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:
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
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ID | Name | Level | x |
---|---|---|---|
IFRS | International Financial Reporting Standards | 0 | IFRS |
IAS01 | IAS 1 Presentation of Financial Statements | 1 | IAS01 |
ID | Name | Clear | x |
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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 |