IAS 1 Presentation of Financial Statements

International Accounting Standard 1

Overview of IAS 1

  • Issued: in 1975; re-issued in 2007, followed by amendments
  • Effective date: 1 January 2009
  • What it does:
    • It defines complete set of general purpose financial statements that contains 5 components:
      1. Statement of financial position;
      2. Statement of profit or loss and other comprehensive income;
      3. Statement of changes in equity;
      4. Statement of cash flows;
      5. Notes with summary of significant accounting policies and other explanatory information
    • It describes the general features of financial statements:
      • fair presentation and compliance with IFRS;
      • going concern;
      • accrual basis of accounting;
      • materiality and aggregation;
      • offsetting;
      • frequency of reporting;
      • comparative information; and
      • consistency of presentation.
    • It sets the minimum requirements for the content of financial statements; their identification and structure.

Articles about IAS 1

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