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International Accounting Standard 1 (IAS 1) provides guidelines for the presentation of financial statements. The objective of IAS 1 is to ensure that financial statements provide useful information about an entity’s financial position, performance, and cash flows that are helpful in making economic decisions.

The standard requires an entity to present a set of financial statements, which includes a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a statement of cash flows, and accompanying notes. The financial statements must be presented fairly, clearly, and in a manner that is understandable to users of the financial statements.

IAS 1 also sets out requirements for the classification, measurement, and disclosure of items presented in the financial statements. The standard requires an entity to present its assets, liabilities, and equity in a classified format, based on the nature and function of the items. It also requires an entity to use consistent accounting policies for similar transactions and events.

The standard requires an entity to disclose information about significant accounting policies, judgments and estimates, and key assumptions made in the preparation of the financial statements. It also requires an entity to provide information about its capital structure, its risk management objectives and policies, and the key sources of estimation uncertainty.

In summary, IAS 1 sets out guidelines for the presentation and disclosure of financial statements to ensure that they provide useful information to users for making economic decisions. By following these guidelines, entities can provide transparent and reliable financial information to their stakeholders.