Chapter 3

Presentation of financial statements and accounting policies

1 Introduction

1.1 IAS 1

1.1.1 Background to IAS 1

1.1.2 Objective and scope of IAS 1

1.2 IAS 8

1.2.1 Background to IAS 8

1.2.2 Objective and scope of IAS 8

2 The Purpose and Composition of Financial Statements

2.1 The purpose of financial statements

2.2 Frequency of reporting and period covered

2.3 The components of a complete set of financial statements

2.4 Comparative information

2.5 Identification of the financial statements and accompanying information

2.5.1 Identification of financial statements

2.5.2 Statement of compliance with IFRS

3 The Structure of Financial Statements

3.1 The balance sheet (or statement of financial position)

3.1.1 The distinction between current/non-current assets and liabilities

3.1.2 Non-current assets and disposal groups held for sale

3.1.3 Current assets

3.1.4 Current liabilities

3.1.5 Information required on the face of the balance sheet

3.1.6 Information required either on the face of the balance sheet or in the notes

3.1.7 Illustrative balance sheets

3.2 The statement of comprehensive income and the income statement

3.2.1 Profit and loss and comprehensive income

3.2.2 Information required on the face of the income statement

3.2.3 Classification of expenses recognised in profit or loss by nature or function

3.2.3.A Analysis of expenses by nature

3.2.3.B Analysis of expenses by function

3.2.4 The statement of comprehensive income

3.2.4.A The face of the statement of comprehensive ...

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