 How's Billahi Minash Shaitwan, your regime, Bismillahir Rahmanir Rahim. Today's topic is IES-1 and in this standard we have to discuss the presentation of financial statements. Now first of all let's see the learning objective of IES-1. Students will be able to prepare financial statement and present them to the shareholders or the other stakeholders as prescribed by the IES-1. Then enable them to take into consideration the quantitative factors while preparing the financial statements so they are useful for the users. Students will start to think about how to assess the performance of the company using the financial statements. Now the objective, scope and purpose. The objective is to prescribe the basis of presentation of financial statement and to ensure comparatability with previous periods and statements of other entities. IES-1 gives the minimum information required in the financial statements but there is no set standards or other format given by the IES that how the reports are going to be submitted but they have given the minimum requirements at least this much should be presented in the statements. So far scope is concerned all the listed companies are supposed to follow these standards because they are issuing shares to the public and the public interest is being washed if they are prepared the statements in the light of IES-1. Now IES-1 aims to prescribe the basis of presentation of financial statements and to ensure comparatability with previous periods and the financial statements of other entities. Now comparative means in the sense that not only the current period but we also report the previous period as well. Like if we are in 22 we are supposed to prepare 22 first and then 29 as well. Both should be prepared. The standard gives the minimum sufficient information required in the financial statements. Scope of IES overall limited companies formed under the companies ordinance and listed companies here means those who are listed in the stock exchange of Pakistan or anywhere in the stock exchange in a particular. Purpose of IES to provide information for decision making to the variety of users and information which is dependable and faithful.