IAS 1 Financial Statement Presentation- IFRS

What does IFRS require when presenting general purpose financial statements to ensure comparability both with financial statements of previous periods and with the financial statements of other organizations?

What are some of the differences between presenting financial statements under US GAAP and under IFRS? Quite a few actually! US GAAP uses rules while IFRS is much more principles based, leaving room for judgment in what fits the circumstances best. It allows for financial statements to be more suited to the needs of the users and ultimately presents a “truer” picture of the financial condition and performance of the entity.

IAS1 is very specific and a clear understanding of this standard is essential to presenting an IFRS compliant statement that meets the general-purpose needs of the users of the financial statements.

This CPE webinar will give you a bird’s eye view as well as use a drill-down approach for presenting clear, reliable, relevant, and comparable information in a financial statement that complies with IFRS standard number IAS1.

Key topics: 

• Review additional statements management needs to provide with IFRS financial statements.
• Understand the “Do’s and Don’ts” of formatting IFRS financial statements.
• Learn the asset/ liability offsetting rules for presentation in IFRS financial statements.
• Understand what needs to be in the Notes to financial statements and what can stay out
• Know the disclosure requirements of IAS 1.
• Examine general concepts and rules for presentation of IFRS financial statements under IAS 1
• Know the minimum inclusion requirements in order to comply with IAS 1.
• Explore options for presenting profit or loss and other comprehensive income together or in two sections as part of the IFRS financial statements.

This webinar will describe in detail the overall requirements for the presentation of financial statements, guidelines for their structure, minimum requirements for their content, what to include and what not to include, as well as a good view as to what should be in the notes to the statements.