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IAS1 : PRESENTATION OF FINANCIAL STATEMENTS


FINANCIAL STATEMENTS > General features >


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Comparative information

38
Except when IFRSs permit or require otherwise, [one] an entity shall disclose comparative information in respect [two] of the previous period for all amounts reported in the current [three] periodís financial statements. An entity shall include [four] comparative information for narrative and descriptive information when [five] it is relevant to an understanding of the current periodís [six] financial statements.

39
An entity disclosing comparative information [seven] shall present, as a minimum, two statements of financial [eight] position, two of each of the other statements, and related [nine] notes. When an entity applies an accounting policy [ten] retrospectively or makes a retrospective restatement of items in its [one] financial statements or when it reclassifies items [two] in its financial statements, it shall present, [three] as a minimum, three statements of financial position, two [four] of each of the other statements, and related notes. An entity [five] presents statements of financial position as at:
(a) the end [six] of the current period,
(b) the end of the previous period (which [seven] is the same as the beginning of the current period), and
(c) [eight] the beginning of the earliest comparative period.

40
In some cases, [nine] narrative information provided in the financial statements for the previous [ten] period(s) continues to be relevant in the current period. [one] For example, an entity discloses in the current period details [two] of a legal dispute whose outcome was uncertain [three] at the end of the immediately preceding reporting period and that [four] is yet to be resolved. Users benefit [five] from information that the uncertainty existed at the end of the immediately [six] preceding reporting period, and about the steps that [seven] have been taken during the period to resolve [eight] the uncertainty.

41
When the entity changes the presentation or classification of items [nine] in its financial statements, the entity shall reclassify [ten] comparative amounts unless reclassification is impracticable. [one] When the entity reclassifies comparative amounts, the entity [two] shall disclose:
(a) the nature of the reclassification;
(b) the amount of each [three] item or class of items that is reclassified; [four] and
(c) the reason for the reclassification.

42
When it is impracticable [five] to reclassify comparative amounts, an entity shall disclose:
(a) [six] the reason for not reclassifying the amounts, and
(b) the nature [seven] of the adjustments that would have been made [eight] if the amounts had been reclassified.

43
Enhancing the inter-period comparability [nine] of information assists users in making economic decisions, [ten] especially by allowing the assessment of trends in financial information [one] for predictive purposes. In some circumstances, it is [two] impracticable to reclassify comparative information for a particular prior [three] period to achieve comparability with the current period. [four] For example, an entity may not have collected [five] data in the prior period(s) in a way that allows [six] reclassification, and it may be impracticable to recreate [seven] the information.

44
IAS 8 sets out the adjustments to comparative information [eight] required when an entity changes an accounting policy [nine] or corrects an error.


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Feature conception:


Thus it appears, in what various ways Nature has taught man her first great lesson of love and union.

Nor did she give the same talents either in kind or in degree to all, evidently meaning that the inequality of her gifts should be ultimately equalized by a reciprocal interchange of good offices and mutual assistance.

Thus, in different countries, she has caused different commodities to be produced, that expediency itself might introduce commercial intercourse.


Desiderius Erasmus

The Complaint of Peace

   




Moscow: IAS bookkeeping consulting



 

IAS bookkeeping consulting in Moscow

Chapter: Moscow IAS bookkeeping consulting

Moscow: IAS bookkeeping consulting

 

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