The other primary statements

Learning objectives

• Distinguish the restructured statement of profit or loss from the other primary financial statements, which are largely retained.L1

Normative references

• IFRS 18 §10A complete set of financial statements comprises a statement (or statements) of financial performance, a statement of financial position, a statement of changes in equity, a statement of cash flows, notes, comparative information in respect of the preceding period and, when required by para. 37, a statement of financial position as at the beginning of the preceding period.
• IFRS 18 §88The statement presenting comprehensive income classifies income and expenses into two categories: those that will be reclassified to profit or loss when specific conditions are met and those that will not; within each category, the share of equity-accounted investees is presented separately (para. 89): the structure adopted by IAS 1 is retained.
• IFRS 18 §107The statement of changes in equity presents total comprehensive income for the period (attributable to owners of the parent and to non-controlling interests), the effects of retrospective application or retrospective restatement under IAS 8 for each component and, for each component, a reconciliation between the opening and closing carrying amounts separately disclosing at least profit or loss, other comprehensive income and transactions with owners: content carried over from IAS 1 (para. 106).

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

3 questions

• Which statement correctly describes the structure of the primary statements under IFRS 18?L1
• A trainee summarises the effects of IFRS 18 on the primary statements of Equinoxe SA. Which of the trainee's sentences is wrong?L1
• Which items make up a complete set of financial statements under IFRS 18? (Several answers.)L1