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Improvements Project

Date recorded:

IAS 1, Presentation of Financial Statements

The true and fair view was considered. There is a requirement to comply with all IAS; however, this may be an issue in some countries due to their legal framework.

The Board unanimously agreed to amend IAS 1 to retain a true and fair override provision and to limit its use to two cases:

  • Compliance with certain provisions of an IAS is prohibited by law in a particular country, so a true and fair override is needed to permit departure from those provisions, with disclosure; and
  • Compliance with certain provisions of an IAS would result in financial statements that do not give a true and fair view, so a true and fair override is needed to permit departure from those provisions, with disclosure, to present the information in a more meaningful way.

Additional disclosures will also be added to IAS 1 for key assumptions and any management judgements made with regards to measurement issues.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.