IAS 1: Presentation of Financial Statements

From Wikipedia, the free encyclopedia

International Accounting Standard 1: Presentation of Financial Statements (IAS1) is one of the accounting standards that must be complied with for companies reporting under International Financial Reporting Standards. It sets out the basic framework for the presentation of financial statements so that they show comparability and consistency from period to period for an entity and between entities.

The standard sets out the minimum content and guidelines as to structure (rigid formats are not prescribed in this standard).

1 Objectives of IAS 1
2 Scope
3 Components of financial statements
4 Notes

[edit] Objectives of IAS 1

The objectives of IAS 1 are to prescribe 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. IAS 1 sets out the overall framework and responsibilities for the presentation of financial statements, guidelines for their structure and minimum requirements for the content of the financial statements. Standards for recognising, measuring, and disclosing specific transactions are addressed in other Standards and Interpretations.

[edit] Scope

IAS 1 applies to all general purpose financial statements based on International Financial Reporting Standards ^[1].

General purpose financial statements are those intended to serve users who do not have the authority to demand financial reports tailored for their own needs ^[2]

[edit] Components of financial statements

The following components for a set of financial statements are established by IAS 1^[3]:

a Balance Sheet. Minimum information required: IAS 1: Presentation of Financial Statements/Balance Sheet
an Income Statement. Minimum information required: IAS 1:Presentation of Financial Statements/Income Statement.
a Statement of Changes in Equity
a Cash Flow Statement. For full details see IAS 7: Cash Flow Statements.
Notes – setting out significant accounting policies and all supplementary disclosure requirements of the various standards and local statutory requirements.

[edit] Notes

↑ IAS 1 para 1.2
↑ IAS 1 para 1.3
↑ IAS 1 para 1.8

v • d • e Index/Links to current IFRSs and IASs
IFRS/IAS Main page \| IFRS 1 \| IFRS 2 \| IFRS 3 \| IFRS 4 \| IFRS 5 IAS 1 \| IAS 2 \| IAS 7 \| IAS 8 \| IAS 10 \| IAS 11 \| IAS 12 \| IAS 14 \| IAS 15 \| IAS 16 \| IAS 17 \| IAS 18 \| IAS 19 \| IAS 20 \| IAS 21 \| IAS 22 \| IAS 23 \| IAS 24 \| IAS 26 \| IAS 27 \| IAS 28 \| IAS 29 \| IAS 30 \| IAS 31 \| IAS 32 \| IAS 33 \| IAS 34 \| IAS 35 \| IAS 36 \| IAS 37 \| IAS 38 \| IAS 39 \| IAS 40 \| IAS 41