IAS 1 - Presentation of Financial Statements is a fundamental accounting standard issued by the International Accounting Standards Board (IASB). It prescribes the structure and content of financial statements, including their presentation components such as the statement of financial position, income statement, and notes to the financial statements.

The standard outlines general features such as the concept of a true and fair view, going concern assumptions, and materiality considerations. IAS 1 also requires that financial statements be prepared consistently and comparably to enhance their utility to various stakeholders, including investors and creditors.

For instance, complying with IAS 1 ensures that a company presents clear and consistent financial information year over year, allowing stakeholders to understand the company's financial health and performance. The standard emphasizes transparency and detailed disclosures, helping users comprehend the financial statements' significance and underlying assumptions.