3.6 Structure and content of financial statements

Question 1

Under IAS1, where may disclosure of line items be made?

Answer 1

Either on the face of the statement, or in the notes, except where specified otherwise (i.e. not in an accompanying report).

Question 2

Is an entity required to distinguish between information prepared under IFRS and otherwise?

Answer 2

Yes, information prepared under IFRS should be kept separate.

Question 3

What information must be clearly disclosed in a prominent manner whenever neccessary (under IAS1)?

Answer 3

1 Name of reporting entity
2 Whether statements are for individual entity of group
3 The period end date or period covered by the statements
4 The presentation currency as defined by IAS 21
5 The level of rounding (.e.g. thousands, millions)