IAS 1 Presentation of Financial Statements

International Accounting Standard 1

Issued: in 1975; re-issued in 2007, followed by amendments
Effective date: 1 January 2009
What it does:
- It defines complete set of general purpose financial statements that contains 5 components:
  1. Statement of financial position;
  2. Statement of profit or loss and other comprehensive income;
  3. Statement of changes in equity;
  4. Statement of cash flows;
  5. Notes with summary of significant accounting policies and other explanatory information
- It describes the general features of financial statements:
  - fair presentation and compliance with IFRS;
  - going concern;
  - accrual basis of accounting;
  - materiality and aggregation;
  - offsetting;
  - frequency of reporting;
  - comparative information; and
  - consistency of presentation.
- It sets the minimum requirements for the content of financial statements; their identification and structure.

Summary of IAS 1 Presentation of Financial Statements
How to write notes – this article gives a step-by-step guidance on writing the notes and also, some stories are included
Current or Non-current? – this article will help you decide whether you should present the item as current or non-current
IFRS for Banks and Financial Institutions– I recommend reading it if you work for a bank, because the structure of financial statements is different
Profit or loss vs. Other Comprehensive Income – what’s the difference?

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