IAS 1

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IAS 1 is superseded by IFRS 18 Presentation and Disclosure in Financial Statements, and IFRS 18 is compulsory for accounting periods starting on or after 1 January 2027.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
• 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

• IAS 1 summarised - IAS Plus
• IAS 1 - full text