Question

accounting standard 1 is ?

Answer 1

Answer:

Here's your answer .

Explanation:

• AS 1 refers to the disclosure of accounting policies. It states that an enterprise needs to disclose significant accounting policies followed by it to prepare and present its financial statements .

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Answer 2

Accounting standard 1 is,

• Accounting standard 1 disclosure of accounting policies.
• What is accounting policy? It refers to the specific accounting principles and methods of applying those principles adopted by Enterprise in the preparation and the presentation of financial statements.
• Financial statements include balance sheet profit and loss account cash flow statement schedules and notes to accounts.
• Disclosure of significant accounting policies is necessary if the view presented in the financial statements of an enterprise of its state of affairs and of profit and loss account is to be properly understood.
• It also helps to compare the financial statements of different Enterprises.