Ifrs

EC staff consolidated version as of 18 February 2011

FOR INFORMATION PURPOSES ONLY

International Accounting Standard 1

Presentation of Financial Statements

Objective

1

This Standard prescribes 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. It sets out overall requirements for the presentation of financial statements,

guidelines for their structure and minimum requirements for their content.

Scope

2

An entity shall apply this Standard in preparing and presenting general purpose financial statements

in accordance with International Financial Reporting Standards (IFRSs).

3

Other IFRSs set out the recognition, measurement and disclosure requirements for specific transactions and

other events.

4

This Standard does not apply to the structure and content of condensed interim financial statements prepared

in accordance with IAS 34 Interim Financial Reporting. However, paragraphs 15–35 apply to such financial

statements. This Standard applies equally to all entities, including those that present consolidated financial

statements and those that present separate financial statements as defined in IAS 27 Consolidated and

Separate Financial Statements.

5

This Standard uses terminology that is suitable for profit-oriented entities, including public sector business

entities. If entities with not-for-profit activities in the private sector or the public sector apply this Standard,

they may need to amend the descriptions used for particular line items in the financial statements and for the

financial statements themselves.

6

Similarly, entities that do not have equity as defined in IAS 32 Financial Instruments: Presentation (eg

some mutual funds) and entities whose share capital is not equity (eg some co-operative entities) may need

to adapt the financial statement...