International Accounting Standard 1
Presentation of Financial Statements
This version includes amendments resulting from IFRSs issued up to 17 January 2008.
IAS 1 Presentation of Financial Statements was issued by the International Accounting Standards Committee in September 1997. It replaced IAS 1 Disclosure of Accounting Policies (originally approved in 1974), IAS 5 Information to be Disclosed in Financial Statements (originally approved in 1977) and IAS 13 Presentation of Current Assets and Current Liabilities (originally approved in 1979).
In April 2001 the International Accounting Standards Board (IASB) resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn.
In December 2003 the IASB issued a revised IAS 1, and in August 2005 issued an Amendment to IAS 1—Capital Disclosures.
IAS 1 and its accompanying documents were also amended by the following IFRSs:
• IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (issued March 2004)
• Amendments to IAS 19—Actuarial Gains and Losses, Group Plans and Disclosures (issued December 2004)
• IFRS 7 Financial Instruments: Disclosures (issued August 2005)
• IAS 23 Borrowing Costs (as revised in March 2007).
In September 2007 the IASB issued a revised IAS 1.
The following Interpretations refer to IAS 1:
• SIC-7 Introduction of the Euro (issued May 1998 and subsequently amended)
• SIC-15 Operating Leases—Incentives
(issued December 1998 and subsequently amended)
• SIC-25 Income Taxes—Changes in the Tax Status of an Entity or its Shareholders (issued December 1998 and subsequently amended)
• SIC-29 Service Concession Arrangements: Disclosures (issued December 2001 and subsequently amended)
• SIC-32 Intangible Assets—Web Site Costs
(issued March 2002 and subsequently amended)
• IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities (issued May 2004)
• IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (issued July 2007).
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INTERNATIONAL ACCOUNTING STANDARD 1 PRESENTATION OF FINANCIAL STATEMENTS
Purpose of financial statements
Complete set of financial statements
Fair presentation and compliance with IFRSs Going concern
Accrual basis of accounting Materiality and aggregation Offsetting
Frequency of reporting Comparative information Consistency of presentation
STRUCTURE AND CONTENT
Identification of the financial statements
Statement of financial position
Information to be presented in the statement of financial position Current/non-current distinction
Current assets Current liabilities
Information to be presented either in the statement of financial position or in the notes
Statement of comprehensive income
Information to be presented in the statement of comprehensive income Profit or loss for the period
Other comprehensive income for the period
Information to be presented in the statement of comprehensive income or in the notes
Statement of changes in equity
Statement of cash flows
15–24 25–26 27–28 29–31 32–35 36–37 38–44 45–46
54–59 60–65 66–68 69–76
82–87 88–89 90–96
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Disclosure of accounting policies Sources of estimation uncertainty Capital
TRANSITION AND EFFECTIVE DATE
WITHDRAWAL OF IAS 1 (REVISED 2003)
Amendments to other pronouncements
APPROVAL OF IAS 1 BY THE BOARD
BASIS FOR CONCLUSIONS
Amendments to the Basis for Conclusions on other IFRSs
Amendments to guidance on other IFRSs
TABLE OF CONCORDANCE
112–116 117–124 125–133 134–136 137–138
International Accounting Standard 1 Presentation of Financial Statements (IAS 1) is set out in paragraphs 1–140 and the Appendix. All the paragraphs have equal authority. IAS 1 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
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