Investor Presentaiton
CATA
THE INSTITUTE OF
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CHARTERED ACCOUNTANTS OF SRI LANKA
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Background and Status
Target DP in end 2016
The objective of this research project is to improve existing guidance in
IFRS that helps entities determine the basic structure and content of a
complete set of financial statements.
The focus is on reviewing the general disclosure guidance in IAS 1 and
IAS 8. The aim is to develop a Disclosure Standard that improves and
brings together the principles for determining the basic structure and
content of the financial statements, in particular the notes.
This project will not consider the removal or addition of specific
disclosure requirements in other Standards. The disclosure requirements
in all Standards will be reviewed systematically in the light of the revised
Conceptual Framework and of work undertaken in this project. . In
addition, the work that the FRC had undertaken on Cash Flows under
this research project was moved to the Performance Reporting project.
As part of the revision of the Conceptual Framework the IASB has
decided to add a new chapter on presentation and disclosure. This would
be included in the upcoming ED on CF in which the target date is 2015
quarter 3.
CAT
THE INSTITUTE OF
CHARTERED ACCOUNTANTS OF SRI LANKA
IFRS guidance
Paragraph 10 of IAS 1 Presentation of Financial Statements specifies that a
complete set of financial statements comprises:
a. a statement of financial position as at the end of the period;
b. a statement of profit or loss and other comprehensive income for the
period;
C.
a statement of changes in equity for the period;
d. a statement of cash flows for the period;
e. notes, comprising a summary of significant accounting policies and other
explanatory information;
f. comparative information in respect of the preceding period; and
g.
a statement of financial position as at the beginning of the preceding
period when an entity applies an accounting policy retrospectively or
makes a retrospective restatement of items in its financial statements, or
when it reclassifies items in its financial statements.
☐ Statements of financial position, profit or loss and other comprehensive
income, changes in equity and cash flows as mentioned in (a)-(d) in
paragraph 3 are considered as forming the set of the Statements.
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