Deloitte issued a special edition Newsletter on IAS 1: Presentation of Financial Statements. The revisions to IAS 1 published on 6 September represent the first step in the Board's comprehensive project on reporting financial information.
The main changes from the previous version of IAS 1 are to require that an entity must:
- Present all non-owner changes in equity either in one statement of comprehensive income or in two statements. Components of comprehensive income may not be presented in the statement of changes in equity.
- Present a statement of financial position as at the beginning of the earliest comparative period in a complete set of financial statements when the equity applies an accounting policy retrospectively or makes a retrospective restatement.
- Disclose income tax relating to each component of other comprehensive income.
- Disclose reclassification adjustments relating to components of other comprehensive income.
The revised Standard is effective for annual periods beginning on or after 1 January 2009, with early application permitted.
Newsletter
© Deloitte LLP
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article