4 Paragraphs 15-24 contain references to the objective of financial statements set out in the
Framework [for the Preparation and Presentation of Financial Statements]. In September 2010 the IASB replaced the Framework with the Conceptual Framework for Financial Reporting, which replaced the objective of financial statements with the objective of general purpose financial reporting: see
Chapter 1 of the Conceptual Framework.
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 shall not describe financial statements as complying with IFRSs unless they comply with all the requirements of IFRSs.
In virtually all circumstances, an entity achieves a fair presentation by
compliance with applicable IFRSs. A fair presentation also requires an entity:
to select and apply accounting policies in accordance with IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors. IAS 8 sets out a
hierarchy of authoritative guidance that management considers in the absence of an IFRS that specifically applies to an item.
to present information, including accounting policies, in a manner that
provides relevant, reliable, comparable and understandable information.
to provide additional disclosures when compliance with the specific
requirements in IFRSs is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance.
An entity cannot rectify inappropriate accounting policies either by disclosure of the accounting policies used or by notes or explanatory material.
In the extremely rare circumstances in which management concludes that compliance with a requirement in an IFRS would be so misleading that it would conflict with the objective of financial statements set out in the Framework, the entity shall depart from that requirement in the
manner set out in paragraph 20 if the relevant regulatory framework requires, or otherwise does not prohibit, such a departure.
When an entity departs from a requirement of an IFRS in accordance with
paragraph 19, it shall disclose:
that management has concluded that the financial statements
present fairly the entity's financial position, financial
performance and cash flows;
that it has complied with applicable IFRSs, except that it has
departed from a particular requirement to achieve a fair
the title of the IFRS from which the entity has departed, the nature
of the departure, including the treatment that the IFRS would require, the reason why that treatment would be so misleading in the circumstances that it would conflict with the objective of
financial statements set out in the Framework, and the treatment
for each period presented, the financial effect of the departure on
each item in the financial statements that would have been reported in complying with the requirement.
When an entity has departed from a requirement of an IFRS in a prior period, and that departure affects the amounts recognised in the financial statements for the current period, it shall make the disclosures set out in paragraph 20(c) and (d).
Paragraph 21 applies, for example, when an entity departed in a prior period from a requirement in an IFRS for the measurement of assets or liabilities and that departure affects the measurement of changes in assets and liabilities recognised in the current period's financial statements.
In the extremely rare circumstances in which management concludes that compliance with a requirement in an IFRS would be so misleading that it would conflict with the objective of financial statements set out in the Framework, but the relevant regulatory framework prohibits
departure from the requirement, the entity shall, to the maximum extent possible, reduce the perceived misleading aspects of compliance by
the title of the IFRS in question, the nature of the requirement, and the reason why management has concluded that complying with that requirement is so misleading in the circumstances that it conflicts with the objective of financial statements set out in the
for each period presented, the adjustments to each item in the financial statements that management has concluded would be necessary to achieve a fair presentation.
For the purpose of paragraphs 19-23, an item of information would conflict with the objective of financial statements when it does not represent faithfully the transactions, other events and conditions that it either purports to represent or could reasonably be expected to represent and, consequently, it would be likely to influence economic decisions made by users of financial statements. When assessing whether complying with a specific requirement in an IFRS would be so misleading that it would conflict with the objective of financial
statements set out in the Framework, management considers:
why the objective of financial statements is not achieved in the
particular circumstances; and
how the entity's circumstances differ from those of other entities that
comply with the requirement. If other entities in similar circumstances comply with the requirement, there is a rebuttable presumption that the entity's compliance with the requirement would not be so misleading that it would conflict with the objective of financial statements set out in the Framework.
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. When an entity does not prepare financial statements on a going concern basis, it shall disclose that fact, together with the basis on which it prepared the financial statements and the reason why the entity is not regarded as a going concern.
In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but is not limited to, twelve months from the end of the reporting period. The degree of consideration depends on the facts in each case. When an entity has a history of profitable operations and ready access to financial resources, the entity may reach a conclusion that the going concern basis of accounting is appropriate without detailed analysis. In other cases, management may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules and potential sources of replacement financing
before it can satisfy itself that the going concern basis is appropriate.
Accrual basis of accounting
An entity shall prepare its financial statements, except for cash flow information, using the accrual basis of accounting.
When the accrual basis of accounting is used, an entity recognises items as assets, liabilities, equity, income and expenses (the elements of financial statements) when they satisfy the definitions and recognition criteria for those
elements in the Framework.5
Materiality and aggregation
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.
Financial statements result from processing large numbers of transactions or other events that are aggregated into classes according to their nature or function. The final stage in the process of aggregation and classification is the presentation of condensed and classified data, which form line items in the financial statements. If a line item is not individually material, it is aggregated with other items either in those statements or in the notes. An item that is not sufficiently material to warrant separate presentation in those statements may warrant separate presentation in the notes.
5 replaced by the Conceptual Framework in September 2010
An entity need not provide a specific disclosure required by an IFRS if the information is not material.
An entity shall not offset assets and liabilities or income and expenses, unless required or permitted by an IFRS.
An entity reports separately both assets and liabilities, and income and expenses. Offsetting in the statement(s) of profit or loss and other comprehensive income or financial position, except when offsetting reflects the substance of the transaction or other event, detracts from the ability of users both to understand the transactions, other events and conditions that have occurred and to assess the entity's future cash flows. Measuring assets net of valuation allowances—for example, obsolescence allowances on inventories and doubtful debts allowances on receivables—is not offsetting.
IAS 18 Revenue defines revenue and requires an entity to measure it at the fair value of the consideration received or receivable, taking into account the amount of any trade discounts and volume rebates the entity allows. An entity undertakes, in the course of its ordinary activities, other transactions that do not generate revenue but are incidental to the main revenue-generating activities. An entity presents the results of such transactions, when this presentation reflects the substance of the transaction or other event, by netting any income
with related expenses arising on the same transaction. For example:
an entity presents gains and losses on the disposal of non-current assets
including investments and operating assets, by deducting from the proceeds on disposal the carrying amount of the asset and related selling
an entity may net expenditure related to a provision that is recognised in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets
and reimbursed under a contractual arrangement with a third party (for example, a supplier's warranty agreement) against the related reimbursement.
In addition, an entity presents on a net basis gains and losses arising from a group of similar transactions, for example, foreign exchange gains and losses or gains and losses arising on financial instruments held for trading. However, an entity presents such gains and losses separately if they are material.
Frequency of reporting
An entity shall present a complete set of financial statements (including comparative information) at least annually. When an entity changes the end of its reporting period and presents financial statements for a period longer or shorter than one year, an entity shall disclose, in addition to the
period covered by the financial statements:
(a) the reason for using a longer or shorter period, and
(b) the fact that amounts presented in the financial statements are
not entirely comparable.
Normally, an entity consistently prepares financial statements for a one-year period. However, for practical reasons, some entities prefer to report, for
example, for a 52-week period. This Standard does not preclude this practice.
Minimum comparative information
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 include comparative information for narrative and descriptive information if it is relevant to understanding 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.
In some cases, narrative information provided in the financial statements for the preceding period(s) continues to be relevant in the current period. For example, an entity discloses in the current period details of a legal dispute, the outcome of which was uncertain at the end of the preceding period and is yet to be resolved. Users may benefit from the disclosure of information that the uncertainty existed at the end of the preceding period and from the disclosure of information about the steps that have been taken during the period to resolve the uncertainty.
Additional comparative information
An entity may present comparative information in addition to the minimum comparative financial statements required by IFRSs, as long as that information is prepared in accordance with IFRSs. This comparative information may consist of one or more statements referred to in paragraph 10, but need not comprise a complete set of financial statements. When this is the case, the entity shall present related note information for those additional statements.
For example, an entity may present a third statement of profit or loss and other comprehensive income (thereby presenting the current period, the preceding period and one additional comparative period). However, the entity is not required to present a third statement of financial position, a third statement of cash flows or a third statement of changes in equity (ie an additional financial statement comparative). The entity is required to present, in the notes to the financial statements, the comparative information related to that additional statement of profit or loss and other comprehensive income.
Change in accounting policy, retrospective restatement or
40A 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 required in paragraph 38A if:
. it applies an accounting policy retrospectively, makes a
retrospective restatement of items in its financial statements or
reclassifies items in its financial statements; and
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.
40B In the circumstances described in paragraph 40A, an entity shall present three
statements of financial position as at:
the end of the current period
the end of the preceding period; and
the beginning of the preceding period
When an entity is required to present an additional statement of financial position in accordance with paragraph 40A, it must disclose the information required by paragraphs 41-44 and IAS 8. However, it need not present the related notes to the opening statement of financial position as at the beginning of the preceding period.
The date of that opening statement of financial position shall be as at thebeginning of the preceding period regardless of whether an entity's financial statements present comparative information for earlier periods (as permitted in paragraph 38C).
If an entity changes the presentation or classification of items in its financial statements, it shall reclassify comparative amounts unless reclassification is impracticable. When an entity reclassifies comparative amounts, it shall disclose (including as at the beginning of the preceding
the nature of the reclassification
the amount of each item or class of items that is reclassified; and
the reason for the reclassification
42 When it is impracticable to reclassify comparative amounts, an entity
(a) the reason for not reclassifying the amounts, and
(b) the nature of the adjustments that would have been made if the
amounts had been reclassified.
43 Enhancing the inter-period comparability of information assists users in making
economic decisions, especially by allowing the assessment of trends in financial information for predictive purposes. In some circumstances, it is impracticable
to reclassify comparative information for a particular prior period to achieve comparability with the current period. For example, an entity may not have collected data in the prior period(s) in a way that allows reclassification, and it may be impracticable to recreate the information.
IAS 8 sets out the adjustments to comparative information required when an entity changes an accounting policy or corrects an error.
Consistency of presentation
An entity shall retain the presentation and classification of items in the
financial statements from one period to the next unless:
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 having regard to the criteria for the selection and application of
accounting policies in IAS 8; or
an IFRS requires a change in presentation
For example, a significant acquisition or disposal, or a review of the presentation of the financial statements, might suggest that the financial statements need to be presented differently. An entity changes the presentation of its financial statements only if the changed presentation provides information that is reliable and more relevant to users of the financial statements and the revised structure is likely to continue, so that comparability is not impaired. When making such changes in presentation, an entity reclassifies its comparative information in accordance with paragraphs 41 and 42.
Structure and content
his Standard requires particular disclosures in the statement of financial
position or the statement(s) of profit or loss and other comprehensive income, or in the statement of changes in equity and requires disclosure of other line items either in those statements or in the notes. IAS 7 Statement of Cash Flows sets out
requirements for the presentation of cash flow information.
This Standard sometimes uses the term 'disclosure' in a broad sense, encompassing items presented in the financial statements. Disclosures are also required by other IFRSs. Unless specified to the contrary elsewhere in this Standard or in another IFRS, such disclosures may be made in the financial statements.
Identification of the financial statements
An entity shall clearly identify the financial statements and distinguish
them from other information in the same published document.
IFRSs apply only to financial statements, and not necessarily to other information presented in an annual report, a regulatory filing, or another document. Therefore, it is important that users can distinguish information
that is prepared using IFRSs from other information that may be useful to users but is not the subject of those requirements.
51 An entity shall clearly identify each financial statement and the notes. In
addition, an entity shall display the following information prominently, and repeat it when necessary for the information presented to be
the name of the reporting entity or other means of identification,
and any change in that information from the end of the preceding
whether the financial statements are of an individual entity or a
group of entities;
the date of the end of the reporting period or the period covered by
the set of financial statements or notes;
the presentation currency, as defined in IAS 21; and
the level of rounding used in presenting amounts in the financial statements
An entity meets the requirements in paragraph 51 by presenting appropriate headings for pages, statements, notes, columns and the like. Judgement is required in determining the best way of presenting such information. For example, when an entity presents the financial statements electronically, separate pages are not always used; an entity then presents the above items to ensure that the information included in the financial statements can be understood.
An entity often makes financial statements more understandable by presenting information in thousands or millions of units of the presentation currency. This is acceptable as long as the entity discloses the level of rounding and does not omit material information.
Statement of financial position
Information to be presented in the statement of financial position
As a minimum, the statement of financial position shall include line
items that present the following amounts:
(a) (b) (c) (d) (e) (f)
(g) (h) (i)
property, plant and equipment;
investments accounted for using the equity method;
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