IAS 1
The International Accounting Standard 1 is an accounting standard by the International Accounting Standards Board (IASB ) with the German title "Presentation of Financial Statements".
The standard is comparable IFRS financial statements, both with respect to entity's financial statements of previous periods and with the financial statements of other companies that guarantee. To ensure this, the minimum level of representation, the scope, and the development of financial statements have been defined.
Purpose of financial statements are a structured representation of the financial position, and earnings position to give different users of financial statements the ability to make economic decisions.
As part of the Financial Statement Presentation Project a revised version of IAS 1 was tackled. At the end of phase A, the final revision was published. At the moment, the standard is still in the EU endorsement process. With an overpass in current European law is expected by the end of 2008.
IAS 1 does not apply to interim financial reporting. To this end, there is a separate standard (IAS 34).
Mandatory components of IFRS financial statements in accordance with IAS 1.10
Previous nomenclature:
- Balance (Balance Sheet)
- Profit and loss account (Income Statement)
- Equity ( Changes in Shareholders' Equity)
- Statement of cash flows (cash flow statement)
- Notes ( Notes )
The amendments to IAS 1 also include some linguistic revisions:
- Statement of comprehensive income for the period ( "Income Statement" )
- Statement of changes in equity for the period
- Statement of cash flows for the period
Due to various negative opinions in the comment period to IAS 1 (rev. 2007), companies can choose the title of the mandatory components freely.
Publicly traded companies also have to create according to IAS 14, segment reporting (Segment Reporting).