International Accounting Standard 1 Presentation of Financial Statements
Outline of the Presentation
Objective and Scope
Features/Components of Financial Statements
Content and Structure
Objective
To demonstrate the basis for presentation of financial Statements
To verify compatibility Last year entity's financial statements
Tell
- overall requirements
- minimum requirements and
- instructions for structure and content of financial statements.
Scope
This standard will be applied to all general purpose financial statements prepared under guidelines of International Financial Reporting standards.
General Purpose - considered to meet the needs of the users who are not in a position to require an entity to prepare reports tailored to their particular information needs.
Who are the Users those are not in a position to require an entity to prepare reports to their tailored needs
Users of Financial Statements
1. Management of the Company
2. Investors
3. Customers
4. Competitors
5. Government Agencies
6. Employees
7. Investment Analysts
8. Lenders
9. Rating Agency
10. Suppliers
Complete Set of Financial Statements
Statement of Financial position as at end of the period
Statement of comprehensive income for the period
Statement of changes in equity for the period
Statement of cash flow for the period
Notes, Comprising summary of significant accounting policies and other explanatory information
Necessary/Supportive information assisting the:
Any other necessary information that do not qualify for recognition in the main components of Financial statements, but can impact the user's decision
- Statement of Financial position
- Statement of Comprehensive income
- Statement of Changes in equity
- Statement of Cash flow
Descriptive Narration or detailed breakups of items presented.
Financial Statements shall give true and fair view of its Financial
- Position
- Performance &
- Cash flows.
What does True and Fair view
Actual representation of the
- effects of transactions &
- Items are presented as per guidelines for recording assets, liabilities, income and expenses set out in frame work. (As per definition and recognition criteria).
An explicit and unreserved statement of compliance with IFRS in the notes should be given in the financial statements.
Above statement should only be provided if the entity is complying with IFRS
What is comparative?
All figures presented in the financial statements must also contain the previous years figures.
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