As issued at 1 January 2013.
Includes IFRSs with an effective date after 1 January 2013
This Standard prescribes the basis
for presentation of general purpose financial statements to ensure comparability
both with the entity’s financial statements of previous periods and with the
financial statements of other entities. It sets out overall requirements for the
presentation of financial statements, guidelines for their structure and
minimum requirements for their content.
A complete set of financial
statements comprises:
(a) a statement of financial
position as at the end of the period;
(b) a statement of profit and loss
and other comprehensive income for the period;
(c)a statement of changes in equity
for the period;
(d)a statement of cash flows for the
period;
(e) Notes, comprising a summary of
significant accounting policies and other explanatory information; and
(f)a statement of financial position
as at the beginning of the earliest comparative period when an entity applies
an accounting policy retrospectively or makes a retrospective restatement of
items in its financial statements, or when it reclassifies items in its
financial statements.
An entity whose financial statements
comply with IFRSs shall make an explicit and unreserved statement of such
compliance in the notes. An entity shall not describe financial statements as
complying with IFRSs unless they comply with all the requirements of IFRSs. The
application of IFRSs, with additional disclosure when necessary, is presumed to
result in financial statements that achieve a fair presentation.
When preparing financial statements,
management shall make an assessment of an entity’s ability to continue as a
going concern. An entity shall prepare financial statements on a going concern
basis unless management either intends to liquidate the entity or to cease
trading, or has no realistic alternative but to do so. When management is
aware, in making its assessment, of material uncertainties related to events or
conditions that may cast significant doubt upon the entity’s
ability to continue as a going concern, the entity shall disclose those
uncertainties.
An entity shall present separately
each material class of similar items. An entity shall present separately items of
a dissimilar nature or function unless they are immaterial.
An entity shall not offset assets
and liabilities or income and expenses, unless required or permitted by an IFRS.
An entity shall present a complete
set of financial statements (including comparative information) at least annually.
Except when IFRSs permit or require
otherwise, an entity shall disclose comparative information in respect of the
previous period for all amounts reported in the current period’s financial
statements.
An entity shall include comparative
information for narrative and descriptive information when it is relevant to an
understanding of the current period’s financial statements.
When the entity changes the
presentation or classification of items in its financial statements, the entity
shall reclassify comparative amounts unless reclassification is impracticable.
An entity shall clearly identify the
financial statements and distinguish them from other information in the same
published document.
An entity may present a single
statement of profit or loss and other comprehensive income, with profit or loss
and other comprehensive income presented in two sections. The sections shall be
presented together, with the profit or loss section presented first followed
directly by the other comprehensive income section. An entity may present the
profit or loss section in a separate statement of profit or loss. If so, the
separate statement of profit or loss shall immediately precede the statement
presenting comprehensive income, which shall begin with profit or loss.
The other comprehensive income
section shall present line items for amounts of other comprehensive income in
the period, classified by nature (including share of the other comprehensive
income of associates and joint ventures accounted for using the equity method
and grouped into those that, in accordance with other IFRSs :
(a)will not be reclassified subsequently
to profit or loss; and
(b) will be reclassified
subsequently to profit or loss when specific conditions are met.
An entity shall recognise all items
of income and expense in a period in profit or loss unless an IFRS requires or
permits otherwise.
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