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 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 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
  • 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 recognised as current or non-current
  • Describe the difference between profit or loss and 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 recognised in profit or loss
  • Describe the information that should appear on the face of changes in equity and
  • Determine what notes, nature of information and key assumptions are required to complete the set of financial statements.

The duration of this module is about 1.5 hours and there is an assessment at the end of the module to test your knowledge.

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