The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting

2.13 COMPARATIVE INFORMATION

2.13.1 Complete Set of Financial Statements

IFRS 1 reaffirms the composition of a complete set of financial statements required by IAS 1.257 IAS 1 specifically identifies each statement within a complete set of financial statements. They include the statement of financial position, the statement of comprehensive income, i.e., under the 2011 Amendments to IAS 1, the statement of profit or loss and other comprehensive income (or an income statement and a statement of comprehensive income – see Paragraph 4.2.2), the statement of changes in equity, the statement of cash flows, and the notes.258

The U.S. Concepts follow the approach of defining the content that a full set of financial statements must represent rather than prescribing specific statements.

Comment: Within the variety of alternatives used in practice, the U.S. Concepts draw no conclusions on the identity, number, or form of those components and, whilst indicating individual statements, do not preclude the possibility of combining statements differently, although aggregation may unduly complicate the information.259 For example, among other elements, the U.S. Concepts prescribe net income or earnings as items that must be represented as part of the financial statements.260 This gives rise to the basic statement of earnings and comprehensive income. This statement may be disaggregated into an income or earning statement, a statement of retained earnings,261 and a statement of comprehensive ...