IAS 1 Presentation of Financial Statement

IAS 1 Presentation of Financial Statement:
Objectives--Provide information about Financial Position, Performance & Cash Flow of the entity.

Components--complete set inclusive of :-

1. Balance Sheet
2. Income Statement
   
3. A separate Statement of changes in Equity
4. Cash Flow Statement
5. Accounting Policies and explanatory Notes
   

While preparing the Financial Statements one should always consider following :-

• Applying appropriate Accounting Policies and compliance with IFRS
• Going Concern Assumption
  
• Accrual Basis of Accounting
  
• consistency of presentation (unless it will result in more appropriate presentation or required by a standard
• Materiality concept
• Comparative Information : previous period info should be mentioned unless a statement requires otherwise