In March 2001, the International Accounting Standards Foundation was formed as a not-for-profit the International Accounting Standards Board, an independent accounting standard-setter based in London, UK.

0.5 0.5 1 ....means having information available to decision-makers before it loses its capacity to influence decisions. 0.5 0.5 2 The objective of financial reporting is to report the plans made by a companyto improve .the productivity of its employees 0.5 0.5 3 Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events Full Disclosure principle: means recording expenses in the period the related .revenue is recognized are outflows of resources incurred in generating revenues Going concern means recording expenses in the period the related revenue is recognized Consistency means applying the same accounting practices over .time Financial information has if it has value as an input to predictive processes used by investors to form their own expectations about the futur The primary objective of financial reporting is to provide information decreases in equity from peripheral or incidental transactions of an entity ..........is