IAS1 Presentation of Financial Statements

by | Apr 19, 2020 | Uncategorized

This allows an individual to display at least annually a full collection of financial statements, with comparable amounts for the previous year (including the comparable amounts in the notes).

IAS 1 applies to general purpose financial statements. which are defined as financial statements ‘intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information needs’. Financial statements that are filed with a court registry are not general-purpose financial statements

IAS 1 set out that reports shall contain a declaration of compliance with IFRS, a description of relevant accounting policies applied, facts supporting the figures provided in the financial statements and other documents.

The standard provides guidance on the form and content of the financial statements and the underlying accounting concepts. It also requires financial statements to present fairly the position, performance and cash flows of an entity. This is normally achieved by the application of IFRS.

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