IAS 1: Difference between revisions
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International Accounting Standard 1, dealing with presentation of financial statements. | International Accounting Standard 1, dealing with presentation of financial statements. | ||
IAS 1 sets out the overall requirements for financial statements prepared under International Accounting Standards (IAS). | |||
These include the concepts of going concern, the accruals basis of accounting and the distinction between current and non-current assets and liabilities. | |||
IAS 1 requires a complete set of financial statements prepared under IAS to include: | |||
*Statement of financial position | |||
*Statement of profit or loss and other comprehensive income | |||
*Statement of changes in equity | |||
*Statement of cash flows | |||
*Notes, comprising a summary of significant accounting policies and other explanatory information | |||
IAS 1 is superseded by IFRS 18 Presentation and Disclosure in Financial Statements, and IFRS 18 is compulsory for accounting periods starting on or after 1 January 2027. | |||
Companies and other reporting entities may apply IFRS 18 sooner if they choose to do so. | |||
== See also == | == See also == | ||
* [[FRS | * [[Accruals basis]] | ||
* [[Assets]] | |||
* [[Current assets]] | |||
* [[Current liabilities]] | |||
* [[FRS 102]] | |||
* [[Going concern]] | |||
* [[IFRS 18]] | |||
* [[International Accounting Standards]] | |||
* [[International Financial Reporting Standards]] | * [[International Financial Reporting Standards]] | ||
* [[Liabilities]] | |||
* [[Non-current]] | |||
* [[Non-current Liabilities with Covenants]] | |||
* [[Notes]] | |||
* [[Primary financial statements]] | |||
* [[Primary statements]] | |||
* [[Statement of cash flows]] | |||
* [[Statement of changes in equity]] | |||
* [[Statement of financial position]] | |||
* [[Statement of profit or loss and other comprehensive income]] | |||
== Other resources == | |||
*[https://www.iasplus.com/en/standards/ias/ias1 IAS 1 summarised - IAS Plus] | |||
*[https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards/english/2022/issued/part-a/ias-1-presentation-of-financial-statements.pdf?bypass=on IAS 1 - full text] | |||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
[[Category:Treasury_operations_infrastructure]] | [[Category:Treasury_operations_infrastructure]] | ||
Latest revision as of 16:33, 19 January 2025
International Accounting Standard 1, dealing with presentation of financial statements.
IAS 1 sets out the overall requirements for financial statements prepared under International Accounting Standards (IAS).
These include the concepts of going concern, the accruals basis of accounting and the distinction between current and non-current assets and liabilities.
IAS 1 requires a complete set of financial statements prepared under IAS to include:
- Statement of financial position
- Statement of profit or loss and other comprehensive income
- Statement of changes in equity
- Statement of cash flows
- Notes, comprising a summary of significant accounting policies and other explanatory information
IAS 1 is superseded by IFRS 18 Presentation and Disclosure in Financial Statements, and IFRS 18 is compulsory for accounting periods starting on or after 1 January 2027.
Companies and other reporting entities may apply IFRS 18 sooner if they choose to do so.
See also
- Accruals basis
- Assets
- Current assets
- Current liabilities
- FRS 102
- Going concern
- IFRS 18
- International Accounting Standards
- International Financial Reporting Standards
- Liabilities
- Non-current
- Non-current Liabilities with Covenants
- Notes
- Primary financial statements
- Primary statements
- Statement of cash flows
- Statement of changes in equity
- Statement of financial position
- Statement of profit or loss and other comprehensive income
