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DipIFRS ACCA course - IAS1 Presentation of Financial Statements No.12

DipIFRS ACCA course - IAS1 Presentation of Financial Statements No.12


the components of financial statements : The Content


The complete set of financial statements includes the following : 4 statements + notes


1. Statement of financial position at the end of the period.
2. A profit and loss statement for the period.
And another comprehensive income statement for the period.
An introduction in the form of a single statement , or
Presenting the profit and loss statement in a separate statement, immediately followed by the comprehensive income statement.
3. Statement of changes in equity for the period.
4. Statement of Owner's Equity
5. Statement of Cash Flows for the period.
and the last thing is. Disclosures, which include a summary of significant accounting policies and other explanatory notes.


The comparative information stipulated in the standard.
An entity may use addresses for lists other than those previously mentioned. When :
1. An entity applies an accounting policy retrospectively.
2. Or retrospectively restate the items in their financial statements.
3. Or when you reclassify items in their financial statements.


It should also submit the statement of financial position (balance sheet) as early as possible .. Comparative period.


Reports presented outside of the financial statements - including:
1. Financial reviews by management.
2. Environmental reports.
3. The value added statements.


These reports are outside the scope of the IFRS standards



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