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• PAS 1 Presentation of Financial Statements

  Represents a basis of the whole PFRS reporting, as it sets overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content
• Purpose of the financial statements

  • 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
• The complete set of financial statements compliant with PFRS

  • Statement of financial position as at the end of the period
  • Statement of comprehensive income for the period
  • Statement of changes in equity for the period
  • Statement of cash flows for the period
  • Notes containing a Summary of significant accounting policies and other explanatory information
• If some accounting policy is applied retrospectively, or some retrospective restatements or reclassifications were made, then also a statement of financial position as at the beginning of the earliest comparative period shall be presented
• General features of financial statements explained in PAS 1

  • Fair presentation and compliance with PFRS, going concern, accrual basis of accounting, materiality and aggregation, offsetting, frequency of reporting, comparative information and consistency of presentation
• Requirements for identification and structure of financial statements

  • Financial statements shall contain the name of the reporting entity, the information whether the financial statements are of an individual or of a group, the date of the reporting entity and period covered, the presentation currency and the level of rounding
• Statement of Financial Position

  • Presentation of classified statement of financial position where current assets or liabilities are separated from non-current assets or liabilities, further sub-classifications of the line items shall be disclosed either directly in the statement or in the notes, certain information related to the share capital, reserves and a few others shall be included
• PAS 1 does NOT prescribe the precise format of the statement of financial position, several formats are acceptable if they fulfil all requirements
• Statement of Comprehensive Income

  • Includes profit or loss for the period and other comprehensive income, profit or loss and total comprehensive income shall be presented in allocation attributable to non-controlling interests and attributable to owners of the parent, entity might choose to classify expenses by nature or by function
• PAS 1 prohibits to report any transaction or item as extraordinary items
• Statement of Changes in Equity

  • Must contain total comprehensive income for the period, effect of retrospective application or restatement, reconciliation between the carrying amount at the beginning and the end of the period for each component of equity including changes resulting from profit or loss, other comprehensive income, and transactions with owners
• PAS 1 prescribes to present amount of dividends recognized as distributions and the related amount per share on the face of the statement of changes in equity or in the notes
• Notes to the Financial Statements

  • Provide additional information not contained in the numbers, the basis of preparation of the financial statements and some additional information that might be relevant, including a statement of compliance with PFRS, summary of significant accounting policies applied, supporting information for the numbers presented in the financial statements and other disclosures