Financial reporting requirements

[dimpy.handa]

On 6 September 2007, the IASB issued a revised IAS 1 Presentation of Financial Statements. The main changes from the previous version are to require that an entity must:

present all non-owner changes in equity (that is, 'comprehensive income' ) either in one Statement of comprehensive income or in two statements (a separate income statement and a statement of comprehensive income). Components of comprehensive income may not be presented in the Statement of changes in equity.
present a statement of financial position (balance sheet) as at the beginning of the earliest comparative period in a complete set of financial statements when the entity applies the new standatd.
present a statement of cash flow.
make necessary disclosure by the way of a note.

 

[dimpy.handa]

These annual financial statement requirements include the Minimum Reporting Requirements and assist agencies in the preparation of their financial statements. The requirements provide updates on new and revised accounting policies and standards and additional guidance and advice on the application of such policies and standards.