Effective Date :
Annual periods beginning on or after 1 January 2005.
Objective :
To set out the overall framework for presenting general-purpose financial statements, including guidelines for their structure and the minimum content.
Summary :
• Fundamental principles underlying the preparation of financial statements, including going concern assumption, consistency in presentation and classification, accrual basis of accounting, and materiality.
• Assets and liabilities, and income and expenses, may not be offset unless offsetting is permitted or required by another IFRS.
• Comparative prior-period information must be presented for amounts shown in the financial statements and notes.
• A complete set of financial statements should include a balance sheet, income statement, statement of changes in equity, cash flow statement, accounting policies and explanatory notes.
• The statement of changes in equity must show either:
- all changes in equity; or
- changes in equity other than those arising from transactions with equity holders acting in their capacity as equity holders.
• Financial statements generally to be prepared annually. If the date of the year end changes, and financial statements are presented for a period other than one year, disclosure thereof is required.
• Current/non-current distinction for assets and liabilities is normally required. In general 21 post-balance sheet events are not considered in classifying items as current or non-current.
• IAS 1 specifies minimum line items to be presented on the face of the balance sheet, income statement, and statement of changes in equity, and includes guidance for identifying additional line items.
• IAS 1 specifies minimum note disclosures. These must include information about:
- accounting policies followed;
- the judgements that management has made in the process of applying the entity’s accounting policies that have the most significant effect on the amounts recognised in the financial statements;
and
- the key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Interpretations SIC 29, Disclosure – Service Concession Arrangements
Disclosure is required if an entity agrees to provide services that give the public access to major economic and social facilities.
Annual periods beginning on or after 1 January 2005.
Objective :
To set out the overall framework for presenting general-purpose financial statements, including guidelines for their structure and the minimum content.
Summary :
• Fundamental principles underlying the preparation of financial statements, including going concern assumption, consistency in presentation and classification, accrual basis of accounting, and materiality.
• Assets and liabilities, and income and expenses, may not be offset unless offsetting is permitted or required by another IFRS.
• Comparative prior-period information must be presented for amounts shown in the financial statements and notes.
• A complete set of financial statements should include a balance sheet, income statement, statement of changes in equity, cash flow statement, accounting policies and explanatory notes.
• The statement of changes in equity must show either:
- all changes in equity; or
- changes in equity other than those arising from transactions with equity holders acting in their capacity as equity holders.
• Financial statements generally to be prepared annually. If the date of the year end changes, and financial statements are presented for a period other than one year, disclosure thereof is required.
• Current/non-current distinction for assets and liabilities is normally required. In general 21 post-balance sheet events are not considered in classifying items as current or non-current.
• IAS 1 specifies minimum line items to be presented on the face of the balance sheet, income statement, and statement of changes in equity, and includes guidance for identifying additional line items.
• IAS 1 specifies minimum note disclosures. These must include information about:
- accounting policies followed;
- the judgements that management has made in the process of applying the entity’s accounting policies that have the most significant effect on the amounts recognised in the financial statements;
and
- the key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Interpretations SIC 29, Disclosure – Service Concession Arrangements
Disclosure is required if an entity agrees to provide services that give the public access to major economic and social facilities.
