IAS 1- Presentation of Financial Statements
Components of Financial Statements
§a statement of financial position at the end of the period,
§a statement of comprehensive income for the period,
§a statement of changes in equity for the period
§statement of cash flows for the period, and
§notes, comprising a summary of accounting policies and other explanatory notes.
When an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements, it must also present a statement of financial position as at the beginning of the earliest comparative period.
Fair Presentation and Compliance with IFRSs
The financial statements must "present fairly" the financial position, financial performance and cash flows of an entity. Fair presentation requires the faithful representation of the effects of transactions, other events, and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the Framework. The application of IFRSs, with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation
Offsetting
Assets and liabilities, and income and expenses, may not be offset unless required or permitted by a Standard or an Interpretation.
Comparative Information
§AS 1 requires that comparative information shall be disclosed in respect of the previous period for all amounts reported in the
§financial statements, both face of financial statements and notes, unless another Standard requires otherwise.
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