It is important to get to know more about IAS 1. You probably visited this article because you need or you just want to get to know more about IAS 1. We will also tell more about annualreporting.info. Do you want to read more? Please read on to discover!
So let us start with the explanation, because that is important. What does it mean? First of all, IAS 1 means that there are general requirements for the presentation of, among other things, financial statements, guidelines for their structure and also minimum requirements for their content. For example, IAS 1 prescribes that an entity will have to present at least a complete set of financial statements.
About the most important elements of IAS 1 and about Annual Reporting
As you have already read in the introduction, IAS 1 contains the general requirements for the presentation of annual accounts: i.e. what they should look like, what they should contain and there are certain guidelines that must be followed. There are many other forms, but they will be briefly discussed in a moment. Because IAS 1 often mentions annual accounts, it is very important to take a closer look at them. Because what exactly do financial statements contain?
- An overview of profit and loss of unrealised results for the period
- An overview of the financial position and also at the end
- A cash flow statement for the period
- A statement of changes in equity for the period
In addition, there are more important things to mention. For example, IAS 1 permits an entity to present either a combined statement of profit or loss and other comprehensive income or two separate statements. For the exact content we would like to refer you to the website and the other standards, where some of the details are also explained.
The following is the history of this standard
In April 2001, the International Accounting Standards Board approved IAS 1. It had already been issued in 1997. Then came a revision in December 2003. In September 2007, there was an amended version. Then there were some more amendments in 2011 and 2014. In January 2020, a further important requirement was included, namely that an entity must have the right to defer settlement of the liability for at least 12 months after the reporting period.
Information about IAS 1 – presentation of financial statements – can be found via www.annualreporting.info. Did you know that they have IFRS topics from A – Z? This is very useful, because you can search for any topic you want to discover more about. Furthermore, the IFRS definitions, the IFRS jargon and the IFRS standards are included on the website. The articles are easy to read and you can ‘taste’ that they want you to understand what they tell you.
Do you want to read more about IAS 1?
Maybe you want to read more about IAS 1. Of course that is possible. Or do you have to learn more about a specific other standard: IAS or IFRS? You can simply visit via www.annualreporting.info. Questions? Please let us know!