3/19/2017 IAS1PresentationofFinancialStatements

IAS1PresentationofFinancialStatements

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Overview
IAS1PresentationofFinancialStatementssetsouttheoverallreq uirementsforfinancialstatements,includinghowtheyshouldbestructured,theminimumreq uirementsfor
theircontentandoverridingconceptssuchasgoingconcern,theaccrualbasisofaccountingandthecurrent/noncurrentdistinction.Thestandardrequiresacompleteset
offinancialstatementstocompriseastatementoffinancialposition,astatementofprofitorlossandothercomp reh ensiveincome,astatementofchangesinequityanda
statementofcashflows.

IAS1wasreissuedinSeptember2007andappliestoannualperiodsbeginningonorafter1January2009.

HistoryofIAS1
Date Dev elopment Comments
March1974 ExposureDraftE1DisclosureofAccountingPolicies
January1975 IAS1DisclosureofAccountingPoliciesissued Operativeforperiodsbeginningonorafter1January1975
June1975 ExposureDraftE5InformationtoBeDisclosedinFinancialStatementspublished
October1976 IAS5InformationtoBeDisclosedinFinancialStatementsissued Operativeforperiodsbeginningonorafter1January1975
July1978 ExposureDraftE14CurrentAssetsandCurrentLia b ilitiespublished
November1979 IAS13PresentationofCurrentAssetsandCurrentLia b ilitiesissued Operativeforperiodsbeginningonorafter1January1981
1994 IAS1,IAS5,andIAS13reformatted
July1996 ExposureDraftE53PresentationofFinancialStatementspublished
August1997 IAS1PresentationofFinancialStatements(1997)issued Operativeforperiodsbeginningonorafter1July1998
(Sup ersedesIAS1(1975),IAS5,andIAS13(1979))
18December2003IAS1PresentationofFinancialStatements(2003)issued Effectiveforannualperiodsbeginningonorafter1January
2005
18August2005 AmendedbyAmendmenttoIAS1CapitalDisclosures Effectiveforannualperiodsbeginningonorafter1January
2007
16March2006 ExposureDraftProposedAmendmentstoIAS1ARevisedPresentationpublished Commentdeadline17July2006
22June2006 ExposureDraftFinancialInstrumentsPuttableatFairValueandObliga tionsArisingonLiq Commentdeadline23October2006
uid ationpublished
6September2007 IAS1PresentationofFinancialStatements(2007)issued Effectiveforannualperiodsbeginningonorafter1January
2009
14February2008 AmendedbyPuttableFinancialInstrumentsandObliga tionsArisingonLiqu id ation Effectiveforannualreportingperiodsbeginningonorafter1
January2009
22May2008 AmendedbyAnnualImp rovementstoIFRSs2007(classificationofderiva tivesascurrent Effectiveforannualreportingperiodsbeginningonorafter1
ornoncurrent) January2009
16April2009 AmendedbyImp rovementstoIFRSs2009(classificationoflia b ilitiesascurrent) Effectiveforannualperiodsbeginningonorafter1January
2010
6May2010 AmendedbyImp rovementstoIFRSs2010(clarificationofstatementofchangesinequity) Effectiveforannualperiodsbeginningonorafter1January
2011
27May2010 ExposureDraftED/2010/5PresentationofItemsofOtherComp reh ensiveIncome Commentdeadline30September2010
published
16June2011 AmendedbyPresentationofItemsofOtherComp reh ensiveIncome Effectiveforannualperiodsbeginningonorafter1July2012
17May2012 AmendedbyAnnualImp rovements20092011Cycle(comp ara tiveinformation) Effectiveforannualperiodsbeginningonorafter1January
2013
18December2014AmendedbyDisclosureInitiative(AmendmentstoIAS1)(projecthistory) Effectiveforannualperiodsbeginningonorafter1January
2016
RelatedInterpretations
IAS1(2003)sup ersededSIC18ConsistencyAltern ativeMethods
IFRIC17Distrib u tionsofNoncashAssetstoOwners
SIC27Evalu a tingtheSubstanceofTransa ctionsintheLegalFormofaLease
SIC29DisclosureServiceConcessionArrangements

Amendmentsunderconsideration
IAS1Disclosuresaboutgoingconcern
IAS1Classificationoflia b ilities
DisclosureinitiativePrincip lesofdisclosure(researchproject)
DisclosureinitiativeMateria lity(researchproject)

SummaryofIAS1
ObjectiveofIAS1

TheobjectiveofIAS1(2007)istoprescribethebasisforpresentationofgeneralpurposefinancialstatements,toensurecomp arab ilitybothwiththeentity'sfinancialstate

mentsofpreviousperiodsandwiththefinancialstatementsofotherentities.IAS1setsouttheoverallreq uirementsforthepresentationoffinancialstatements,guidelines
fortheirstructureandminimumreq uirementsfortheircontent.[IAS1.1]Standardsforrecogn ising,measuring,anddisclosingspecifictransa ctionsareaddressedinother
StandardsandInterp retations.[IAS1.3]
Scope

IAS1appliestoallgeneralpurposefinancialstatementsthatarepreparedandpresentedinaccord ancewithInternationalFinancialReportingStandards(IFRSs).[IAS1.2]

Generalpurposefinancialstatementsarethoseintendedtoserveuserswhoarenotinapositiontorequirefinancialreportstailoredtotheirparticu larinformationneeds.
[IAS1.7]
Objectiveoffinancialstatements

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Theobjectiveofgeneralpurposefinancialstatementsistoprovideinformationaboutthefinancialposition,financialperformance,andcashflowsofanentitythatisuseful
toawiderangeofusersinmakingeconomicdecisions.Tomeetthatobjective,financialstatementsprovideinformationaboutanentity's:[IAS1.9]
assets
lia b ilities
equity
incomeandexpenses,includinggainsandlosses
contrib utionsbyanddistrib u tionstoowners(intheircapacityasowners)
cashflows.

Thatinformation,alongwithotherinformationinthenotes,assistsusersoffinancialstatementsinpred ictingtheentity'sfuturecashflowsand,inparticu lar,theirtimingand

certainty.
Componentsoffinancialstatements

Acompletesetoffinancialstatementsincludes:[IAS1.10]
astatementoffinancialposition(balancesheet)attheendoftheperiod
astatementofprofitorlossandothercomp reh ensiveincomefortheperiod(presentedasasinglestatement,orbypresentingtheprofitorlosssectioninaseparate
statementofprofitorloss,immed ia telyfollowedbyastatementpresentingcomp reh ensiveincomebeginningwithprofitorloss)
astatementofchangesinequityfortheperiod
astatementofcashflowsfortheperiod
notes,comp risingasummaryofsign ificantaccountingpoliciesandotherexp lanatorynotes
comp ara tiveinformationprescribedbythestandard.

Anentitymayusetitlesforthestatementsotherthanthosestatedabove.Allfinancialstatementsarerequiredtobepresentedwithequalpromin ence.[IAS1.10]

Whenanentityappliesanaccountingpolicyretrospectivelyormakesaretrospectiverestatementofitemsinitsfinancialstatements,orwhenitreclassifiesitemsinits
financialstatements,itmustalsopresentastatementoffinancialposition(balancesheet)asatthebeginningoftheearliestcomp ara tiveperiod.

Reportsthatarepresentedoutsideofthefinancialstatementsincludingfinancialreviewsbymana gement,environmentalreports,andvalueaddedstatementsare
outsidethescopeofIFRSs.[IAS1.14]
Fairpres entationandcomplia ncewithIFRSs

Thefinancialstatementsmust"presentfairly"thefinancialposition,financialperformanceandcashflowsofanentity.Fairpresentationrequiresthefaithfulrepresentationof
theeffectsoftransa ctions,otherevents,andcond itionsinaccord ancewiththedefin itionsandrecogn itioncriteriaforassets,lia b ilities,incomeandexpensessetoutinthe
Framework.Theapp licationofIFRSs,withadd itionaldisclosurewhennecessary,ispresumedtoresultinfinancialstatementsthatachieveafairpresentation.[IAS1.15]

IAS1requiresanentitywhosefinancialstatementscomplywithIFRSstomakeanexplicitandunreservedstatementofsuchcomp lia nceinthenotes.Financialstatements

cannotbedescribedascomplyingwithIFRSsunlesstheycomplywithallthereq uirementsofIFRSs(whichincludesInternationalFinancialReportingStandards,
InternationalAccountingStandards,IFRICInterp retationsandSICInterp retations).[IAS1.16]

Ina pp rop ria teaccountingpoliciesarenotrectifiedeitherbydisclosureoftheaccountingpoliciesusedorbynotesorexp lanatorymaterial.[IAS1.18]

IAS1acknowle dgesthat,inextremelyrarecircumstances,mana gementmayconcludethatcomp lia ncewithanIFRSreq uirementwouldbesomisleadingthatitwould

conflictwiththeobjectiveoffinancialstatementssetoutintheFramework.Insuchacase,theentityisrequiredtodepartfromtheIFRSreq uirement,withdetaileddisclosure
ofthenature,reasons,andimpactofthedeparture.[IAS1.1921]
Goingconcern

TheConceptualFrameworknotesthatfinancialstatementsarenormallypreparedassumingtheentityisagoingconcernandwillcontinueinoperationfortheforeseea ble
future.[ConceptualFramework,paragraph4.1]

IAS1requiresmana gementtomakeanassessmentofanentity'sabilitytocontinueasagoingconcern.Ifmana gementhassign ificantconcernsabouttheentity'sabilityto

continueasagoingconcern,theuncertaintiesmustbedisclosed.Ifmana gementconcludesthattheentityisnotagoingconcern,thefinancialstatementsshouldnotbe
preparedonagoingconcernbasis,inwhichcaseIAS1requiresaseriesofdisclosures.[IAS1.25]
Accrualbasisofaccounting

IAS1requiresthatanentityprepareitsfinancialstatements,exceptforcashflowinformation,usingtheaccrualbasisofaccounting.[IAS1.27]

Cons istencyofpres entation

Thepresentationandclassificationofitemsinthefinancialstatementsshallberetainedfromoneperiodtothenextunlessachangeisjustifiedeitherbyachangeincircum
stancesorareq uirementofanewIFRS.[IAS1.45]
Materia lityandaggregation

Eachmaterialclassofsimilaritemsmustbepresentedsepa ratelyinthefinancialstatements.Dissimilaritemsmaybeagg reg atedonlyiftheareind ividu a llyimmaterial.[IAS

1.29]

However,informationshouldnotbeobscuredbyagg reg atingorbyprovidingimmaterialinformation,materia lityconside ra tionsapplytotheallpartsofthefinancialstate

ments,andevenwhenastandardrequiresaspecificdisclosure,materia lityconside ra tionsdoapply.[IAS1.30A31]*

*AddedbyDisclosureInitiative(AmendmentstoIAS1),effective1January2016.

Offs etting

Assetsandlia b ilities,andincomeandexpenses,maynotbeoffsetunlessrequiredorpermittedbyanIFRS.[IAS1.32]
Compara tiveinformation

IAS1requiresthatcomp ara tiveinformationtobedisclosedinrespectofthepreviousperiodforallamountsreportedinthefinancialstatements,bothonthefaceofthe

financialstatementsandinthenotes,unlessanotherStandardrequiresotherwise.Comp ara tiveinformationisprovidedfornarrativeanddescriptivewhereitisrelevantto
und erstandingthefinancialstatementsofthecurrentperiod.[IAS1.38]

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Anentityisrequiredtopresentatleasttwoofeachofthefollowingprimaryfinancialstatements:[IAS1.38A]
statementoffinancialposition*
statementofprofitorlossandothercomp reh ensiveincome
separatestatementsofprofitorloss(wherepresented)
statementofcashflows
statementofchangesinequity
relatednotesforeachoftheaboveitems.

*Athirdstatementoffinancialpositionisrequiredtobepresentediftheentityretrospectivelyappliesanaccountingpolicy,restatesitems,orreclassifiesitems,andthose
adjustmentshadamaterialeffectontheinformationinthestatementoffinancialpositionatthebeginningofthecomp ara tiveperiod.[IAS1.40A]

Wherecomp ara tiveamountsarechangedorreclassified,variousdisclosuresarerequired.[IAS1.41]

Structureandcontentoffinancialstatementsingeneral

IAS1requiresanentitytoclearlyidentify:[IAS1.4951]
thefinancialstatements,whichmustbedisting uishedfromotherinformationinapublisheddocument
eachfinancialstatementandthenotestothefinancialstatements.
Inaddition,thefollowinginformationmustbedisplayedpromin ently,andrepeatedasnecessary:[IAS1.51]
thenameofthereportingentityandanychangeinthename
whetherthefinancialstatementsareagroupofentitiesoranind ividu alentity
informationaboutthereportingperiod
thepresentationcurrency(asdefinedbyIAS21TheEffectsofChangesinForeignExchangeRates)
thelevelofroundingused(e.g.thousands,millions).
Reportingperiod

Thereisapresumptionthatfinancialstatementswillbepreparedatleastannually.Iftheannualreportingperiodchangesandfinancialstatementsarepreparedfora
differentperiod,theentitymustdisclosethereasonforthechangeandstatethatamountsarenotentirelycomp arab le.[IAS1.36]

Statementoffinancialposition(balancesheet)

Currentandnoncurrentclass ific ation

Anentitymustnormallypresentaclassifiedstatementoffinancialposition,sepa ratingcurrentandnoncurrentassetsandlia b ilities,unlesspresentationbasedonliquidity

providesinformationthatisreliable.[IAS1.60]Ineithercase,ifanasset(liability)categorycombinesamountsthatwillbereceived(settled)after12monthswithassets(lia
bilities)thatwillbereceived(settled)within12months,notedisclosureisrequiredthatseparatesthelongertermamountsfromthe12monthamounts.[IAS1.61]

Currentassetsareassetsthatare:[IAS1.66]
expectedtoberealisedintheentity'snormaloperatingcycle
heldprimarilyforthepurposeoftrading
expectedtoberealisedwithin12monthsafterthereportingperiod
cashandcashequiva lents(unlessrestricted).
Allotherassetsarenoncurrent.[IAS1.66]
Currentlia b ilitiesarethose:[IAS1.69]
expectedtobesettledwithintheentity'snormaloperatingcycle
heldforpurposeoftrading
duetobesettledwithin12months
forwhichtheentitydoesnothaveanuncond itionalrighttodefersettlementbeyond12months(settlementbytheissueofequityinstrumentsdoesnotimpactclassi
fication).
Otherlia b ilitiesarenoncurrent.
Whenalongtermdebtisexpectedtoberefin ancedunderanexistingloanfacility,andtheentityhasthediscretiontodoso,thedebtisclassifiedasnoncurrent,evenifthe
liabilitywouldotherwisebeduewithin12months.[IAS1.73]

Ifaliabilityhasbecomepayableondemandbecauseanentityhasbreachedanund ertakingunderalongtermloanagreementonorbeforethereportingdate,theliability
iscurrent,evenifthelenderhasagreed,afterthereportingdateandbeforetheauthorisationofthefinancialstatementsforissue,nottodemandpaymentasaconse
quenceofthebreach.[IAS1.74]However,theliabilityisclassifiedasnoncurrentifthelenderagreedbythereportingdatetoprovideaperiodofgraceendingatleast12
monthsaftertheendofthereportingperiod,withinwhichtheentitycanrectifythebreachandduringwhichthelendercannotdemandimmediaterepayment.[IAS1.75]

Lineitems

Thelineitemstobeincludedonthefaceofthestatementoffinancialpositionare:[IAS1.54]
(a) property,plantandequipment
(b) investmentproperty
(c) intang ib leassets
(d) financialassets(excludingamountsshownunder(e),(h),and(i))
(e) investmentsaccountedforusingtheequitymethod
(f) bio logicalassets
(g) inventories
(h) tradeandotherreceiva bles
(i) cashandcashequiva lents
(j) assetsheldforsale
(k) tradeandotherpayables

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(l) provisions
(m)financiallia b ilities(excludingamountsshownunder(k)and(l))
(n) currenttaxlia b ilitiesandcurrenttaxassets,asdefinedinIAS12
(o) deferredtaxlia b ilitiesanddeferredtaxassets,asdefinedinIAS12
(p) lia b ilitiesincludedindisposalgroups
(q) noncontrollinginterests,presentedwithinequity
(r) issuedcapitalandreservesattribu ta bletoownersoftheparent.
Add itionallineitems,headingsandsubtotalsmaybeneededtofairlypresenttheentity'sfinancialposition.[IAS1.55]
Whenanentitypresentssubtotals,thosesubtotalsshallbecomprisedoflineitemsmadeupofamountsrecogn isedandmeasuredinaccord ancewithIFRSbepresented
andlabelledinaclearandund erstanda blemannerbeconsistentfromperiodtoperiodandnotbedisplayedwithmorepromin encethantherequiredsubtotalsandtotals.
[IAS1.55A]*
*AddedbyDisclosureInitiative(AmendmentstoIAS1),effective1January2016.

Furthersubclassificationsoflineitemspresentedaremadeinthestatementorinthenotes,forexample:[IAS1.7778]:
classesofproperty,plantandequipment
disa gg reg ationofreceiva bles
disa gg reg ationofinventoriesinaccord ancewithIAS2Inventories
disa gg reg ationofprovisionsintoemployeebenefitsandotheritems
classesofequityandreserves.

Formatofstatement

IAS1doesnotprescribetheformatofthestatementoffinancialposition.Assetscanbepresentedcurrentthennoncurrent,orviceversa,andlia b ilitiesandequitycanbe
presentedcurrentthennoncurrentthenequity,orviceversa.Anetassetpresentation(assetsminuslia b ilities)isallowed.ThelongtermfinancingapproachusedinUKand
elsewherefixedassets+currentassetsshorttermpayables=longtermdebtplusequityisalsoaccepta ble.

Sharecapitalandreserves

Regardingissuedsharecapitalandreserves,thefollowingdisclosuresarerequired:[IAS1.79]
numbersofsharesauthorised,issuedandfullypaid,andissuedbutnotfullypaid
parvalue(orthatsharesdonothaveaparvalue)
areco ncilia tionofthenumberofsharesoutstandingatthebeginningandtheendoftheperiod
descriptionofrights,prefe re nces,andrestrictions
treasuryshares,includingsharesheldbysubsidiariesandassocia tes
sharesreservedforissuanceunderoptionsandcontracts
adescriptionofthenatureandpurposeofeachreservewithinequity.

Add itionaldisclosuresarerequiredinrespectofentitieswithoutsharecapitalandwhereanentityhasreclassifiedputtablefinancialinstruments.[IAS1.8080A]
Statementofprofitorlossandothercomprehens iveincome

Conceptsofprofitorlossandcomprehens iveincome

Profitorlossisdefinedas"thetotalofincomelessexpenses,excludingthecomp on entsofothercomp reh ensiveincome".Othercomp reh ensiveincomeisdefinedascom

prising"itemsofincomeandexpense(includingreclassificationadjustments)thatarenotrecogn isedinprofitorlossasrequiredorpermittedbyotherIFRSs".Totalcomp re
hensiveincomeisdefinedas"thechangeinequityduringaperiodresultingfromtransa ctionsandotherevents,otherthanthosechangesresultingfromtransa ctionswith
ownersintheircapacityasowners".[IAS1.7]

Comp reh ensiveincome = Profit + Other

fortheperiod orloss comp reh ensiveincome

Allitemsofincomeandexpenserecogn isedinaperiodmustbeincludedinprofitorlossunlessaStandardoranInterp retationrequiresotherwise.[IAS1.88]SomeIFRSs

requireorpermitthatsomecomp on entstobeexcludedfromprofitorlossandinsteadtobeincludedinothercomp reh ensiveincome.
Examplesofitemsrecognisedoutsideofprofitorloss
Changesinrevalu a tionsurpluswheretherevalu a tionmethodisusedunderIAS16Property,PlantandEquipmentandIAS38Intang ib leAssets
Remeasurementsofanetdefinedbenefitliabilityorassetrecogn isedinaccord ancewithIAS19EmployeeBenefits(2011)
Exchangediffere ncesfromtranslatingfunctionalcurrenciesintopresentationcurrencyinaccord ancewithIAS21TheEffectsofChangesinForeignExchangeRates
Gainsandlossesonremeasuringavaila bleforsalefinancialassetsinaccord ancewithIAS39FinancialInstruments:Recogn itionandMeasurement
TheeffectiveportionofgainsandlossesonhedginginstrumentsinacashflowhedgeunderIAS39orIFRS9FinancialInstruments
Gainsandlossesonremeasuringaninvestmentinequityinstrumentswheretheentityhaselectedtopresenttheminothercomp reh ensiveincomeinaccord ance
withIFRS9
Theeffectsofchangesinthecreditriskofafinancialliabilitydesign atedasatfairvaluethroughprofitandlossunderIFRS9.

Inaddition,IAS8AccountingPolicies,ChangesinAccountingEstimatesandErrorsrequiresthecorrectionoferrorsandtheeffectofchangesinaccountingpoliciestobe
recogn isedoutsideprofitorlossforthecurrentperiod.[IAS1.89]

Choiceinpres entationandbasicrequirements

Anentityhasachoiceofpresenting:

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asinglestatementofprofitorlossandothercomp reh ensiveincome,withprofitorlossandothercomp reh ensiveincomepresentedintwosections,or
twostatements:
aseparatestatementofprofitorloss
astatementofcomp reh ensiveincome,immed ia telyfollowingthestatementofprofitorlossandbeginningwithprofitorloss[IAS1.10A]

Thestatement(s)mustpresent:[IAS1.81A]
profitorloss
totalothercomp reh ensiveincome
comp reh ensiveincomefortheperiod
anallocationofprofitorlossandcomp reh ensiveincomefortheperiodbetweennoncontrollinginterestsandownersoftheparent.

Profitorlosssectionorstatement

Thefollowingminimumlineitemsmustbepresentedintheprofitorlosssection(orseparatestatementofprofitorloss,ifpresented):[IAS1.8282A]
revenue
gainsandlossesfromthederecogn itionoffinancialassetsmeasuredatamortisedcost
financecosts
shareoftheprofitorlossofassocia tesandjointventuresaccountedforusingtheequitymethod
certaingainsorlossesassocia tedwiththereclassificationoffinancialassets
taxexpense
asingleamountforthetotalofdiscontinu editems

Expensesrecogn isedinprofitorlossshouldbeanalysedeitherbynature(rawmaterials,staffingcosts,dep recia tion,etc.)orbyfunction(costofsales,selling,administra

tive,etc).[IAS1.99]Ifanentitycate g orisesbyfunction,thenadd itionalinformationonthenatureofexpensesataminimumdep recia tion,amortisationandemployee
benefitsexpensemustbedisclosed.[IAS1.104]

Othercomprehens iveincomesection

Theothercomp reh ensiveincomesectionisrequiredtopresentlineitemswhichareclassifiedbytheirnature,andgroupedbetweenthoseitemsthatwillorwillnotbereclas

sifiedtoprofitandlossinsubseq uentperiods.[IAS1.82A]

Anentity'sshareofOCIofequ ityaccountedassocia tesandjointventuresispresentedinaggregateassinglelineitemsbasedonwhetherornotitwillsubseq uentlybere

classifiedtoprofitorloss.[IAS1.82A]*

*ClarifiedbyDisclosureInitiative(AmendmentstoIAS1),effective1January2016.

Whenanentitypresentssubtotals,thosesubtotalsshallbecomprisedoflineitemsmadeupofamountsrecogn isedandmeasuredinaccord ancewithIFRSbepresented

andlabelledinaclearandund erstanda blemannerbeconsistentfromperiodtoperiodnotbedisplayedwithmorepromin encethantherequiredsubtotalsandtotalsand
reco nciledwiththesubtotalsortotalsrequiredinIFRS.[IAS1.85A85B]*

*AddedbyDisclosureInitiative(AmendmentstoIAS1),effective1January2016.

Otherrequirements

Add itionallineitemsmaybeneededtofairlypresenttheentity'sresultsofope ra tions.[IAS1.85]

Itemscannotbepresentedas'extrao rd in aryitems'inthefinancialstatementsorinthenotes.[IAS1.87]

Certainitemsmustbedisclosedsepa ratelyeitherinthestatementofcomp reh ensiveincomeorinthenotes,ifmaterial,including:[IAS1.98]

writedownsofinventoriestonetrea lisa blevalueorofproperty,plantandequipmenttorecove ra bleamount,aswellasreversalsofsuchwritedowns
restructuringsoftheactivitiesofanentityandreversalsofanyprovisionsforthecostsofrestructuring
disposalsofitemsofproperty,plantandequipment
disposalsofinvestments
discontinu ingope ra tions
litig ationsettlements
otherreversalsofprovisions
Statementofcashflows

Ratherthansettingoutseparatereq uirementsforpresentationofthestatementofcashflows,IAS1.111referstoIAS7StatementofCashFlows.
Statementofchangesinequity

IAS1requiresanentitytopresentaseparatestatementofchangesinequity.Thestatementmustshow:[IAS1.106]
totalcomp reh ensiveincomefortheperiod,showingsepa ratelyamountsattribu ta bletoownersoftheparentandtononcontrollinginterests
theeffectsofanyretrospectiveapp licationofaccountingpoliciesorrestatementsmadeinaccord ancewithIAS8,sepa ratelyforeachcomponentofothercomp re
hensiveincome
reco ncilia tionsbetweenthecarryingamountsatthebeginningandtheendoftheperiodforeachcomponentofequity,sepa ratelydisclosing:
profitorloss
othercomp reh ensiveincome*
transa ctionswithowners,showingsepa ratelycontrib utionsbyanddistrib u tionstoownersandchangesinownershipinterestsinsubsidiariesthatdonot
resultinalossofcontrol

*Ananalysisofothercomp reh ensiveincomebyitemisrequiredtobepresentedeitherinthestatementorinthenotes.[IAS1.106A]

Thefollowingamountsmayalsobepresentedonthefaceofthestatementofchangesinequity,ortheymaybepresentedinthenotes:[IAS1.107]

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amountofdividendsrecogn isedasdistrib u tions

therelatedamountpershare.
Notestothefinancialstatements

Thenotesmust:[IAS1.112]
presentinformationaboutthebasisofpreparationofthefinancialstatementsandthespecificaccountingpoliciesused
discloseanyinformationrequiredbyIFRSsthatisnotpresentedelsewhereinthefinancialstatementsand
provideadd itionalinformationthatisnotpresentedelsewhereinthefinancialstatementsbutisrelevanttoanund erstandingofanyofthem

Notesarepresentedinasystema ticmannerandcrossrefe re ncedfromthefaceofthefinancialstatementstotherelevantnote.[IAS1.113]

IAS1.114suggeststhatthenotesshouldnormallybepresentedinthefollowingorder:*
astatementofcomp lia ncewithIFRSs
asummaryofsign ificantaccountingpoliciesapplied,including:[IAS1.117]
themeasurementbasis(orbases)usedinpreparingthefinancialstatements
theotheraccountingpoliciesusedthatarerelevanttoanund erstandingofthefinancialstatements
supp ortinginformationforitemspresentedonthefaceofthestatementoffinancialposition(balancesheet),statement(s)ofprofitorlossandothercomp reh ensive
income,statementofchangesinequityandstatementofcashflows,intheorderinwhicheachstatementandeachlineitemispresented
otherdisclosures,including:
conting entlia b ilities(seeIAS37)andunrecogn isedcontractualcommitments
nonfin ancialdisclosures,suchastheentity'sfinancialriskmana gementobjectivesandpolicies(seeIFRS7FinancialInstruments:Disclosures)

*DisclosureInitiative(AmendmentstoIAS1),effective1January2016,clarifiesthisorderjusttobeanexampleofhownotescanbeorderedandaddsadd itionalexamples
ofpossiblewaysoforderingthenotestoclarifythatund erstanda bilityandcomp arab ilityshouldbeconside redwhendeterminingtheorderofthenotes.
Otherdisc los ures

Judgementsandkeyass umptions

Anentitymustdisclose,inthesummaryofsign ificantaccountingpoliciesorothernotes,thejudgements,apartfromthoseinvolvingestimations,thatmana gementhasmade

intheprocessofapplyingtheentity'saccountingpoliciesthathavethemostsign ificanteffectontheamountsrecogn isedinthefinancialstatements.[IAS1.122]

ExamplescitedinIAS1.123includemana gement'sjudgementsindetermining:
whensubstantiallyallthesign ificantrisksandrewardsofownershipoffinancialassetsandleaseassetsaretransferredtootherentities
whether,insubstance,particu larsalesofgoodsarefinancingarrangementsandthereforedonotgiverisetorevenue.

Anentitymustalsodisclose,inthenotes,informationaboutthekeyassumptionsconcerningthefuture,andotherkeysourcesofestimationuncertaintyattheendofthe
reportingperiod,thathaveasign ificantriskofcausingamaterialadjustmenttothecarryingamountsofassetsandlia b ilitieswithinthenextfinancialyear.[IAS1.125]These
disclosuresdonotinvolvedisclosingbudgetsorforecasts.[IAS1.130]

Dividends

Inadditiontothedistrib u tionsinformationinthestatementofchangesinequity(seeabove),thefollowingmustbedisclosedinthenotes:[IAS1.137]
theamountofdividendsproposedordeclaredbeforethefinancialstatementswereauthorisedforissuebutwhichwerenotrecogn isedasadistrib u tiontoowners
duringtheperiod,andtherelatedamountpershare
theamountofanycumulativeprefe re ncedividendsnotrecogn ised.

Capitaldisc los ures

Anentitydisclosesinformationaboutitsobjectives,policiesandprocessesformanagingcapital.[IAS1.134]Tocomplywiththis,thedisclosuresinclude:[IAS1.135]
qualitativeinformationabouttheentity'sobjectives,policiesandprocessesformanagingcapital,including>
descriptionofcapitalitmanages
natureofexternalcapitalreq uirements,ifany
howitismeetingitsobjectives
quantitativedataaboutwhattheentityregardsascapital
changesfromoneperiodtoanother
whethertheentityhascompliedwithanyexternalcapitalreq uirementsand
ifithasnotcomplied,theconseq uencesofsuchnoncomp lia nce.

Puttablefinancialins truments

IAS1.136Arequiresthefollowingadd itionaldisclosuresifanentityhasaputtableinstrumentthatisclassifiedasanequityinstrument:
summaryquantitativedataabouttheamountclassifiedasequity
theentity'sobjectives,policiesandprocessesformanagingitsobliga tiontorep urchaseorredeemtheinstrumentswhenrequiredtodosobytheinstrumentholders,
includinganychangesfromthepreviousperiod
theexpectedcashoutflowonred emptionorrep urchaseofthatclassoffinancialinstrumentsand
informationabouthowtheexpectedcashoutflowonred emptionorrep urchasewasdetermined.

Otherinformation

ThefollowingothernotedisclosuresarerequiredbyIAS1ifnotdisclosedelsewhereininformationpublishedwiththefinancialstatements:[IAS1.138]
domicileandlegalformoftheentity
countryofincorp oration

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3/19/2017 IAS1PresentationofFinancialStatements
addressofregisteredofficeorprincipalplaceofbusiness
descriptionoftheentity'sope ra tionsandprincipalactivities
ifitispartofagroup,thenameofitsparentandtheultimateparentofthegroup
ifitisalimitedlifeentity,informationregardingthelengthofthelife
Terminology

The2007comp reh ensiverevisiontoIAS1introd ucedsomenewtermin olo gy.Conseq uentialamendmentsweremadeatthattimetoalloftheotherexistingIFRSs,andthe

newtermin olo gyhasbeenusedinsubseq uentIFRSsincludingamendments.IAS1.8states:"AlthoughthisStandardusestheterms'othercomp reh ensiveincome','profitor
loss'and'totalcomp reh ensiveincome',anentitymayuseothertermstodescribethetotalsaslongasthemeaningisclear.Forexample,anentitymayusetheterm'net
income'todescribeprofitorloss."Also,IAS1.57(b)states:"Thedescriptionsusedandtheorderingofitemsoragg reg ationofsimilaritemsmaybeamendedaccordingto
thenatureoftheentityanditstransa ctions,toprovideinformationthatisrelevanttoanund erstandingoftheentity'sfinancialposition."
Termbefore2007revisionofIAS1 TermasamendedbyIAS1(2007)
balancesheet statementoffinancialposition
cashflowstatement statementofcashflows
incomestatement statementofcomp reh ensiveincome(incomestatementisretainedincaseofatwostatementapproach)
recogn isedintheincomestatement recogn isedinprofitorloss
recogn ised[directly]inequity(onlyforOCIcomp on ents) recogn isedinothercomp reh ensiveincome
recogn ised[directly]inequity(forrecogn itionbothinOCIand recogn isedoutsideprofitorloss(eitherinOCIorequity)
equity)
removedfromequityandrecogn isedinprofitorloss('recycling') reclassifiedfromequitytoprofitorlossasareclassificationadjustment
Standardor/andInterp retation IFRSs
onthefaceof in
equityholders owners(exceptionfor'ordinaryequityholders')
balancesheetdate endofthereportingperiod
reportingdate endofthereportingperiod
afterthebalancesheetdate afterthereportingperiod
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