Welcome to the IAS 1 Presentation of Financial Statements e-learning module

This module covers the principles and requirements under IAS 1 Presentation of Financial Statements and the application of this Standard. By completion of this module, you will be able to:

  • Describe the purpose and general requirements of financial statements, including fair presentation and compliance with IFRS Standards.
    • Describe the purpose of financial statements.
    • Describe what the components of a set of financial statements are.
    • Describe the overall considerations used as a basis for the preparation of financial statements.
    • Identify why the IFRS Standards must be adhered to when preparing financial statements.
    • Identify items in the financial statements which can be aggregated and those which are required to be disclosed separately.
    • Identify when assets and liabilities, and income and expenses can be offset.
  • Describe the structure and information to be presented in the primary financial statements.
    • State what information must appear on the covering page and/or other pages of a set of financial statements.
    • Differentiate between assets and liabilities that are current or non-current.
    • Describe how to reconsider assets and liabilities that have been previously recognized as current or non-current.
    • Describe the differences between profit or loss and other comprehensive income.
    • Describe the ways in which an entity may present all items of income and expense during a period.
    • Describe the information that should appear on the face of the statement of profit or loss and other comprehensive income.
    • Describe the two ways an entity may present an analysis of expenses recognized in profit or loss.
    • Describe the information that should appear on the face of the statement of changes in equity.
  • Describe the disclosure notes and nature of information, and identify key assumptions used when preparing the financial statements.

The duration of this module is about 1 hour and there is an assessment at the end of the module to test your knowledge.

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