IAS 1 — Presentation of Financial Statements

 History of IAS 1
 Related Interpretations
 Amendments under consideration
 Summary of IAS 1
IAS 1 sets out the overall requirements for financial statements,
including how they should be structured, the minimum
requirements for their content and overriding concepts such as
going concern, the accrual basis of accounting and the
current/non-current distinction. The standard requires a complete
set of financial statements to comprise a statement of financial
position, a statement of profit or loss and other comprehensive
income, a statement of changes in equity and a statement of cash
flows. IAS 1 was reissued in September 2007 and applies to
annual periods beginning on or after 1 January 2009. IAS 1 will be
superseded by IFRS 18 'Presentation and Disclosure in Financial
Statements', which becomes effective for annual periods
beginning on or after 1 January 2027.

History of IAS 1

Date Development Comments

March 1974 Exposure Draft E1 Disclosure of

Accounting Policies

January 1975 IAS 1 Disclosure of Accounting Operative for periods beg

Policies issued on or after 1 January 1975

June 1975 Exposure Draft E5 Information to

Be Disclosed in Financial
Statements published

October 1976 IAS 5 Information to Be Disclosed Operative for periods beg

in Financial Statements issued on or after 1 January 1975

July 1978 Exposure Draft E14 Current Assets

and Current Liabilities published
Date Development Comments

November 197 IAS 13 Presentation of Current Operative for periods beg

9 Assets and Current on or after 1 January 1981
Liabilities issued

1994 IAS 1, IAS 5, and IAS 13

reformatted

July 1996 Exposure Draft E53 Presentation of

Financial Statements published

August 1997 IAS 1 Presentation of Financial Operative for periods beg

Statements (1997) issued on or after 1 July 1998

(Supersedes IAS 1 (1975), IAS 5,

and IAS 13 (1979))

18 December 2 IAS 1 Presentation of Financial Effective for annual period

003 Statements (2003) issued beginning on or after 1 Jan
2005

18 August 2005 Amended by Amendment to IAS 1 Effective for annual period

— Capital Disclosures beginning on or after 1 Jan
2007

16 March 2006 Exposure Draft Proposed Comment deadline 17 July

Amendments to IAS 1 – A Revised
Presentation published

22 June 2006 Exposure Draft Financial Comment deadline 23 Oct

Instruments Puttable at Fair Value 2006
and Obligations Arising on
Liquidation published

6 September 2 IAS 1 Presentation of Financial Effective for annual period

007 Statements (2007) issued beginning on or after 1 Jan
2009

14 February 20 Amended by Puttable Financial Effective for annual report

Date Development Comments

08 Instruments and Obligations periods beginning on or a

Arising on Liquidation January 2009

22 May 2008 Amended by Annual Effective for annual report

Improvements to IFRSs periods beginning on or a
2007 (classification of derivatives January 2009
as current or non-current)

16 April 2009 Amended by Improvements to Effective for annual period

IFRSs 2009 (classification of beginning on or after 1 Jan
liabilities as current) 2010

6 May 2010 Amended by Improvements to Effective for annual period

IFRSs 2010 (clarification of beginning on or after 1 Jan
statement of changes in equity) 2011

27 May 2010 Exposure Draft Comment deadline 30

ED/2010/5 Presentation of Items of September 2010
Other Comprehensive
Income published

16 June 2011 Amended by Presentation of Items Effective for annual period

of Other Comprehensive Income beginning on or after 1 Jul
2012

17 May 2012 Amended by Annual Effective for annual period

Improvements 2009-2011 beginning on or after 1 Jan
Cycle (comparative information) 2013

18 December Amended by Disclosure Initiative Effective for annual period

2014 (Amendments to IAS 1) (project beginning on or after 1 Jan
history) 2016

31 October Amended by Definition of Material Effective for annual period

2018 (Amendments to IAS 1 and IAS 8) beginning on or after 1 Jan
2020

23 January Amended by Classification of Effective for annual period

 Date Development Comments

2020 Liabilities as Current or Non- beginning on or after 1 Jan

current (Amendments to IAS 1) 2022

15 July 2020 IASB defers effective date The new effective date of
of Classification of Liabilities as January 2020 amendment
Current or Non-current now 1 January 2023
(Amendments to IAS 1) to 1
January 2022

12 February Amended by Disclosure of Effective for annual period

2021 Accounting Policies (Amendments beginning on or after 1 Jan
to IAS 1) 2023

31 October Amended by Non-current Liabilities Effective for annual period

2022 with Covenants (Amendments to beginning on or after 1 Jan
IAS 1) 2024; the effective date o
January 2020 amendment
also pushed to 1 January 2

9 April 2024 IFRS 18 Presentation and

Disclosure in Financial
Statements issued, which will
supersede IAS 1 as of 1 January
2027

Related Interpretations

 IAS 1 (2003) superseded SIC-18 Consistency - Alternative Methods

 IFRIC 17 Distributions of Non-cash Assets to Owners
 SIC-27 Evaluating the Substance of Transactions in the Legal Form
of a Lease
 SIC-29 Disclosure - Service Concession Arrangements

Amendments under consideration

 Financial instruments with characteristics of equity

Summary of IAS 1

Objective of IAS 1
The objective of IAS 1 (2007) is to prescribe 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. IAS 1 sets out the overall requirements for
the presentation of financial statements, guidelines for their structure and
minimum requirements for their content. [IAS 1.1] Standards for
recognising, measuring, and disclosing specific transactions are addressed
in other Standards and Interpretations. [IAS 1.3]

Scope

IAS 1 applies to all general purpose financial statements that are prepared
and presented in accordance with International Financial Reporting
Standards (IFRSs). [IAS 1.2]

General purpose financial statements are those intended to serve users

who are not in a position to require financial reports tailored to their
particular information needs. [IAS 1.7]

Objective of financial statements

The objective of general purpose 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. To meet that objective, financial statements provide
information about an entity's: [IAS 1.9]

 assets
 liabilities
 equity
 income and expenses, including gains and losses
 contributions by and distributions to owners (in their capacity as
owners)
 cash flows.

That information, along with other information in the notes, assists users
of financial statements in predicting the entity's future cash flows and, in
particular, their timing and certainty.

Components of financial statements

A complete set of financial statements includes: [IAS 1.10]

 a statement of financial position (balance sheet) at the end of the

period
 a statement of profit or loss and other comprehensive income for
the period (presented as a single statement, or by presenting the
profit or loss section in a separate statement of profit or loss,
 immediately followed by a statement presenting comprehensive
income beginning with profit or loss)
 a statement of changes in equity for the period
 a statement of cash flows for the period
 notes, comprising a summary of significant accounting policies and
other explanatory notes
 comparative information prescribed by the standard.

An entity may use titles for the statements other than those stated
above. All financial statements are required to be presented with equal
prominence. [IAS 1.10]

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, it must also present a
statement of financial position (balance sheet) as at the beginning of the
earliest comparative period.

Reports that are presented outside of the financial statements – including

financial reviews by management, environmental reports, and value
added statements – are outside the scope of IFRSs. [IAS 1.14]

Fair presentation and compliance with IFRSs

The financial statements must "present fairly" the financial position,

financial performance and cash flows of an entity. Fair presentation
requires the faithful 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 Framework. The application of IFRSs, with additional disclosure when
necessary, is presumed to result in financial statements that achieve a fair
presentation. [IAS 1.15]

IAS 1 requires an entity whose financial statements comply with IFRSs to

make an explicit and unreserved statement of such compliance in the
notes. Financial statements cannot be described as complying with IFRSs
unless they comply with all the requirements of IFRSs (which includes
International Financial Reporting Standards, International Accounting
Standards, IFRIC Interpretations and SIC Interpretations). [IAS 1.16]

Inappropriate accounting policies are not rectified either by disclosure of

the accounting policies used or by notes or explanatory material. [IAS
1.18]

IAS 1 acknowledges that, in extremely rare circumstances, management

may conclude that compliance with an IFRS requirement would be so
misleading that it would conflict with the objective of financial statements
set out in the Framework. In such a case, the entity is required to depart
from the IFRS requirement, with detailed disclosure of the nature,
reasons, and impact of the departure. [IAS 1.19-21]

Going concern

The Conceptual Framework notes that financial statements are normally

prepared assuming the entity is a going concern and will continue in
operation for the foreseeable future. [Conceptual Framework, paragraph
4.1]

IAS 1 requires management to make an assessment of an entity's ability

to continue as a going concern. If management has significant concerns
about the entity's ability to continue as a going concern, the uncertainties
must be disclosed. If management concludes that the entity is not a going
concern, the financial statements should not be prepared on a going
concern basis, in which case IAS 1 requires a series of disclosures. [IAS
1.25]

Accrual basis of accounting

IAS 1 requires that an entity prepare its financial statements, except for
cash flow information, using the accrual basis of accounting. [IAS 1.27]

Consistency of presentation

The presentation and classification of items in the financial statements

shall be retained from one period to the next unless a change is justified
either by a change in circumstances or a requirement of a new IFRS. [IAS
1.45]

Materiality and aggregation

Information is material if omitting, misstating or obscuring it could

reasonably be expected to influence decisions that the primary users of
general purpose financial statements make on the basis of those financial
statements, which provide financial information about a specific reporting
entity. [IAS 1.7]*

Each material class of similar items must be presented separately in the

financial statements. Dissimilar items may be aggregated only if they are
individually immaterial. [IAS 1.29]

However, information should not be obscured by aggregating or by

providing immaterial information, materiality considerations apply to the
all parts of the financial statements, and even when a standard requires a
specific disclosure, materiality considerations do apply. [IAS 1.30A-31]
* Clarified by Definition of Material (Amendments to IAS 1 and IAS 8),
effective 1 January 2020.

Offsetting

Assets and liabilities, and income and expenses, may not be offset unless
required or permitted by an IFRS. [IAS 1.32]

Comparative information

IAS 1 requires that comparative information to be disclosed in respect of

the previous period for all amounts reported in the financial statements,
both on the face of the financial statements and in the notes, unless
another Standard requires otherwise. Comparative information is provided
for narrative and descriptive where it is relevant to understanding the
financial statements of the current period. [IAS 1.38]

An entity is required to present at least two of each of the following

primary financial statements: [IAS 1.38A]

 statement of financial position*

 statement of profit or loss and other comprehensive income
 separate statements of profit or loss (where presented)
 statement of cash flows
 statement of changes in equity
 related notes for each of the above items.

* A third statement of financial position is required to be presented if the

entity retrospectively applies an accounting policy, restates items, or
reclassifies items, and those adjustments had a material effect on the
information in the statement of financial position at the beginning of the
comparative period. [IAS 1.40A]

Where comparative amounts are changed or reclassified, various

disclosures are required. [IAS 1.41]

Structure and content of financial statements in general

IAS 1 requires an entity to clearly identify: [IAS 1.49-51]

 the financial statements, which must be distinguished from other

information in a published document
 each financial statement and the notes to the financial statements.
In addition, the following information must be displayed prominently, and
repeated as necessary: [IAS 1.51]

 the name of the reporting entity and any change in the name
 whether the financial statements are a group of entities or an
individual entity
  information about the reporting period
 the presentation currency (as defined by IAS 21 The Effects of
Changes in Foreign Exchange Rates)
 the level of rounding used (e.g. thousands, millions).

Reporting period

There is a presumption that financial statements will be prepared at least

annually. If the annual reporting period changes and financial statements
are prepared for a different period, the entity must disclose the reason for
the change and state that amounts are not entirely comparable. [IAS
1.36]

Statement of financial position (balance sheet)

Current and non-current classification

An entity must normally present a classified statement of financial

position, separating current and non-current assets and liabilities, unless
presentation based on liquidity provides information that is reliable. [IAS
1.60] In either case, if an asset (liability) category combines amounts that
will be received (settled) after 12 months with assets (liabilities) that will
be received (settled) within 12 months, note disclosure is required that
separates the longer-term amounts from the 12-month amounts. [IAS
1.61]

Current assets are assets that are: [IAS 1.66]

 expected to be realised in the entity's normal operating cycle

 held primarily for the purpose of trading
 expected to be realised within 12 months after the reporting period
 cash and cash equivalents (unless restricted).

All other assets are non-current. [IAS 1.66]

Current liabilities are those: [IAS 1.69]

 expected to be settled within the entity's normal operating cycle

 held for purpose of trading
 due to be settled within 12 months
 for which the entity does not have the right at the end of the
reporting period to defer settlement beyond 12 months.
Other liabilities are non-current.

When a long-term debt is expected to be refinanced under an existing

loan facility, and the entity has the discretion to do so, the debt is
classified as non-current, even if the liability would otherwise be due
within 12 months. [IAS 1.73]
If a liability has become payable on demand because an entity has
breached an undertaking under a long-term loan agreement on or before
the reporting date, the liability is current, even if the lender has agreed,
after the reporting date and before the authorisation of the financial
statements for issue, not to demand payment as a consequence of the
breach. [IAS 1.74] However, the liability is classified as non-current if the
lender agreed by the reporting date to provide a period of grace ending at
least 12 months after the end of the reporting period, within which the
entity can rectify the breach and during which the lender cannot demand
immediate repayment. [IAS 1.75]

Settlement by the issue of equity instruments does not impact

classification. [IAS 1.76B]

Line items

The line items to be included on the face of the statement of financial

position are: [IAS 1.54]

(a) property, plant and equipment

(b) investment property

(c) intangible assets

(d) financial assets (excluding amounts shown under (e), (h), and (i))

(e) investments accounted for using the equity method

(f) biological assets

(g) inventories

(h) trade and other receivables

(i) cash and cash equivalents

(j) assets held for sale

(k) trade and other payables

(l) provisions

(m) financial liabilities (excluding amounts shown under (k) and (l))

(n) current tax liabilities and current tax assets, as defined in IAS 12

(o) deferred tax liabilities and deferred tax assets, as defined in IAS 12

(p) liabilities included in disposal groups

(q) non-controlling interests, presented within equity

(r) issued capital and reserves attributable to owners of the parent.

Additional line items, headings and subtotals may be needed to fairly

present the entity's financial position. [IAS 1.55]

When an entity presents subtotals, those subtotals shall be comprised of

line items made up of amounts recognised and measured in accordance
with IFRS; be presented and labelled in a clear and understandable
manner; be consistent from period to period; and not be displayed with
more prominence than the required subtotals and totals. [IAS 1.55A]*

* Added by Disclosure Initiative (Amendments to IAS 1), effective 1

January 2016.

Further sub-classifications of line items presented are made in the

statement or in the notes, for example: [IAS 1.77-78]:

classes of property, plant and equipment

disaggregation of receivables
disaggregation of inventories in accordance with IAS 2 Inventories
disaggregation of provisions into employee benefits and other items
classes of equity and reserves.
Format of statement

IAS 1 does not prescribe the format of the statement of financial position.
Assets can be presented current then non-current, or vice versa, and
liabilities and equity can be presented current then non-current then
equity, or vice versa. A net asset presentation (assets minus liabilities) is
allowed. The long-term financing approach used in UK and elsewhere –
fixed assets + current assets - short term payables = long-term debt plus
equity – is also acceptable.

Share capital and reserves

Regarding issued share capital and reserves, the following disclosures are
required: [IAS 1.79]

 numbers of shares authorised, issued and fully paid, and issued but
not fully paid
 par value (or that shares do not have a par value)
 a reconciliation of the number of shares outstanding at the
beginning and the end of the period
 description of rights, preferences, and restrictions
 treasury shares, including shares held by subsidiaries and
associates
 shares reserved for issuance under options and contracts
 a description of the nature and purpose of each reserve within
equity.
 Additional disclosures are required in respect of entities without share
capital and where an entity has reclassified puttable financial
instruments. [IAS 1.80-80A]

Statement of profit or loss and other comprehensive income

Concepts of profit or loss and comprehensive income

Profit or loss is defined as "the total of income less expenses, excluding

the components of other comprehensive income". Other comprehensive
income is defined as comprising "items of income and expense (including
reclassification adjustments) that are not recognised in profit or loss as
required or permitted by other IFRSs". Total comprehensive income is
defined as "the change in equity during a period resulting from
transactions and other events, other than those changes resulting from
transactions with owners in their capacity as owners". [IAS 1.7]

Comprehensive income Profit Other

= +
for the period or loss comprehensive income

All items of income and expense recognised in a period must be included

in profit or loss unless a Standard or an Interpretation requires otherwise.
[IAS 1.88] Some IFRSs require or permit that some components to be
excluded from profit or loss and instead to be included in other
comprehensive income.

Examples of items recognised outside of profit or loss

 Changes in revaluation surplus where the revaluation method is used

under IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets
 Remeasurements of a net defined benefit liability or asset recognised in accord
with IAS 19 Employee Benefits (2011)
 Exchange differences from translating functional currencies into presentation
currency in accordance with IAS 21 The Effects of Changes in Foreign Exchange
Rates
 Gains and losses on remeasuring available-for-sale financial assets in accordan
with IAS 39 Financial Instruments: Recognition and Measurement
 The effective portion of gains and losses on hedging instruments in a cash flow
hedge under IAS 39 or IFRS 9 Financial Instruments
 Gains and losses on remeasuring an investment in equity instruments where th
entity has elected to present them in other comprehensive income in accordan
with IFRS 9
 The effects of changes in the credit risk of a financial liability designated as at f
value through profit and loss under IFRS 9.
In addition, IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors requires the correction of errors and the effect of changes in
accounting policies to be recognised outside profit or loss for the current
period. [IAS 1.89]
Choice in presentation and basic requirements

An entity has a choice of presenting:

 a single statement of profit or loss and other comprehensive

income, with profit or loss and other comprehensive income
presented in two sections, or
 two statements:
o a separate statement of profit or loss
o a statement of comprehensive income, immediately following
the statement of profit or loss and beginning with profit or loss
[IAS 1.10A]

The statement(s) must present: [IAS 1.81A]

 profit or loss
 total other comprehensive income
 comprehensive income for the period
 an allocation of profit or loss and comprehensive income for the
period between non-controlling interests and owners of the parent.
Profit or loss section or statement

The following minimum line items must be presented in the profit or loss
section (or separate statement of profit or loss, if presented): [IAS 1.82-
82A]

 revenue
 gains and losses from the derecognition of financial assets
measured at amortised cost
 finance costs
 share of the profit or loss of associates and joint ventures accounted
for using the equity method
 certain gains or losses associated with the reclassification of
financial assets
 tax expense
 a single amount for the total of discontinued items

Expenses recognised in profit or loss should be analysed either by nature

(raw materials, staffing costs, depreciation, etc.) or by function (cost of
sales, selling, administrative, etc). [IAS 1.99] If an entity categorises by
function, then additional information on the nature of expenses – at a
minimum depreciation, amortisation and employee benefits expense –
must be disclosed. [IAS 1.104]

Other comprehensive income section

The other comprehensive income section is required to present line items
which are classified by their nature, and grouped between those items
that will or will not be reclassified to profit and loss in subsequent periods.
[IAS 1.82A]

An entity's share of OCI of equity-accounted associates and joint ventures

is presented in aggregate as single line items based on whether or not it
will subsequently be reclassified to profit or loss. [IAS 1.82A]*

* Clarified by Disclosure Initiative (Amendments to IAS 1), effective 1

January 2016.

When an entity presents subtotals, those subtotals shall be comprised of

line items made up of amounts recognised and measured in accordance
with IFRS; be presented and labelled in a clear and understandable
manner; be consistent from period to period; not be displayed with more
prominence than the required subtotals and totals; and reconciled with
the subtotals or totals required in IFRS. [IAS 1.85A-85B]*

* Added by Disclosure Initiative (Amendments to IAS 1), effective 1

January 2016.
Other requirements

Additional line items may be needed to fairly present the entity's results
of operations. [IAS 1.85]

Items cannot be presented as 'extraordinary items' in the financial

statements or in the notes. [IAS 1.87]

Certain items must be disclosed separately either in the statement of

comprehensive income or in the notes, if material, including: [IAS 1.98]
 write-downs of inventories to net realisable value or of property,
plant and equipment to recoverable amount, as well as reversals of
such write-downs
 restructurings of the activities of an entity and reversals of any
provisions for the costs of restructuring
 disposals of items of property, plant and equipment
 disposals of investments
 discontinuing operations
 litigation settlements
 other reversals of provisions

Statement of cash flows

Rather than setting out separate requirements for presentation of the

statement of cash flows, IAS 1.111 refers to IAS 7 Statement of Cash
Flows.

Statement of changes in equity

IAS 1 requires an entity to present a separate statement of changes in
equity. The statement must show: [IAS 1.106]

 total comprehensive income for the period, showing separately

amounts attributable to owners of the parent and to non-controlling
interests
 the effects of any retrospective application of accounting policies or
restatements made in accordance with IAS 8, separately for each
component of other comprehensive income
 reconciliations between the carrying amounts at the beginning and
the end of the period for each component of equity, separately
disclosing:
o profit or loss
o other comprehensive income*
o transactions with owners, showing separately contributions by
and distributions to owners and changes in ownership
interests in subsidiaries that do not result in a loss of control

* An analysis of other comprehensive income by item is required to be

presented either in the statement or in the notes. [IAS 1.106A]

The following amounts may also be presented on the face of the

statement of changes in equity, or they may be presented in the notes:
[IAS 1.107]

 amount of dividends recognised as distributions

 the related amount per share.

Notes to the financial statements

The notes must: [IAS 1.112]

 present information about the basis of preparation of the financial
statements and the specific accounting policies used
 disclose any information required by IFRSs that is not presented
elsewhere in the financial statements and
 provide additional information that is not presented elsewhere in
the financial statements but is relevant to an understanding of any
of them

Notes are presented in a systematic manner and cross-referenced from

the face of the financial statements to the relevant note. [IAS 1.113]

IAS 1.114 suggests that the notes should normally be presented in the
following order:*

 a statement of compliance with IFRSs

 a summary of significant accounting policies applied, including: [IAS
1.117]
 o the measurement basis (or bases) used in preparing the
financial statements
o the other accounting policies used that are relevant to an
understanding of the financial statements
 supporting information for items presented on the face of the
statement of financial position (balance sheet), statement(s) of
profit or loss and other comprehensive income, statement of
changes in equity and statement of cash flows, in the order in which
each statement and each line item is presented
 other disclosures, including:
o contingent liabilities (see IAS 37) and unrecognised
contractual commitments
o non-financial disclosures, such as the entity's financial risk
management objectives and policies (see IFRS 7 Financial
Instruments: Disclosures)
* Disclosure Initiative (Amendments to IAS 1), effective 1 January 2016,
clarifies this order just to be an example of how notes can be ordered and
adds additional examples of possible ways of ordering the notes to clarify
that understandability and comparability should be considered when
determining the order of the notes.

Other disclosures

Judgements and key assumptions

An entity must disclose, in the summary of significant accounting policies

or other notes, the judgements, apart from those involving estimations,
that management has made in the process of applying the entity's
accounting policies that have the most significant effect on the amounts
recognised in the financial statements. [IAS 1.122]
Examples cited in IAS 1.123 include management's judgements in
determining:

 when substantially all the significant risks and rewards of ownership

of financial assets and lease assets are transferred to other entities
 whether, in substance, particular sales of goods are financing
arrangements and therefore do not give rise to revenue.

An entity must also disclose, in the notes, information about the key
assumptions concerning the future, and other key sources of estimation
uncertainty at the end of the reporting period, that have a significant risk
of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year. [IAS 1.125] These disclosures do
not involve disclosing budgets or forecasts. [IAS 1.130]

Dividends
In addition to the distributions information in the statement of changes in
equity (see above), the following must be disclosed in the notes: [IAS
1.137]

 the amount of dividends proposed or declared before the financial

statements were authorised for issue but which were not recognised
as a distribution to owners during the period, and the related
amount per share
 the amount of any cumulative preference dividends not recognised.

Capital disclosures

An entity discloses information about its objectives, policies and processes

for managing capital. [IAS 1.134] To comply with this, the disclosures
include: [IAS 1.135]

 qualitative information about the entity's objectives, policies and

processes for managing capital, including>
o description of capital it manages
o nature of external capital requirements, if any
o how it is meeting its objectives
 quantitative data about what the entity regards as capital
 changes from one period to another
 whether the entity has complied with any external capital
requirements and
 if it has not complied, the consequences of such non-compliance.

Puttable financial instruments

IAS 1.136A requires the following additional disclosures if an entity has a

puttable instrument that is classified as an equity instrument:

 summary quantitative data about the amount classified as equity

 the entity's objectives, policies and processes for managing its
obligation to repurchase or redeem the instruments when required
to do so by the instrument holders, including any changes from the
previous period
 the expected cash outflow on redemption or repurchase of that
class of financial instruments and
 information about how the expected cash outflow on redemption or
repurchase was determined.
Other information
 The following other note disclosures are required by IAS 1 if not disclosed
elsewhere in information published with the financial statements: [IAS
1.138]

 domicile and legal form of the entity

 country of incorporation
 address of registered office or principal place of business
 description of the entity's operations and principal activities
 if it is part of a group, the name of its parent and the ultimate
parent of the group
 if it is a limited life entity, information regarding the length of the
life

Terminology

The 2007 comprehensive revision to IAS 1 introduced some new

terminology. Consequential amendments were made at that time to all of
the other existing IFRSs, and the new terminology has been used in
subsequent IFRSs including amendments. IAS 1.8 states: "Although this
Standard uses the terms 'other comprehensive income', 'profit or loss' and
'total comprehensive income', an entity may use other terms to describe
the totals as long as the meaning is clear. For example, an entity may use
the term 'net income' to describe profit or loss." Also, IAS 1.57(b) states:
"The descriptions used and the ordering of items or aggregation of similar
items may be amended according to the nature of the entity and its
transactions, to provide information that is relevant to an understanding
of the entity's financial position."

Term before 2007 revision Term as amended by IAS 1 (2007)

of IAS 1

balance sheet statement of financial position

cash flow statement statement of cash flows

income statement statement of comprehensive income (income

statement is retained in case of a two-statement
approach)

recognised in the income recognised in profit or loss

statement

recognised [directly] in equity recognised in other comprehensive income

(only for OCI components)

recognised [directly] in equity recognised outside profit or loss (either in OCI or

(for recognition both in OCI and equity)
equity)

removed from equity and reclassified from equity to profit or loss as a

recognised in profit or loss reclassification adjustment
('recycling')

Standard or/and Interpretation IFRSs

on the face of in

equity holders owners (exception for 'ordinary equity holders')

balance sheet date end of the reporting period

reporting date end of the reporting period

after the balance sheet date after the reporting period