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International Accounting Standard (IAS) 1
Presentaion of Financial Statements

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International Accounting Standard (IAS) 1

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

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

Accrual basis of accounting
--> is used in preparing financial statements

--> except for the statement of cash flows

Comparative information
   --> (in respect of the previous period)

   --> is required for all amounts
   --> reported in the current period's
   --> financial statements

Consistency of presentation and classification
--> (from one period to the next)
--> is required

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

IAS 1 Technical Notes