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International Accounting Standards (IAS)
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| U.S. GAAP | IFRS, IAS | Accounting Topics |
International Accounting Standard (IAS) 1
Presentation of Financial Statements
International Financial
Reporting Standards (IFRS) |
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International Accounting
Standards (IAS) |
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U.S. GAAP by Topic |
| International Accounting Standard (IAS) 1 |
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IAS 1
Presentation of Financial Statements Issued in
September 1997: Replaced
IAS1 (January 1975), IAS 5 (October 1976), IAS 13 (November 1979) Revised in
September 2007 |
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Complete
set of financial statements (1) statement of financial position --> at the end of period (2) statement of comprehensive income --> for the period (3) statement of changes in equity --> for the period (4) statement of cash flows --> for the period (5) statement of financial position --> at the beginning of --> earliest comparative period (6) notes, a summary of significant accounting policies |
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Accrual
basis of accounting --> is used in preparing financial statements --> except for the statement of cash flows |
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Comparative information --> (in respect of the previous period) --> is required for all amounts --> reported in the current period's --> financial statements |
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Consistency of presentation and classification --> (from one period to the next) --> is required |
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Statement
of comprehensive income --> can be presented in (1) or (2) (1) in a single statement of comprehensive income (2) in two statements: (2a) separate income statement --> for profit or loss (2b) separate statement of comprehensive income --> for other comprehensive income |
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IAS
1 Technical Notes |
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