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 Continue reading

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 Continue reading

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 Continue reading

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
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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 Continue reading

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]
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IAS 1 Notes

Structure

112 The notes shall:

  1. present information about the basis of preparation of the financial statements and the specific accounting policies used in accordance with paragraphs 117–124;
  2. disclose the information required by IFRSs that is not presented elsewhere in the financial statements; and
  3. provide information that is not presented elsewhere in the financial statements, but is relevant to an understanding of any of them.

113 An entity shall, as far as practicable, present notes in a systematic manner. In determining Continue reading