
questions in the comment box.
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This is really resourceful, thanks for sharing
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