Effective Date

Page 1 of 2
Periods beginning on or after 1 January 2005

IAS 1 Presentation of Financial Statements

OVERALL CONSIDERATIONS COMPONENTS OF FINANCIAL STATEMENTS

Fair presentation Going concern Accrual basis of Presentation Materiality and Offsetting Comparative A complete set of financial statements
and compliance Financial statements accounting consistency aggregation Offsetting of assets information comprises:
with IFRSs are required to be Entities are required An entity is required Each material class and liabilities or At least 1 year of Statement of financial position
Financial statements prepared on a going to use accrual basis to retain of similar assets and income and expenses comparative Statement of profit or loss and
are required to be concern basis (unless of accounting except presentation and items of dissimilar are not permitted information (unless comprehensive income for the period
presented fairly as entity is in for cash flow classification from nature or function is unless required by impractical). Statement of changes in equity
set out in the liquidation or has information. one period to the to be presented other IFRSs. Statement of cash flows
framework and in ceased trading or next. separately. Notes.
accordance with there is an All statements are required to be presented
IFRS and are indication that the with equal prominence
required to comply entity is not a going
with all concern).
requirements of
IFRSs.

62
 Effective Date
Page 2 of 2
Periods beginning on or after 1 January 2005

IAS 1 Presentation of Financial Statements

STRUCTURE AND CONTENT

STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF CHANGES IN EQUITY STATEMENT OF CASH FLOWS

Present current and non-current items separately; or An entity presents all items of income and expense Information required to be presented: Provides users of financial statements
Present items in order of liquidity. recognised in a period, either: with cash flow information refer to
In a single statement of comprehensive income Total comprehensive income for the period, showing
IAS 7 Statement of Cash Flows.
Current assets Current liabilities In two statements: a statement displaying components separately attributable to owners or the parent and non-
of profit or loss (separate income statement) and a controlling interest
Expected to be realised in, or Expected to be settled in the For each component of equity, the effects of
is intended for sale or second statement of other comprehensive income. IDENTIFICATION OF THE
Information required to be presented in the: retrospective application/restatement recognised in
Held primarily for trading accordance with IAS 8 Accounting Policies, Changes in
FINANCIAL STATEMENTS
Statement of comprehensive income is defined in
normal operating cycle Due to be settled within 12 Accounting Estimates and Errors
IAS 1.82-87 Financial statements must be clearly
Held primarily for trading months The amounts of transactions with owners in their capacity
Profit or loss as defined in IAS 1.88 identified and distinguished from other
Expected to be realised within The entity does not have the Other comprehensive income in IAS 1.90-96 as owners, showing separately contributions by and
12 months right at the end of the information in the same published
Further information required to be presented on the distributions to owners
Cash or cash equivalents. reporting period to defer document, and must identify:
face or in the notes to the Statement of For each component in equity a reconciliation between
All other assets are required to settlement of the liability for Comprehensive Income is detailed in IAS 1.97. the carrying amount at the beginning and end of the The level of rounding Name of the
be classified as non-current. at least 12 months. (R) period, separately disclosing each change reporting entity
All other liabilities are required Amount of dividends recognised as distributions to owners Whether the financial statements
to be classified as non-current. expense items during the period (can alternatively be disclosed in the cover the individual entity or a group
Line items within other comprehensive income are notes) of entities
Information required to be presented on the face of the statement required to be categorised into two categories: Analysis of each item of OCI (alternatively to be disclosed The statement of financial position
of financial position is detailed in IAS 1.54 Those that could subsequently be reclassified to profit in the notes). date (or the period covered)
Further information required to be presented on the face or in the or loss The presentation currency used.
notes is detailed in IAS 1.79-80. Those that cannot be re-classified to profit or loss.

NOTES TO THE FINANCIAL STATEMENTS THIRD STATEMENT OF FINANCIAL POSITION REPORTING PERIOD

Statement of compliance with IFRSs
Material accounting policy information, estimates, assumptions,
and judgements must be disclosed (R)
Additional information useful to users understanding/ decision
making to be presented
policies and processes for managing capital.
A third statement of financial position required when an entity changes accounting policies, or makes retrospective Accounts presented at least annually
restatements or reclassifications: If longer or shorter, entity must
disclose that fact.
Opening statement is only required if impact is material
Opening statement is presented as at the beginning of the immediately preceding comparative period required by IAS 1
(e.g. if an entity has a reporting date of 31 December X2 statement of financial position, this will be as at 1 January X1)
Only include notes for the third period relating to the change.

(R) AMENDMENTS AND STANDARDS ISSUED BUT NOT YET EFFECTIVE

This IFRS Accounting Standard includes amendments that were issued as at 31 December 2022, but
63 amendments, IFR Bulletin 2020/01 and IFR Bulletin 2022/07.