IAS 1 : Complete set of financial statements

IAS 1 : Complete set of financial statements

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A complete set of financial statements comprises:

1.   a statement of financial position as at the end of the period;
2.  a statement of profit or loss and other comprehensive income for  the period;
3.  a statement of changes in equity for the period;
4.  a statement of cash flows for the period;
5. notes, comprising significant accounting policies and other explanatory information;
6. comparative information in respect of the preceding period(*); and
7. a statement of financial position as at the beginning of the preceding period 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 (**).

An entity may use titles for the statements other than those used in this Standard. For example, an entity may use the title ‘statement of
comprehensive income’ instead of ‘statement of profit or loss and other comprehensive income’.

(*)  Minimum comparative information:

Except when IFRSs permit or require otherwise, an entity shall present comparative information in respect of the preceding period for all amounts reported in the current period’s financial statements. An entity shall include comparative information for narrative and descriptive information if it is relevant to understanding the current period’s financial statements.
An entity shall present, as a minimum, two statements of financial position, two statements of profit or loss and other comprehensive income, two separate statements of profit or loss (if presented), two statements of cash flows and two statements of changes in equity, and related notes.

(**) Change in accounting policy, retrospective restatement or reclassification:

An entity shall present a third statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statements required if:
(a)  it applies an accounting policy retrospectively, makes a retrospective restatement of items in its financial statements or
reclassifies items in its financial statements; and
(b) the retrospective application, retrospective restatement or the reclassification has a material effect on the information in the statement         of financial position at the beginning of the preceding period.
In the circumstances described above, an entity shall present three statements of financial position as at:
(a)  the end of the current period;
(b)  the end of the preceding period; and
(c)  the beginning of the preceding period.