Ias1 contents of financial statements, Financial Accounting

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IAS 1 contents of financial statements

IAS 1 prescribes the contents of published financial statements. The major reports that are included as part of the published financial statements is:-

  • The income statement.
  • The balance sheet.
  • The statement of changes in equity.
  • The Cashflow statement.
  • The notes to the accounts/financial statements.


 
In most cases, companies that prepare published financial statements include the following additional reports (that are not financial statements).

  • Corporate information (Company’s address, lawyers. Location, bankers and others).
  • Chairman’s report (principle business activities of the firm, directors to be elected or retiring, summary results for the year and dividends).
  • Auditors report.
  • Corporate governance (I.T systems, internal audit, audit committees and other systems in place to ensure good management).
  • Statistical information (major highlights of the company’s performance, over a period of time e.g. 5 years).

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