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).

Posted Date: 12/11/2012 11:50:36 PM | Location : United States

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