SCOPE

IAS 1 shall be applied to all general purpose financial statements presented in accordance with IFRS.

IAS 1 does not apply to interim financial statements, (see IAS 34 Interim Financial Reporting). IAS 1 applies equally to all undertakings, whether they need to prepare consolidated, or separate financial statements.

IFRS 7 specifies additional requirements for banks and similar financial institutions, which are consistent with the requirements of IAS 1.

IAS 1 uses terminology that is suitable for profit-oriented undertakings, including public-sector business undertakings.

Similarly, undertakings that do not have equity as defined in IAS 32: some mutual funds, and undertakings whose share capital is not equity: some co-operative undertakings may need to adapt the of members’ (or unitholders’) interests.