Presentation of Financial Statements

International Accounting
Standard 1
Presentation of Financial
Statements
Bhupendra Mantri, FCA,

Kalani & Co., Chartered Accountants,
Jaipur (India)
Mobile: 91 98298 88810
Email: bmantri@kalanico.com
Website: www.kalanica.com
Objective
Scope
List of IFRS
IFRS 1
First Time Adoption of International

Financial Reporting Standards
IFRS 2
Share based Payment
IFRS 3
Business Combination
IFRS 4
Insurance Contracts
IFRS 5
Non current assets held for sale and

discontinued operations
IFRS 6
Exploration for and Evaluation of Mineral

Resources
IFRS 7
Financial Instruments: Disclosure
IFRS 8
Operating Segments
List of IFRS (IAS)
IAS 1
Presentation of Financial Statements
IAS 2
IAS 7
IAS 8
Inventories
Statement of Cash Flows
Accounting Policies, Changes in Accounting
Estimates and Errors
IAS 10
Events after Reporting Periods
IAS 11
IAS 12
IAS 16
Construction Contracts
Income Taxes
Property, Plant and Equipment
IAS 17
IAS 18
IAS 19
IAS 20
Leases
Revenue
Employee Benefits
Accounting for Governemnt Grants and
Disclosure of Government Assistance
List of IFRS (IAS)
IAS 21
IAS 23
IAS 24
IAS 26
The Effect of Changes in Foreign Exchange Rates

Borrowing Costs
Related Party Disclosure
Accounting and Reporting by Retire Benefit Plans
IAS 27
Consolidated and Separate Financial Statements
IAS 28
IAS 29
IAS 31
Investment in Associates
Financial Reporting in Hyperinflationary Economies
Interests in Joint Ventures
IAS 32
IAS 33
IAS 34
Financial Instruments: Presentation

Earnings Per Share
Interim Financial Reporting
IAS 36
IAS 37
Impairment of Assets
Provisions, Contingent Liabilities and Contingent Assets
List of IFRS (IAS)

IAS 38
Intangible Assets
IAS 39
Financial Instruments: Recognition and Measurement
IAS 40
Investment Property
IAS 41
Agriculture
Definitions
General Purpose Those intended to meet the needs of users who are
Financial
not in a position to require an entity to prepare
Statements
reports tailored to their particular information needs
Impracticable
Applying a requirement is impracticable when the entity

cannot apply it after making every reasonable effort do
so.
IFRSs
Standards and Interpretations adopted by the IASB. They

comprises: IFRS, IAS, Interpretation by IFRIC, SIC.
Material Omissions Are materail if they could, individually or collectively,

or misstatements influence the economic decisions that users make on the
of items
basis of financial statements.
Notes
Contain information in addition to that presented in the

statement
of
financial
position,
statement
of
comprehensive income, separate income statement(if
presented), statement of changes in equity and statement
of cash flows.
Other
comprehensive
income
Comprises items of income and expense (including

reclassification adjustments) that are not recognized in
profit or loss as required or permitted by other IFRSs.
Components of other
comprehensive income
Definitions
Owners
Are holders of instruments classified as equity.
Profit or Loss
Is the total of income less expenses, excluding the

components of other comprehensive income.
Reclassification
adjustments
are amounts reclassified to profit or loss in the current

period that were recognized in the current or previous
periods.
Total Comprehensive Is the change in equity during a period resulting from

Income
transactions and other events, other than those
changes resulting from transactions with owners in their
capacity as owners.
Total comprehensive income comprises all components
of profit or loss and of other comprehensive income.
Complete set of financial statements
General Features
Fair presentation and compliance with IFRS
Fair presentation and compliance with IFRS
Going Concern
Accrual Basis of Accounting
Materiality and aggregation
Offsetting
Frequency of reporting
Comparative Information
Consistency of presentation
Structure and content
Identification of the financial statements
Statement of financial position
Information to be presented in the statement of

financial position
Information to be presented in the

statement of financial position
Current / non current distinction
Current assets
Current liabilities
Specific Discussion (Para 70-76)
Information to be presented either in the

statement of financial position or in the notes
Statement of comprehensive
income
comprehensive income
Profit or loss for the period
Other comprehensive income for the period
comprehensive income or in notes
Analysis of Expenses
Nature of expenses method
Function of expenses method
Statement of Changes in equity

Total comprehensive income for the period
Effect of retrospective application or
retrospective restatement (IAS 8)
Reconciliation between the carrying
amount at the beginning and the end of
the period
Dividend distributed per share
Statement of cash flows IAS 7
Notes
Structure
Disclosure of Accounting Policies
Sources of estimation uncertainty
Capital
Other disclosures
Notes - Structure
Basis of preparation of the financial
statements and the specific accounting
policies
Information required by IFRSs that is not
presented elsewhere in the financial
statements
Information relevant to an understanding
of financial statements
Systemic manner, cross reference
Notes: Disclosure of Accounting Policies

Measurement basis used in preparing the
financial statements
Other accounting policies used that are
relevant to an understanding of FS
Judgments that management has made in
the process of applying the entitys
accounting policies
Notes: Sources of estimation uncertainty

Information about the assumption
Major sources of estimation uncertainty
Capital
An entity shall disclose information that
enables users of its financial statements to
evaluate the entitys objectives, policies and
processes for managing capital
Notes: Other disclosures

An entity shall disclose in the notes:
Dividend proposed or declared
Amount of any cumulative preference dividends
not recognized
Domicile and legal form of the entity, its

country of incorporation and the address of
its registered office
Description of nature of the entitys
operations and its principal activities
Name of the parent and the ultimate parent of
the group

Presentation of Financial Statements

Uploaded by

Copyright:

Available Formats

Presentation of Financial Statements

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Presentation of Financial Statements

Uploaded by

Copyright:

Available Formats

International Accounting

Bhupendra Mantri, FCA,

First Time Adoption of International

Share based Payment

Non current assets held for sale and

Exploration for and Evaluation of Mineral

Financial Instruments: Disclosure

List of IFRS (IAS)