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{{this}} sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. It requires an entity to present a complete set of financial statements at least annually, with comparative amounts for the preceding year (including comparative amounts in the notes). A complete set of financial statements comprises:
* A statement of financial position ([[Link::t:CSFP|CSFP]]) as at the end of the period;
* A statement of profit and loss and other comprehensive income ([[Link::t:CSCI|CSCI]]) for the period. Other comprehensive income is those items of income and expense that are not recognized in profit or loss in accordance with [[t:IFRS|IFRS Standards]]. {{this}} allows an entity to present a single combined statement of profit and loss and other comprehensive income or two separate statements;
* A statement of changes in equity ([[Link::t:CSCE|CSCE]]) for the period;
* A statement of cash flows ([[Link::t:CSCF|CSCF]]) for the period;
* Notes, comprising a summary of significant accounting policies and other explanatory information; and
* A statement of financial position as at the beginning of the preceding comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements.
An entity whose financial statements comply with [[t:IFRS|IFRS Standards]] must make an explicit and unreserved statement of such compliance in the notes. An entity must not describe financial statements as complying with [[t:IFRS|IFRS Standards]] unless they comply with all the requirements of the Standards. The application of [[t:IFRS|IFRS Standards]], with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation.

{{this}} also deals with going concern issues, offsetting and changes in presentation or classification.

{{this}} is Copyright: [https://IFRS.org IFRS Foundation]
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[[Category:Term]][[Category:Finance]]
{{Object
|name=IAS 1 Presentation of Financial Statements
|parent=t:IFRS
|sort=10001
|level=1
|keywords=IAS, IFRS, Standard, Financial, Accounting
|description=IAS 1 sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content
}}

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