International Accounting Standard 1

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The International Accounting Standard 1 with the German title Presentation of Financial Statements is an accounting standard of the International Accounting Standards Board (IASB).

The standard is intended to ensure comparable IFRS financial statements, both with the financial statements of the company's own company from previous periods and with the financial statements of other companies. To ensure this, minimum requirements for the presentation, scope and structure of a financial statement have been set.

The purpose of the financial statements is a structured presentation of the financial, asset and earnings position in order to give the various addressees of the financial statements the opportunity to make economic decisions.

As part of the Financial Statement Presentation Project , a revision of IAS 1 was tackled. At the end of Phase A, the final revision was published. At the moment the standard is still in the endorsement process of the EU. It is expected that this will be transferred to applicable European law at the end of 2008.

IAS 1 does not apply to interim reporting. There is a separate standard for this (IAS 34).

Mandatory components of an IFRS financial statement according to IAS 1.10

Previous nomenclature:

The changes to IAS 1 also include some new language regulations:

  • statement of financial position as at the end of the period (balance sheet)
  • statement of comprehensive income for the period ("Income Statement")
  • statement of changes in equity for the period
  • statement of cash flows for the period

Due to various negative comments in the comment phase on IAS 1 (rev 2007), companies can freely choose the titles of the mandatory components.

According to IAS 14, capital market-oriented companies must also prepare segment reporting.

Balance sheet structure according to IAS 1.54

assets liabilities
  1. Long-term assets
    1. Intangible assets
    2. Property, plant and equipment
    3. Investment Properties
    4. At equity investments
    5. Other financial assets
    6. Deferred taxes
  2. Short-term assets
    1. Stocks
    2. requirements
    3. Other financial assets
    4. Tax claims
    5. Liquid funds
  1. Equity
    1. Paid-in capital and reserves
    2. Minority interests
  2. Long term debt
    1. Long-term financial debt
    2. Long-term provisions
    3. Deferred taxes
  3. Short term debt
    1. Short term financial debt
    2. Other liabilities . Delivery u. Performance
    3. Short-term provisions
    4. Tax liabilities

See also

Individual evidence

  1. ↑ Information from the IASB on the FSPP ( Memento of the original dated November 12, 2008 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.iasb.org
  2. ↑ endorsement status page EFRAC
  3. ↑ IAS 1 BC15