Page 28 - FINAL CFA SLIDES DECEMBER 2018 DAY 7

Session Unit 6:
23. Financial Reporting Standards

LOS 23.e: Describe general requirements for financial statements under International

Financial Reporting Standards (IFRS). , p.29

Features for preparing financial Also stated in IAS No. 1 are the structure and
statements are stated in IAS No. 1: content of financial statements:

• Fair presentation (faithfully • Most entities should present a classified

representing A/L/R/E/E); balance sheet showing current and
• Going concern basis; noncurrent assets and liabilities.

• Accrual basis; • Minimum information is required on the

• Consistency; face of each financial statement and in the

• Materiality; notes.
• Aggregation; • Comparative information for prior periods

• No offsetting; should be included unless a specific

• Reporting frequency must be at standard states otherwise.
least annually.

• Comparative information for prior

periods should be included unless a

specific standard states otherwise.