IFRS / IAS standards assist in identifying and recognising business transactions for accounting purposes, and the required reporting of those transactions in a set of financial statements.

This session focuses on IAS 1, highlighting various aspects of financial statements, and what needs to go into an IFRS set, including:

1. the requirements in preparing each individual statement i.e., balance sheet, income statement, notes, etc.
2. underlying principles, like going concern, the need for comparatives, inter alia,
3. structure / form / minimum content of individual statements, and
4. other disclosures, for example, judgement and estimation uncertainty, dividends, amongst others
5. IAS 1 provides guidance in preparing IFRS-compliant financial statements, and the relevant content covered in this session includes:
6. Pervasive principles:
7. Going concern, accrual basis, comparatives, fair presentation, materiality and aggregation
8. Minimum statements included in a set of financial statements, and the minimum required line items within each statement, for:
9. Balance sheet,
10. Income statement,
11. Statement of changes in equity, and
12. Notes to the financial statements
13. NOTE: Statement of cash flows is dealt with separately in IAS 7
14. Accounting policy elections in terms of statements to be presented
15. Other key disclosures,
16. Judgement / key assumptions
17. Dividends
18. Entity particulars
19. Appropriate terminology / naming convention used in financial statements

NOT COVERED: Statement of Cash Flows as it is dealt with separately under IAS 7.