IAS 1: Presentation of Financial Statements/Balance Sheet
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Scope and content
Although IAS 1 does not set out a prescribed format for the balance sheet, it does set out the minimum information which is required to be presented on the face of this statement. The list is as follows:
- property plant and equipment;
- investment property;
- intangible assets;
- financial assets not disclosed in other headings below;
- investments accounted for using the equity method;
- biological assets;
- inventories;
- assets/disposal goups classified as held for sale;
- trade and other receivables;
- cash and cash equivalents;
- liabilities included in disposal groups classified as held for sale;
- trade and other payables;
- provisions;
- financial liabilities not disclosed in other headings above;
- liabilities and assets for current tax;
- deferred tax liabilities and assets;
- minority interest, presented within equity; and
- issued capital and reserves attributable to the equity holders of the parent entity.
Commentary
The above descriptions and the order in which items are shown can be amended if by doing so the new layout presents information to the users of the statements in a more relevant way than would be the case with the above standard headings.As is normal practice, further details and sub-classifications of information included in the headings will be presented in the notes to the financial statements. As an example see [[IAS 16: Property, Plant and Equipment]] under which standard non-current assets within the scope of the standard are rquired to be shown in separate classes such as freehold buildings, plant and machinery, and office equipment.
| Index/Links to current IFRSs and IASs | |||
| IFRS/IAS Main page | IFRS 1 | IFRS 2 | IFRS 3 | IFRS 4 | IFRS 5 [[IAS 1: Presentation of Financial Statements|IAS 1]] | [[IAS 2: Inventories|IAS 2]] | [[IAS 7: Cash Flow Statements|IAS 7]] | [[IAS 8: Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Practices|IAS 8]] | [[IAS 10: Events After the Balance Sheet Date|IAS 10]] | [[IAS 11: Construction Contracts|IAS 11]] | [[IAS 12: Income Taxes|IAS 12]] | [[IAS 14: Segmental Reporting|IAS 14]] | [[IAS 15: Information Reflecting the Effects of Changing Prices|IAS 15]] | [[IAS 16: Property, Plant and Equipment|IAS 16]] | [[IAS17: Leases|IAS 17]] | [[IAS 18: Revenue|IAS 18]] | [[IAS 19: Employee Benefits|IAS 19]] | [[IAS 20: Accounting for Government Grants and Disclosure of Government Assistance|IAS 20]] | [[IAS 21: The Effects of Changes in Foreign Exchange rates|IAS 21]] | [[IAS 22: Business Combinations|IAS 22]] | [[IAS 23: Borrowing Costs|IAS 23]] | [[IAS 24: Related Party Transactions|IAS 24]] | [[IAS 26: Accounting and Reporting by Retirement Benefit Plans|IAS 26]] | [[IAS 27: Consolidated Financial Statements|IAS 27]] | [[IAS 28: Investments in Associates|IAS 28]] | [[IAS 29: Financial Reporting in Hyperinflationary Economies|IAS 29]] | [[IAS 30: Disclosures in the Financial Statements of Banks and Similar Financial Institutions|IAS 30]] | [[IAS 31: Financial Reporting of Interests in Joint Ventures|IAS 31]] | [[IAS 32: Financial Instruments: Disclosure and Presentation|IAS 32]] | [[IAS 33: Earnings per Share|IAS 33]] | [[IAS 34: Interim Financial Reporting|IAS 34]] | [[IAS 35: Discontinued Operations|IAS 35]] | [[IAS 36: Impairment of Assets|IAS 36]] | [[IAS 37: Provisions, Contingent Liabilities and Contingent Assets|IAS 37]] | [[IAS 38: Intangible Assets|IAS 38]] | [[IAS 39: Financial Instruments: Recognition and Measurement|IAS 39]] | [[IAS 40: Investment Property|IAS 40]] | [[IAS 41: Agriculture|IAS 41]] | |||
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