International Accounting Standard

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