IAS 1 Presentation of Financial Statements 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 (CSFP) as at the end of the period;
- A statement of profit and loss and other comprehensive income (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 IFRS Standards. IAS 1 Presentation of Financial Statements 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 (CSCE) for the period;
- A statement of cash flows (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 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 IFRS Standards unless they comply with all the requirements of the Standards. The application of IFRS Standards, with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation.
IAS 1 Presentation of Financial Statements also deals with going concern issues, offsetting and changes in presentation or classification.
IAS 1 Presentation of Financial Statements is Copyright: IFRS Foundation
|IFRS||International Financial Reporting Standards||0||IFRS|
|IAS01||IAS 1 Presentation of Financial Statements||1||IAS01|
|CSCF||Statement of Cash Flows||CSCF|
|CSCE||Statement of Changes in Equity||CSCE|
|CSCI||Statement of Comprehensive Income||CSCI|
|CSFP||Statement of Financial Position||CSFP|