Ias 1 Presentation of Financial Statement

4168 Words Feb 23rd, 2012 17 Pages
IAS 1 PRESENTATION OF FINANCIAL STATEMENTS | HISTORY OF IAS 1 | March 1974 | Exposure Draft E1 Disclosure of Accounting Policies | January 1975 | IAS 1 Disclosure of Accounting Policies | June 1975 | E5 Information to Be Disclosed in Financial Statements | October 1976 | IAS 5 Information to Be Disclosed in Financial Statements | July 1978 | E14 Current Assets and Current Liabilities | November 1979 | IAS 13 Presentation of Current Assets and Current Liabilities | 1994 | IAS 1, IAS 5, and IAS 13 were reformatted | July 1996 | E53 Presentation of Financial Statements | August 1997 | IAS 1 (1997) Presentation of Financial Statements superseded IAS 1 (1975), IAS 5, and IAS 13 (1979) | 1 July 1998 | Effective date of IAS …show more content…
To meet that objective, financial statements provide information about an entity 's: [IAS 1.9] * assets * liabilities * equity * income and expenses, including gains and losses * contributions by and distributions to owners * cash flows That information, along with other information in the notes, assists users of financial statements in predicting the entity 's future cash flows and, in particular, their timing and certainty. Components of Financial Statements A complete set of financial statements should include: [IAS 1.10] * a statement of financial position (balance sheet) at the end of the period * a statement of comprehensive income for the period (or an income statement and a statement of comprehensive income) * a statement of changes in equity for the period * a statement of cash flows for the period * notes, comprising a summary of accounting policies and other explanatory notes When an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements, it must also present a statement of financial position (balance sheet) as at the beginning of the earliest comparative period. An entity may use titles for the statements other than those stated above.
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