General Review

The business and accounting knowledge of users is assumed to be reasonable, but they are not assumed to have a comprehensive of your business. This guides the level of detail and explanation that will be provided in the financial statements.

IAS 1 requires particular disclosures on the face of the statement of financial position, income statement, and statement of changes in equity, and requires disclosure of other line items either on the face of those statements, or in the notes. IAS 7 sets out requirements for the presentation of a cash flow statement.

Disclosures are made either on the face of the statement of financial position, income statement, statement of changes in equity or cash flow statement (whichever is relevant), or in the notes.

Structure and Content

Introduction

IAS 1 requires particular disclosures in the statement of financial position or of comprehensive income, in the separate income statement (if presented), or in the statement of changes in equity and requires disclosure of other line items either in those statements or in the notes.