3.1 Preparation and presentation of single entity financial statements

Question 1

What is IAS1?

Answer 1

International Accounting Standard 1 (Presentation of financial statements)

Question 2

What is the purpose of IAS1?

Answer 2

Sets out the overall requirements for the presentation of financial statements and prescribes the structure and minimum requirements for their content.

Question 3

What four items must be contained within a set of financial statements according to IAS1?

Answer 3

1 A statement of financial position
2 A statement of profit or loss and other comprehensive income
3 A statement of changes in equity
4 A statement of cash flows