IFRS&IAS

IAS 1 Presentation of Financial Statements

This revised Standard supersedes IAS 1 (revised 1997) Presentation of Financial Statements and should be applied for annual periods beginning on or after 1 January 2005. Earlier application is encouraged.

Contents

Introduction IN1-IN19

International Accounting Standard 1 Presentation of Financial Statements

Objective 1

Scope 2-6

Purpose of financial statements 7

Components of financial statements 8-10

Definitions 11-12

Overall considerations 13-41

Fair Presentation and Compliance with IFRSs 13-22

Going Concern 23-24

Accrual Basis of Accounting 25-26

Consistency of Presentation 27-28

Materiality and Aggregation 29-31

Offsetting 32-35

Comparative Information 36-41

Structure and content 42-126

Introduction 42-43

Identification of the Financial Statements 44-48

Reporting Period 49-50

Balance Sheet 51-77