Accountancy

IAS 1

International Accounting Standard 1

Presentation of Financial Statements
This version includes amendments resulting from IFRSs issued up to 31 December 2009. IAS 1 Presentation of Financial Statements was issued by the International Accounting Standards Committee in September 1997. It replaced IAS 1 Disclosure of Accounting Policies (originally approved in 1974), IAS 5 Information tobe Disclosed in Financial Statements (originally approved in 1977) and IAS 13 Presentation of Current Assets and Current Liabilities (originally approved in 1979). In April 2001 the International Accounting Standards Board (IASB) resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. InDecember 2003 the IASB issued a revised IAS 1, and in August 2005 issued an Amendment to IAS 1—Capital Disclosures. IAS 1 and its accompanying documents were also amended by the following IFRSs: • • • • IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (issued March 2004) Actuarial Gains and Losses, Group Plans and Disclosures (Amendments to IAS 19) (issued December 2004) IFRS 7Financial Instruments: Disclosures (issued August 2005) IAS 23 Borrowing Costs (as revised in March 2007).*

In September 2007 the IASB issued a revised IAS 1, with an effective date of 1 January 2009. Since then, IAS 1 has been amended by the following IFRSs: • • • • Puttable Financial Instruments and Obligations Arising on Liquidation (Amendments to IAS 32 and IAS 1) (issued February 2008)Improvements to IFRSs (issued May 2008) Improvements to IFRSs (issued April 2009)† IFRS 9 Financial Instruments (issued November 2009).§

The following Interpretations refer to IAS 1: • • • SIC-7 Introduction of the Euro (issued May 1998 and subsequently amended) SIC-15 Operating Leases—Incentives (issued December 1998 and subsequently amended) SIC-25 Income Taxes—Changes in the Tax Status of an Entityor its Shareholders (issued December 1998 and subsequently amended)
effective date 1 January 2009 effective date 1 January 2010 effective date 1 January 2013 (earlier application permitted)

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SIC-29 Service Concession Arrangements: Disclosures (issued December 2001 and subsequently amended) SIC-32 Intangible Assets—Web Site Costs (issuedMarch 2002 and subsequently amended) IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities (issued May 2004) IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (issued July 2007) IFRIC 15 Agreements for the Construction of Real Estate (issued July 2008)* IFRIC 17 Distributions of Non-cash Assets to Owners (issuedNovember 2008)† IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments (issued November 2009).§

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effective date 1 January 2009 effective date 1 July 2009 effective date 1 July 2010 (earlier application permitted)

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CONTENTS
paragraphs INTRODUCTION IN1–IN16

INTERNATIONAL ACCOUNTING STANDARD 1 PRESENTATION OF FINANCIAL STATEMENTS
OBJECTIVESCOPE DEFINITIONS FINANCIAL STATEMENTS Purpose of financial statements Complete set of financial statements General features Fair presentation and compliance with IFRSs Going concern Accrual basis of accounting Materiality and aggregation Offsetting Frequency of reporting Comparative information Consistency of presentation STRUCTURE AND CONTENT Introduction Identification of the financial statementsStatement of financial position Information to be presented in the statement of financial position Current/non-current distinction Current assets Current liabilities Information to be presented either in the statement of financial position or in the notes Statement of comprehensive income Information to be presented in the statement of comprehensive income Profit or loss for the period Other...