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IAS 1 (AC 101) (revised) Presentation of Financial Statements

Effective Date Periods commencing on or after 1 January 2009 SCOPE

GENERAL FEATURES OF FINANCIAL STATEMENTS

Applicable in preparing and presenting general purpose financial statements (consolidated, separate and individual) Doesnt apply to structure and content of condensed interim financial statements prepared under IAS 34.

PURPOSE
Provide information about the financial position, financial performance and cash flows of an entity that is useful to users in making economic decisions.

COMPLETE SET
A complete set comprises: a statement of financial position, statement of comprehensive income, a statement of changes in equity, statement of cash flows, notes and a statement of financial position as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively, restates or reclassifies items.

STRUCTURE & CONTENT

IDENTIFICATION

Fair presentation and compliance with IFRSs Fair presentation requires a faithful representation of the effects of transactions and other events. Application of IFRS with additional disclosures presumed to result in fair presentation. An explicit statement of compliance with IFRS required in its notes. In this case, it should comply with all the requirements. In extremely rare circumstances, management concludes that compliance with IFRS would be misleading as it conflicts with the objectives of the financial statements set out in the framework, the entity may depart from the requirements, if the relevant regulatory framework requires, or does not otherwise prohibit such departure. Going concern An entity must prepare financial statements on a going concern basis, unless management either intend to liquidate the entity or to cease trading or has no realistic alternative but to do so. If the entity does not prepare financials on a going concern basis it must disclose this fact together with the basis of preparation and the reason why the entity is not considered a going concern. Accrual basis of accounting: Must prepare on accrual basis, except for the cash flow statement Materiality and aggregation: present separately each material class of similar item. Dissimilar items should be presented separately unless immaterial. Offsetting: shall not offset assets & liabilities or income & expenses, unless required/permitted by an IFRS. Frequency of reporting: at least annually; if end of reporting period changes & statements presented for period shorter/longer than one year, disclose reason for period change & a statement that financial statements are not entirely comparable. Comparative information: except when permitted or required otherwise, an entity shall disclose comparative information in respect of previous periods for all amounts reported in the current period. Comparative amounts should be adjusted for any reclassifications. Consistency of presentation: retain presentation & classification of items over periods, unless it is apparent another presentation or classification is more appropriate or a other IFRS requires a change in presentation

Clearly identify & distinguish financial statement from other information. Present: name of entity, whether statements are for individual or group, date of the end of the reporting period, the presentation currency & level of rounding

NOTES

STATEMENT OF FINANCIAL POSITION

STATEMENT OF COMPREHENSIVE INCOME

STATEMENT OF CASH FLOWS

Information on cash generated/utilised in terms of IAS 7 .

STATEMENT OF CHANGES IN EQUITY

Present total comprehensive income for the period; retrospective application/ restatement for each component of equity; reconciliation between opening and closing balances for each component (profit or loss, OCI, transactions with owners). Show parents share separately from NCI

Structure: systematic & cross-reference each item in the statements to the notes. Disclose: measurement basis used, other accounting policies relevant, judgements made by management that have significant effects. Disclose information about (i) assumptions made about future and other sources of estimations with significant risk of material adjustment and (ii) other judgements made with significant effect. Disclose information that enables evaluation of objectives, policies & processes for managing capital. Puttable instruments classified as equity: disclose a summary of quantitative date, its objectives, policies & processes for managing its obligation, expected cash outflow on redemption/repurchase, & information about how expected cash outflows on redemption/repurchase was determined. Other disclosure includes information on dividends, domicile & legal form, country of incorporation, address, nature of operations, principle activities, name of the parent

As a minimum present: PPE; investment property; intangible assets; financial assets; investments accounted for using the equity method; biological assets; inventories; trade and other receivables; cash and cash equivalents; assets-held-for-sale; trade and other payables; provisions; financial liabilities; current tax assets/liabilities; deferred tax assets/liabilities; liabilities associated with assets-held-for-sale; non-controlling interests (NCI) and issued capital and reserves attributable to the parent. Additional line items, headings and subtotals when relevant to an understanding of the financial position. Present current and non-current assets and liabilities as separate classifications, except when a presentation based on liquidity provides information that is reliable and more relevant. When the exception applies, an entity shall present all assets and liabilities in order of liquidity. Deferred tax may not be presented as current. Disclose the amounts expected to be recovered or settled after more than 12 months for each asset and liability line item. (irrespective of method of presentation) Disclose further sub-classifications of the line items presented, classified in a manner appropriate to the entitys operations (in notes or on face). Description of the nature and purpose of each reserve within equity and details of share capital

Single statement of comprehensive income, or two statements, a statement displaying profit/loss and a second statement beginning with profit/loss and displaying components of other comprehensive income (OCI). Include on the face: revenue, finance costs, share of profit/loss of associates & equity accounted joint ventures, tax expense, discontinued operations, profit/loss, each component of OCI, share of OCI of associates & joint ventures, & total comprehensive income. Attribute share of both P&L and OCI to owners of the parent & NCI. Profit/loss for the period: recognise all items of income & expense. OCI: disclose reclassifications relating to components of OCI, including the income tax relating to each component. Material items disclosed separately; present using classification based on either nature or function within the entity; where expenses classified by function, disclose additional information on the nature of expenses.

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