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International Accounting

Standard 1
Presentation of Financial
Statements

Bhupendra Mantri, FCA,


Kalani & Co., Chartered Accountants,
Jaipur (India)
Mobile: 91 98298 88810
Email: bmantri@kalanico.com
Website: www.kalanica.com

Objective

Scope

List of IFRS

IFRS 1

First Time Adoption of International


Financial Reporting Standards

IFRS 2

Share based Payment

IFRS 3

Business Combination

IFRS 4

Insurance Contracts

IFRS 5

Non current assets held for sale and


discontinued operations

IFRS 6

Exploration for and Evaluation of Mineral


Resources

IFRS 7

Financial Instruments: Disclosure

IFRS 8

Operating Segments

List of IFRS (IAS)

IAS 1

Presentation of Financial Statements

IAS 2
IAS 7
IAS 8

Inventories
Statement of Cash Flows
Accounting Policies, Changes in Accounting
Estimates and Errors

IAS 10

Events after Reporting Periods

IAS 11
IAS 12
IAS 16

Construction Contracts
Income Taxes
Property, Plant and Equipment

IAS 17
IAS 18
IAS 19
IAS 20

Leases
Revenue
Employee Benefits
Accounting for Governemnt Grants and
Disclosure of Government Assistance

List of IFRS (IAS)

IAS 21
IAS 23
IAS 24
IAS 26

The Effect of Changes in Foreign Exchange Rates


Borrowing Costs
Related Party Disclosure
Accounting and Reporting by Retire Benefit Plans

IAS 27

Consolidated and Separate Financial Statements

IAS 28
IAS 29
IAS 31

Investment in Associates
Financial Reporting in Hyperinflationary Economies
Interests in Joint Ventures

IAS 32
IAS 33
IAS 34

Financial Instruments: Presentation


Earnings Per Share
Interim Financial Reporting

IAS 36
IAS 37

Impairment of Assets
Provisions, Contingent Liabilities and Contingent Assets

List of IFRS (IAS)


IAS 38

Intangible Assets

IAS 39

Financial Instruments: Recognition and Measurement

IAS 40

Investment Property

IAS 41

Agriculture

Definitions
General Purpose Those intended to meet the needs of users who are
Financial
not in a position to require an entity to prepare
Statements
reports tailored to their particular information needs
Impracticable

Applying a requirement is impracticable when the entity


cannot apply it after making every reasonable effort do
so.

IFRSs

Standards and Interpretations adopted by the IASB. They


comprises: IFRS, IAS, Interpretation by IFRIC, SIC.

Material Omissions Are materail if they could, individually or collectively,


or misstatements influence the economic decisions that users make on the
of items
basis of financial statements.
Notes

Contain information in addition to that presented in the


statement
of
financial
position,
statement
of
comprehensive income, separate income statement(if
presented), statement of changes in equity and statement
of cash flows.

Other
comprehensive
income

Comprises items of income and expense (including


reclassification adjustments) that are not recognized in
profit or loss as required or permitted by other IFRSs.

Components of other
comprehensive income

Definitions
Owners

Are holders of instruments classified as equity.

Profit or Loss

Is the total of income less expenses, excluding the


components of other comprehensive income.

Reclassification
adjustments

are amounts reclassified to profit or loss in the current


period that were recognized in the current or previous
periods.

Total Comprehensive Is the change in equity during a period resulting from


Income
transactions and other events, other than those
changes resulting from transactions with owners in their
capacity as owners.
Total comprehensive income comprises all components
of profit or loss and of other comprehensive income.

Complete set of financial statements

General Features

Fair presentation and compliance with IFRS

Fair presentation and compliance with IFRS

Going Concern

Accrual Basis of Accounting

Materiality and aggregation

Offsetting

Frequency of reporting

Comparative Information

Consistency of presentation

Structure and content

Identification of the financial statements

Statement of financial position

Information to be presented in the statement of


financial position

Information to be presented in the


statement of financial position

Current / non current distinction

Current assets

Current liabilities

Specific Discussion (Para 70-76)

Information to be presented either in the


statement of financial position or in the notes

Statement of comprehensive
income
Information to be presented in the statement of
comprehensive income
Profit or loss for the period
Other comprehensive income for the period
Information to be presented in the statement of
comprehensive income or in notes

Analysis of Expenses
Nature of expenses method
Function of expenses method

Statement of Changes in equity


Total comprehensive income for the period
Effect of retrospective application or
retrospective restatement (IAS 8)
Reconciliation between the carrying
amount at the beginning and the end of
the period
Dividend distributed per share

Statement of cash flows IAS 7

Notes

Structure
Disclosure of Accounting Policies
Sources of estimation uncertainty
Capital
Other disclosures

Notes - Structure
Basis of preparation of the financial
statements and the specific accounting
policies
Information required by IFRSs that is not
presented elsewhere in the financial
statements
Information relevant to an understanding
of financial statements
Systemic manner, cross reference

Notes: Disclosure of Accounting Policies


Measurement basis used in preparing the
financial statements
Other accounting policies used that are
relevant to an understanding of FS
Judgments that management has made in
the process of applying the entitys
accounting policies

Notes: Sources of estimation uncertainty


Information about the assumption
Major sources of estimation uncertainty
Capital
An entity shall disclose information that
enables users of its financial statements to
evaluate the entitys objectives, policies and
processes for managing capital

Notes: Other disclosures


An entity shall disclose in the notes:
Dividend proposed or declared
Amount of any cumulative preference dividends
not recognized

Domicile and legal form of the entity, its


country of incorporation and the address of
its registered office
Description of nature of the entitys
operations and its principal activities
Name of the parent and the ultimate parent of
the group