IAS 1

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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 issued by the International Accounting Standards Board.


See also