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IAS 1 - Presentation of Financial Statements

Concepts: Fair Presentation and Compliance with IFRSs Financial statements shall be presented fairly as set out in the framework and in accordance with IFRS and shall comply with all requirements of IFRSs. Accrual Basis of Accounting in statement preparation is when items are recognized as assets, liabilities, equity, income or expenses when they meet the definitions and recognitions criteria - except for cash flow information. Consistency Should be retained from one period to the another. Comparative Information At least 1 year of comparative information (unless impractical). Materiality and Aggregation Present separately each material class of similar assets and items of dissimilar nature or function (unless immaterial). Offsetting Not allowed to offset assets and liabilities or income and expenses, unless required or allowed by other IFRSs. Going Concern Financial statements should be prepared on a going concern basis (unless management intends to liquidate or cease trading, or has no alternative but to do so). A complete set of financial statements comprises... Statement of Financial Position (formerly Balance Sheet); Statement of Comprehensive Income (one statement approach); or Income Statement and Statement of Comprehensive Income (two statement approach); Statement of changes in equity; Statement of cash flows; and Notes to the financial statements. (contains policies and explanatory information) Identification: Financial Statements must be clearly identified and distinguished from other information in the same published document, and must identify: Name of the reporting entity; Whether the financial statements cover the individual entity or a Group of entities; The statement of financial position date (or the period covered). Notes to the financial statements: Must disclose; i) Basis of preparation, ii) Compliance with IFRS (if met), iii) Other information not in financial statements. Significant accounting policies, estimates, assumptions, and judgements must be disclosed. Additional information useful to users understanding/ decision making to be presented. Statement of Cash Flows: Provides users of financial statements with cash flow information refer to IAS 7. Financial Position: Present current and non-current items separately; OR Present items in order of LIQUIDITY (requires notes). Current Assets Expected to be realized in, or is intended for sale or consumption in the entitys normal operating cycle. Held primarily for trading. Expected to be realized within 12 months. Cash or cash equivalents. All other assets shall be classified as non- current. Current Liabilities Expected to be settled in the entitys normal operating cycle. Is held primarily for trading Due to be settled within 12 months. The entity does not have an unconditional right to defer settlement of the liability for at least 12 months. All other liabilities shall be classified as non-current Statement of Comprehensive Income: An entity presents all items of income and expense recognized in a period: - In a single Statement of Comprehensive Income, OR - In two statements: a statement displaying components of profit or loss (separate Income Statement) and a second Statement of other Comprehensive Income. Information required to be presented in the SOCI - Revenue - Finance costs - Share of profit or losses of associates and joint ventures - tax expense - Other comprehensive income includes an analysis of expenses based on their nature or function Further information required to be presented on the face or in the notes to the Statement of Comprehensive Income is detailed in IAS 1. Function vs. Nature Entities must choose between function of expense method and nature of expense method to present expense items. Statement of Changes in Equity: Information required to be presented: Total comprehensive income for the period, showing total amounts attributable to owners of the parent and non-controlling interests. The effects of retrospective application/restatement recognized in accordance with IAS 8 on each of the components of equity. For each component in equity a reconciliation between the carrying amount at the beginning and end of the period, separately disclosing each change. Capital transactions with owners and distributions to owners. Amount of dividends recognized as distributions to owners during the period. (can be disclosed in the notes). Reporting Period: Accounts presented at least annually. If longer or shorter, entity must disclose that fact.

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