The complete set of financial statements and its components

Learning objectives

• Identify the components of a complete set of financial statements.L1
• Explain why comparative information accompanies each component.L1

Normative references

• IAS 1 §10A complete set of financial statements comprises a statement of financial position as at the end of the period, a statement of profit or loss and other comprehensive income, a statement of changes in equity, a statement of cash flows, notes (including material accounting policy information), comparative information in respect of the preceding period (paras. 38 and 38A) and, when an accounting policy is applied retrospectively or items are restated retrospectively or reclassified, a statement of financial position as at the beginning of the preceding period (paras. 40A to 40D); other titles for the statements may be used.

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

1 question

• Which statements make up a complete set of financial statements under IAS 1?L1