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IFRS

IFRS 658 views 2 replies

sahana Murthy

Student

123 Points Joined August 2007

Hi Everybody,

I had a doubt regarding components of financial statments in IFRS. IAS 1 says

" A statement of financial position as at the begining of the earliest comparitive period when an entity applies an accounting polocies retrospectively or makes restrospective re statement of items in its financial statements or when it re classifies items in its financial statments"

Does anybody have format for this statment? Also what is this statement all about?

Thanks in advance.

Regards

Sahana Murthy

Replies (2)

Guest

It means presenting financials for 2 comparative years for giving effect to and disclosing changes which is having restrospective effect and / or when there is change in classification of items. In simple word whenever there is restrospective adjustment and /or change in classification we have to present the same for 2 years one current year and one its previous year