IAS 1 Presentation of Financial Statements

IAS 1 Objective – Scope – Definitions

IAS 1 Objective

1 This Standard prescribes the basis for presentation of general purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. It sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content.

IAS 1 Scope

2 An entity shall apply this Standard in preparing and presenting general purpose financial statements in accordance with International Financial Reporting Standards (IFRSs).

3 Other IFRSs set out the recognition, measurement and disclosure requirements for specific transactions and other events.

4 This Standard does not apply to the structure and content of condensed interim financial statements prepared in accordance with Read more

IAS 1 Financial statements

Purpose of financial statements

9. Financial statements are a structured representation of the financial position and financial performance of an entity. The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. Financial statements also show the results of the management’s stewardship of the resources entrusted to it. To meet this objective, financial statements provide information about an entity’s:

  1. assets;
  2. liabilities;
  3. equity;
  4. income and expenses, including gains and losses;
  5. contributions by and distributions to owners in their capacity as owners; and
  6. cash flows.

This information, along with other information in the notes, assists users of financial statements Read more

IAS 1 Structure and content

Introduction

47 This Standard requires particular disclosures in the statement of financial position or the statement(s) of profit or loss and other comprehensive income, or in the statement of changes in equity and requires disclosure of other line items either in those statements or in the notes. IAS 7 Statement of Cash Flows sets out requirements for the presentation of cash flow information.

48 This Standard sometimes uses the term ‘disclosure’ in a broad sense, encompassing items presented in the financial statements. Disclosures are also required by other IFRSs. Unless specified to the contrary elsewhere in this Standard or in another IFRS, such disclosures may be made in the financial statements.

Identification of the financial statements

49 An entity shall Read more

IAS 1 Statement of financial position

Information to be presented in the statement of financial position

54 The statement of financial position shall include line items that present the following amounts:

  1. property, plant and equipment;
  2. investment property;
  3. intangible assets;
  4. financial assets (excluding amounts shown under (e), (h) and (i));
    (da) groups of contracts within the scope of IFRS 17 that are assets, disaggregated as required by paragraph 78 of IFRS 17;
  5. investments accounted for using the equity method;
  6. biological assets within the scope of IAS 41 Agriculture;
  7. inventories;
  8. trade and other receivables;
  9. cash and cash equivalents;
  10. the total of assets classified as held for sale and assets included in disposal groups classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale
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IAS 1 Statement of profit or loss and other comprehensive income

81 [Deleted]

81A The statement of profit or loss and other comprehensive income (statement of comprehensive income) shall present, in addition to the profit or loss and other comprehensive income sections:

  1. profit or loss;
  2. total other comprehensive income;
  3. comprehensive income for the period, being the total of profit or loss and other comprehensive income.

If an entity presents a separate statement of profit or loss it does not present the profit or loss section in the statement presenting comprehensive income.

81B An entity shall present the following items, in addition to the profit or loss and other comprehensive income sections, as allocation of profit or loss and other comprehensive income for the period:

  1. profit or loss for the period attributable
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IAS 1 Statement of changes in equity

Information to be presented in the statement of changes in equity

106 An entity shall present a statement of changes in equity as required by paragraph 10. The statement of changes in equity includes the following information:

  1. total comprehensive income for the period, showing separately the total amounts attributable to owners of the parent and to non-controlling interests;
  2. for each component of equity, the effects of retrospective application or retrospective restatement recognised in accordance with IAS 8; and
  3. [deleted]
  4. for each component of equity, a reconciliation between the carrying amount at the beginning and the end of the period, separately (as a minimum) disclosing changes resulting from:
    1. profit or loss;
    2. other comprehensive income; and
    3. transactions with owners in their capacity
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