IAS 1 – Presentation of Financial Statements (Summary)

IAS 1 – Presentation of financial statements

· Provides formats for the classification and presentation of financial information.

· How the financial statement should be structured. 

                                                     Statements 

·  A statement of profit or loss and other comprehensive income for the period (Known as Income Statement) 

·  A statement of financial position (which was known as Balance Sheet previously) at the end of the period 

·  A statement of changes in equity for the period 

·  A statement of cash flows for the period

· Comprising a summary of significant accounting policies and  Notes 

· Comparative information prescribed by the standard.

Reference: Ref: www.iasplus.com, www.ifrs.org

a statement of financial position (balance sheet) at the end of the period

 

a statement of profit or loss and other comprehensive income for the period (presented as a single statement, or by presenting the profit or loss section in a separate statement of profit or loss, immediately followed by a statement presenting comprehensive income beginning with profit or loss)

 

a statement of changes in equity for the period

 

a statement of cash flows for the period

 

notes, comprising a summary of significant accounting policies and other explanatory notes

 

comparative information prescribed by the standard.

a statement of financial position (balance sheet) at the end of the period

 

a statement of profit or loss and other comprehensive income for the period (presented as a single statement, or by presenting the profit or loss section in a separate statement of profit or loss, immediately followed by a statement presenting comprehensive income beginning with profit or loss)

 

a statement of changes in equity for the period

 

a statement of cash flows for the period

 

notes, comprising a summary of significant accounting policies and other explanatory notes

 

comparative information prescribed by the standard.