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 Fair Presentation and Compliance with

 Explicit and unreserved statement of compliance
in the notes.
 Inappropriate accounting policies are not
rectified by disclosures or by notes or explanatory
 May be permitted to depart from the
requirement of an IFRS in extremely rare
 Going concern
 Financial statements are required to be prepared
on a going concern basis.
 Uncertainties must be disclosed if management
has significant concerns about the entity’s ability
to continue as a going concern.
 Accrual basis of accounting
 Required to use accrual basis of accounting except
for cash flow information.
 Presentation consistency
 Required to retain presentation and classification
from one period to the next unless:
▪ it is apparent that another presentation or classification
would be more appropriate
▪ an IFRS requires a change in presentation
 If comparative amounts are changed or reclassified,
disclose the following:
▪ the nature of the reclassification
▪ the amount of each item or class of items that is reclassified
▪ the reason for the reclassification
 Materiality and aggregation
 Each material class of similar assets and items of
dissimilar nature or function is to be presented
 Quantitative or qualitative thresholds in
determining materiality is not provided in the
Standards, it is a matter of professional
 Offsetting
 Offsetting of assets and liabilities or income and
expenses is not permitted unless required by
other IFRSs.
 Comparative information
 At least 1 year of comparative information, unless
 For listed entities, required to disclose as a minimum
three (3) of each statements.
 For a period longer or shorter than 1 year, shall
disclose the following:
▪ the period covered by the financial statements
▪ the reason for using a longer or shorter period
▪ the fact that amounts presented are not entirely comparable
 A complete set of financial statements includes:
 a statement of financial position (balance sheet) at
the end of the period
 a statement of profit or loss and other
comprehensive income for the period
 a statement of changes in equity for the period
 a statement of cash flows for the period
 notes, comprising a summary of significant
accounting policies and other explanatory notes
 comparative information prescribed by the standard.
 All financial statements are required to be
presented with equal prominence.
 When applying retrospective application or
retrospective restatement, must present a
Third Statement of Financial Position (as at
the beginning of the earliest comparative
 Reports outside of the FS are outside the
scope of IFRS.
 Identification of the financial statements
 Must be clearly identified and distinguished from
other information in the same published document,
and must identify:
▪ Name of the reporting entity
▪ Whether the financial statements cover the individual entity
or a group of entities
▪ The statement of financial position date (or the period
▪ The presentation currency (as defined by IAS 21 The Effects
of Changes in Foreign Exchange Rates)
▪ The level of rounding used (e.g. thousands, millions)
 Reporting period
 There is a presumption that financial statements
will be prepared at least annually.
 If the annual reporting period changes, must
disclose the following:
▪ Reason for the change
▪ Fact that amounts are not entirely comparable
 Present current and non-current items
 Or present items in order of liquidity.
 Current assets:
 Expected to be realized in, or is intended for sale
or consumption in the entity’s normal operating
 Held primarily for trading
 Expected to be realized within 12 months
 Cash or cash equivalents
 All other assets are required to be classified
as non-current.
 Current liabilities:
 Expected to be settled in the entity’s normal
operating cycle
 Held primarily for trading
 Due to be settled within 12 months
 The entity does not have an unconditional right
to defer settlement of the liability for at least 12
 All other liabilities are required to be
classified as non-current.
 Line items:
a. property, plant and equipment
b. investment property
c. intangible assets
d. financial assets (excluding (e), (h), and (i))
e. investments accounted for using the equity method
f. biological assets
g. inventories
h. trade and other receivables
i. cash and cash equivalents
j. assets held for sale
 Line items:
k. trade and other payables
l. provisions
m. financial liabilities (excluding (k) and (l))
n. current tax liabilities and current tax assets, as defined in
IAS 12
o. deferred tax liabilities and deferred tax assets, as
defined in IAS 12
p. liabilities included in disposal groups
q. non-controlling interests, presented within equity
r. issued capital and reserves attributable to owners of the
 Line items:
 Additional line items, headings and subtotals may be
needed to achieve fair presentation.
 Sub-classifications (in the statement or in the notes)
▪ classes of property, plant and equipment
▪ disaggregation of receivables
▪ disaggregation of inventories in accordance with IAS 2
▪ disaggregation of provisions into employee benefits and
other items
▪ classes of equity and reserves
 For issued share capital and reserves, the following
disclosures are required:
 numbers of shares authorized, issued and fully paid, and
issued but not fully paid
 par value (or that shares do not have a par value)
 a reconciliation of the number of shares outstanding at the
beginning and the end of the period
 description of rights, preferences, and restrictions
 treasury shares, including shares held by subsidiaries and
 shares reserved for issuance under options and contracts
 a description of the nature and purpose of each reserve
within equity
 Profit or loss
 the total of income less expenses, excluding the components of
other comprehensive income
 Line items:
▪ revenue
▪ gains and losses from the derecognition of financial assets measured at
amortized cost
▪ finance costs
▪ share of the profit or loss of associates and joint ventures accounted for
using the equity method
▪ certain gains or losses associated with the reclassification of financial
▪ tax expense
▪ a single amount for the total of discontinued items
 Expenses recognized either by nature or by function.
 Other comprehensive income
 Changes in revaluation surplus (IAS 16 and IAS 38)
 Remeasurements of a net defined benefit liability or asset
(IAS 19)
 Exchange differences from translating functional
currencies into presentation currency (IAS 21)
 Gains and losses on remeasuring available-for-sale
financial assets (IAS 39)
 Gains and losses on financial assets measured at fair value
through other comprehensive income (IFRS 9)
 The effective portion of gains and losses on hedging
instruments in a cash flow hedge (IAS 39 or IFRS 9)
 Choice of presentation
 Single statement

 Two statements

 Income statement
 Statement of other comprehensive income
 Basic requirements
 profit or loss

 total other comprehensive income

 comprehensive income for the period

 an allocation of profit or loss and comprehensive income

for the period between non-controlling interests and
owners of the parent.
 On the face of the statement
 total comprehensive income for the period, showing
separately amounts attributable to owners of the
parent and to non-controlling interests
 the effects of any retrospective application of
accounting policies or restatements made in
accordance with IAS 8, separately for each
component of other comprehensive income
 reconciliations between the carrying amounts at the
beginning and the end of the period for each
component of equity
 Either on the face of the statement or in the
 amount of dividends recognized as distributions
 the related amount per share
 The notes must:
 present information about the basis of
preparation of the financial statements and the
specific accounting policies used
 disclose any information required by IFRSs that is
not presented elsewhere in the financial
statements and
 provide additional information that is not
presented elsewhere in the financial statements
but is relevant to an understanding of any of them
 Presented in a systematic manner and cross-
referenced from the face of the financial
statements to the relevant note.
 The improvement clarifies in regard to a third
statement of financial position required when an
entity changes accounting policies, or makes
retrospective restatements or reclassifications:
 Opening statement is only required if impact is material
 Opening statement is presented as at the beginning of the
immediately preceding comparative period required by
IAS 1 (e.g. if an entity has a reporting date of 31 December
2012 statement of financial position, this will be as at 1
January 2011)
 Only include notes for the third period relating to the