What are the components of Financial Statements as per IAS 1 ?

Components of Financial Statement are:

 

1. Income Statement

2. Balance Sheet

3. Cash flow Statement

4. Statement of Change Equity

5. Notes  

1. Balance Sheet

2. Profit loss account

3. Statement changes in equity

4. Cash flow

5. Notes to the account

A complete set of financial statements includes the following components:

a) Balance sheet

b) Income statement

c) A statement showing either:

i) All changes in equity, or

ii) Changes in equity other than those arising from capital transactions with owners and distributions to owners

d) Cash flow statement

e) Accounting policies and explanatory notes (IASI .8)

Thanks Sir for the invitation and agree with all answers.

I agree with Mr. Altaf Hussain answer

A complete set of financial statements includes: [IAS1.10]

a statement of financial position (balance sheet) at the end of the period a statement of profit or loss and other comprehensive income for the period (presented as a single statement, or by presenting the profit or loss section in a separate statement of profit or loss, immediately followed by a statement presenting comprehensive income beginning with profit or loss) a statement of changes in equity for the period a statement of cash flows for the period notes, comprising a summary of significant accounting policies and other explanatory notes comparative information prescribed by the standard.

An entity may use titles for the statements other than those stated above. All financial statements are required to be presented with equal prominence. [IAS1.10] 

When an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements, it must also present a statement of financial position (balance sheet) as at the beginning of the earliest comparative period.

Reports that are presented outside of the financial statements – including financial reviews by management, environmental reports, and value added statements – are outside the scope of IFRSs.

A complete set of financial statements includes: (IAS1.10)1. A statement of financial position at the end of the period2. A statement of profit or loss and other comprehensive income for the period (presented as a single statement, or by presenting the profit or loss section in a separate statement of profit or loss, immediately folowed by a statement presenting comprehensive income beginning with profit or loss)3. A statement of changes in equity for the period4. A statement of cash flows for the period5. Notes, comprising a summary of significant accounting policies and other explanatory notes6. Comparative information prescribed by the standard

Components of Financial Statements

A complete set of financial statements should include: [IAS1.8]

       a balance sheet,

       income statement,

       a statement of changes in equity showing either:

   all changes in equity, or

   changes in equity other than those arising from transactions with equity holders acting in their capacity as equity holders;

       cash flow statement, and

       notes, comprising a summary of accounting policies and other explanatory notes.

 

Reports that are presented outside of the financial statements -- including financial reviews by management, environmental reports, and value added statements -- are outside the scope of IFRSs. [IAS1.9-10] 

According to IAS1 Para10. A complete set of financial statement includes:

1) Statement of financial position (Balance Sheet);

2) Statement of comprehensive income (Profit and Loss account);

3) Statement of changes in equity;

4) Statement of cash flow; and

5) Notes to the financial statement.

 

P&L, B/S, CF, Statement of change equity and notes

AGREE WITH ALL ANSWERS