IAS 1 Presentation of Financial Statements

An entity shall disclose its significant accounting policies comprising: (a) the measurement basis (or bases) used in preparing the financial statements; and (b) the other accounting policies used that are relevant to an understanding of the financial statements. It is important for an entity to inform users of the measurement basis or bases used in the financial statements (for example,

IAS 1 : Information to be presented in the statement of changes in equity The statement of changes in equity includes the following information: (a) total comprehensive income for the period, showing separately the total amounts attributable to owners of the parent and to non-controlling interests; (b) for each component of equity, the effects of retrospective application or retrospective restatement

IAS 1 : Expenses recognised in profit or loss using a classification based on either their nature or their function An entity shall present an analysis of expenses recognised in profit or loss using a classification based on either their nature or their function within the entity, whichever provides information that is reliable and more relevant. The first form of

IAS 1 : The statement of profit or loss and other comprehensive income (statement of comprehensive income) The statement of profit or loss and other comprehensive income (statement of comprehensive income) shall present, in addition to the profit or loss and other comprehensive income sections: (a) profit or loss; (b) total other comprehensive income; (c) comprehensive income for the period,

IAS 1 : Current Liabilities Current liabilities An entity shall classify a liability as current when: (a) it expects to settle the liability in its normal operating cycle; (b) it holds the liability primarily for the purpose of trading; (c) the liability is due to be settled within twelve months after the reporting period; or (d) it does not have

Current assets An entity shall classify an asset as current when: (a) it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle; (b) it holds the asset primarily for the purpose of trading; (c) it expects to realise the asset within twelve months after the reporting period; or (d) the asset is

IAS 1 : Information to be presented in the statement of financial position The statement of financial position shall include line items that present the following amounts: (a) property, plant and equipment; (b) investment property; (c) intangible assets; (d) financial assets (excluding amounts shown under (e), (h) and (i)); (e) investments accounted for using the equity method; (f) biological assets

IAS 1 : Identification of the financial statements An entity shall clearly identify each financial statement and the notes. In addition, an entity shall display the following information prominently, and repeat it when necessary for the information presented to be understandable: (a) the name of the reporting entity or other means of identification, and any change in that information from

IAS 1: Consistency of presentation for financial statements Consistency of presentation An entity shall retain the presentation and classification of items in the financial statements from one period to the next unless: (a)  it is apparent, following a significant change in the nature of the entity’s operations or a review of its financial statements, that another presentation or classification would