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IAS 1Presentation of Financial Statements

IAS 1Chapter 1Lesson 1

The complete set of financial statements, fair presentation, compliance and departure

Step 1 of 8Learning objectives

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IAS 1 defines the components of the complete set, the fair presentation objective, the conditions for a statement of compliance with IFRS and the extremely rare exception of departure.

35 minNot started

Learning objectives

  • Identify the five components of a complete set of financial statements and explain why comparatives accompany them.
  • Explain what fair presentation covers and determine, on a case, whether additional information is needed.
  • Identify the conditions for a statement of compliance with IFRS and explain why partial compliance rules it out.
  • Assess, on a case, whether the conditions for an exceptional departure are met (advanced level).

In this lesson

Original teaching content: it paraphrases the standard without reproducing it and does not replace the official text.

Contents — IAS 1 — Presentation of Financial Statements

  1. 1 · Not startedPurpose of financial statements, fair presentation and compliance0 / 1 lesson
  2. 2 · Not startedGeneral features: going concern, accrual, materiality, offsetting, comparatives0 / 3 lessons
  3. 3 · Not startedStatement of financial position: minimum line items and current / non-current classification0 / 2 lessons
  4. 4 · Not started2020 and 2022 amendments: classification of liabilities and covenants0 / 2 lessons
  5. 5 · Not startedStatement of profit or loss and other comprehensive income0 / 2 lessons
  6. 6 · Not startedChanges in equity, notes, policies, judgements, estimates and capital0 / 2 lessons
  7. 7 · Not startedTransition to IFRS 180 / 1 lesson
  8. 8 · Not startedLinks with IAS 8, IAS 7 and IAS 330 / 1 lesson