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Objective
1. The objective of
this Standard is to prescribe 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.
To achieve this objective, this Standard sets out overall
requirements for the presentation of financial statements,
guidelines for their structure and minimum requirements for
their content. The recognition, measurement and disclosure of
specific transactions and other events are dealt with in other
Standards and in Interpretations.
Scope
2. This Standard
shall be applied to all general purpose financial statements
prepared and presented in accordance with International Financial
Reporting Standards (IFRSs).
3. General purpose
financial statements are those intended to meet the needs of
users who are not in a position to demand reports tailored to
meet their particular information needs. General purpose
financial statements include those that are presented
separately or within another public document such as an annual
report or a prospectus. 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 13-41 apply to
such financial statements. This Standard applies equally to
all entities and whether or not they need to prepare
consolidated financial statements or separate financial
statements, as defined in IAS 27 Consolidated and Separate
Financial Statements.
4.
[deleted]
5. This Standard
uses terminology that is suitable for profit-oriented entities,
including public sector business entities. Entities with
not-for-profit activities in the private sector, public sector
or government seeking to apply this Standard 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: Disclosure and Presentation (eg some mutual
funds) and entities whose share capital is not equity (eg some
co-operative entities) may need to adapt the presentation in
the financial statements of members’ or unitholders’
interests.
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