[ACYFAR1] IAS 1

• The IAS 1 sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content.
• An entity shall apply this Standard in preparing and presenting general purpose financial statements in accordance with International Financial Reporting Standards (IFRSs).
• This Standard does not apply to the structure and content of condensed interim financial statements
• This Standard applies to all entities: profit and non-profit oriented.
• General purpose financial statements (referred to as ‘financial statements’) are those intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information needs.
• The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions.
• Financial statements provide information about an entity’s:(a) assets;(b) liabilities;(c) equity;(d) income and expenses, including gains and losses;(e) contributions by and distributions to owners in their capacity as owners; and(f) cash flows
• 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 or loss and other comprehensive income for the period;(c) a statement of changes in equity for the period;

  a statement of cash flows for the period;(e) notes, comprising material accounting policy information and other explanatory information;(ea) comparative information in respect of the preceding period; and(f) a statement of financial position as at the beginning of the preceding period
• An entity may use titles for the statements other than those used in this Standard
• Reports and statements presented outside financial statements are outside the scope of IFRSs​.
• The 8 general features of financial statements are (1) fair presentation and compliance with the IFRs, (2) going concern, (3) accrual basis of accounting, (4) materiality and aggregation, (5) offsetting, (6) frequency of reporting, (7) comparitive information, and (8) consistency of presentation.
• Fair presentation requires thefaithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the Conceptual Framework for Financial Reporting
• The application of IFRSs, with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation.
• An entity whose financial statements comply with IFRSs shall make an explicit and unreserved statement of such compliance in the notes.
• An entity cannot rectify inappropriate accounting policies either by disclosure of the accounting policies used or by notes or explanatory material.
• When preparing financial statements, management shall make an assessment of an entity’s ability to continue as a going concern.
• An entity shall prepare its financial statements, except for cash flow information, which is done at cash-basis of accounting, using the accrual basis of accounting.
• 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.
• Measuring assets net of valuation allowances—for example, obsolescence allowances on inventories and doubtful debts allowances on receivables—is not offsetting.
• 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 present comparative information in respect of the preceding period for all amounts reported in the current period’s financial statements.
• An entity shall present, as a minimum, two statements of financial position, two statements of profit or loss and other comprehensive income, two separate statements of profit or loss (if presented), two statements of cash flows and two statements of changes in equity, and related notes.
• An entity shall present a third statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statements if: (a) it applies an accounting policy retrospectively, makes a retrospective restatement of items in its financial statements or reclassifies items in its financial statements; and (b) the retrospective application, retrospective restatement or the reclassification has a material effect on the information in the statement of financial position at the beginning of the preceding period.
• An entity shall retain the presentation and classification of items in the financial statements from one period to the next unless:(a) it is apparent, following a significant change in the nature of the entity’s operations or a review of its financial statements, that another presentation or classification would be more appropriate; or (b) an IFRS requires a change in presentation.
• An entity shall clearly identify the financial statements and distinguish them from other information in the same published document.
• An entity shall display the following information prominently for the information to be understandable:

  (a) the name of the reporting entity;

  (b)whether the financial statements are of an individual entity or a group of entities;

  (c) the date of the end of the reporting period;

  (d) the currency; and

  (e)the level of rounding used in presenting amounts.
• When an entity presents current and non-current assets, and current and non-current liabilities, as separate classifications in its statement of financial position, it shall not classify deferred tax assets (liabilities) as current assets.
• An entity shall present current and non-current assets, and current and non-current liabilities, as separate classifications in its statement of financial position
• An entity shall classify an asset as current when:(a) it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle;(b) it holds the asset primarily for the purpose of trading;(c) it expects to realise the asset within twelve months after the reporting period; or(d) the asset is cash or a cash equivalent unless theasset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
• An entity shall classify a liability as current when:(a) it expects to settle the liability in its normal operating cycle;(b) it holds the liability primarily for the purpose of trading;(c) the liability is due to be settled within twelve months after the reporting period; or(d) it does not have the right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period.
• The statement of profit or loss and other comprehensive income (statement of comprehensive income) shall present, in addition to the profit or loss and other comprehensive income sections:(a) profit or loss;(b) total other comprehensive income;(c) comprehensive income for the period, being the total of profit or loss and other comprehensive income.
• An entity shall recognise all items of income and expense in a period in profit or loss unless an IFRS requires or permits otherwise.
• When items of income or expense are material, an entity shall disclose their nature and amount separately
• Information about the statement of cash flows are in the IAS 7
• An entity shall, as far as practicable, present notes in a systematic manner.
• The notes shall:(a) present information about the basis of preparation of the financial statements and the specific accounting policies used in accordance with paragraphs 117–124;(b) disclose the information required by IFRSs that is not presented elsewhere in the financial statements; and(c) provide information that is not presented elsewhere in the financial statements, but is relevant to an understanding of any of them.
• An entity shall cross-reference each item in the statements of financial position and in the statement(s) of profit or loss and other comprehensive income, and in the statements of changes in equity and of cash flows to any related information in the notes.
• An entity shall disclose material accounting policy information
• An entity shall disclose information about the assumptions it makes about the future, and other major sources of estimation uncertainty at the end of the reporting period