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Objective The IAS - 1 standard describes how to present the financial statements to ensure comparability among:       1.     Entity’s Financial Statements       2.      Financial Statements of Other Entities International Accounting Standards Committee (IASC) International Accounting Standards Committee is an independent body of the accounting profession. The purpose of this body is to oversee and guide the process of standard setting decision of IASB. In 1 st April, 2001, its authority was transferred to IASB. Note: Auditor or Chartered Accountant is the person who oversees theses Standards in details. International Accounting Standard Board (IASB) This board is responsible for the issuance of new accounting standards. The purpose of this board is to guide the standards in order to ensure fair presentation of financial statements to users of financial ...

Bestway Cement Limited There is a Case Study to check that whether Bestway Company follows IAS – Inventory – PPE – CFS and Revenue or not. But, firstly discuss the introduction of this company. The company deals in cement products. They are considered as best in their products. Products List of Products: Ø Ordinary Portland Cement Ø Sulphate Resistant Cement Ø Quick Setting Cement Ø Low Alkali Ordinary Portland Cement Ø Clinker All the products can be supplied either in standard packaging, in bulk or packaged according to customers' requirements. Now to check whether the company is following international accounting standards given below or not. IAS-2 Inventories Objective The objective of this standard is to prescribe the accounting treatment for inventories. Measurement of inventory From Bestway Cement Limited’s annual reports, it is clear that they follow the IAS-Inventories in which inventories are ...