Comparative information for the previous period

Learning objectives

• Explain the minimum comparative information.L1
• Determine, for a case, which comparatives must be presented.L1, L2

Normative references

• IAS 1 §38An entity presents, as a minimum, comparative information in respect of the preceding period for all amounts reported in the current period's financial statements, together with comparative narrative and descriptive information when it is relevant; additional comparative information (38C and 38D) may be presented.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

3 questions

• The comparative information for the preceding period may be limited to the totals and subtotals of each financial statement of the period.L1
• Nova SA prepares its financial statements for 2026. What comparative information must it present as a minimum for the amounts in those statements?L2
• In its 2025 notes, Orme SA described a dispute with a supplier, with a claim of EUR 300,000. In 2026 the dispute is still ongoing, with no new ruling. Management proposes not to repeat the 2025 narrative description in 2026, on the grounds that "the amount has not changed". Write a short justification stating whether this proposal complies with the requirement for comparative information.L2