The effect of general external environmental variables on the characteristic of Faithful Representation and its reflection on the presentation in financial reports according to the requirements of IAS1 at the Gulf Commercial Bank

Abstract

The current study is based on identifying the concept of general external environmental variables and their impact on the activities and work of economic units through the components of the characteristic of Faithful Representation and its reflection on the requirements of the International Accounting Standard IAS1 “for presentation in financial statements”, where the study aimed to identify the impact of external environmental variables and conditions. General in the components of the characteristic of Faithful Representation and its reflection on the requirements of the accounting standard IAS1, and the research concluded that the annual financial reports have been modified in line with the presentation according to the International Financial Reporting Standards IFRS as of the year 2016. The current research recommended that the Gulf Bank management should adhere to the timings Specific for reporting annual reports, because a breach of this would reduce the importance of accounting information presented in financial reports and thus reduce the Faithful Representation of accounting information in accordance with IAS1 requirements.