IAS1 : PRESENTATION OF FINANCIAL STATEMENTS
The following terms are used in this [one] Standard with the meanings specified: General purpose [two] financial statements (referred to as ‘financial statements’) are [three] those intended to meet the needs of users who [four] are not in a position to require an entity to prepare [five] reports tailored to their particular information needs.
Impracticable [six] Applying a requirement is impracticable when the entity [seven] cannot apply it after making every [eight] reasonable effort to do so.
International Financial Reporting [nine] Standards (IFRSs) are Standards and Interpretations adopted [ten] by the International Accounting Standards Board (IASB).
(a) [one] International Financial Reporting Standards;
(b) International Accounting [two] Standards; and
(c) Interpretations developed by the International Financial [three] Reporting Interpretations Committee (IFRIC) or the former Standing [four] Interpretations Committee (SIC).
Material Omissions or misstatements of items [five] are material if they could, individually or collectively, [six] influence the economic decisions that users make [seven] on the basis of the financial statements. Materiality depends on the size [eight] and nature of the omission or misstatement judged in the surrounding circumstances. [nine] The size or nature of the item, or a combination of both, could [ten] be the determining factor.
Assessing whether an omission or misstatement [one] could influence economic decisions of users, and so [two] be material, requires consideration of the characteristics of those [three] users. The Framework for the Preparation and Presentation of Financial Statements [four] states in paragraph 25 that ‘users are [five] assumed to have a reasonable knowledge of business and economic [six] activities and accounting and a willingness to study the information with [seven] reasonable diligence.’ Therefore, the assessment needs to take [eight] into account how users with such attributes [nine] could reasonably be expected to be influenced [ten] in making economic decisions.
Notes contain information in addition [one] to that presented in the statement of financial position, statement [two] of comprehensive income, separate income statement (if [three] presented), statement of changes in equity and statement of cash [four] flows. Notes provide narrative descriptions or disaggregations [five] of items presented in those statements and information about [six] items that do not qualify for recognition [seven] in those statements.
Other comprehensive income comprises items [eight] of income and expense (including reclassification adjustments) that [nine] are not recognised in profit or loss as required [ten] or permitted by other IFRSs.
The components of other comprehensive [one] income include:
(a) changes in revaluation surplus (see [two] IAS 16 Property, Plant and Equipment and IAS [three] 38 Intangible Assets);
(b) actuarial gains and losses [four] on defined benefit plans recognised in
accordance with [five] paragraph 93A of IAS 19 Employee Benefits;
(c) [six] gains and losses arising from translating the financial statements [seven] of a foreign operation (see IAS 21 The [eight] Effects of Changes in Foreign Exchange Rates) ;
(d) [nine] gains and losses on remeasuring available-for-sale financial assets [ten] (see IAS 39 Financial Instruments: Recognition [one] and Measurement);
(e) the effective portion of gains and losses on hedging [two] instruments in a cash flow hedge (see IAS [three] 39).
Owners are holders of instruments classified as equity.
Profit [four] or loss is the total of income less expenses, [five] excluding the components of other comprehensive income.
Reclassification adjustments [six] are amounts reclassified to profit or loss in the current [seven] period that were recognised in other comprehensive [eight] income in the current or previous periods.
Total comprehensive income [nine] is the change in equity during a period resulting [ten] from transactions and other events, other than those [one] changes resulting from transactions with owners in their [two] capacity as owners.
Total comprehensive income comprises all [three] components of ‘profit or loss’ and of ‘other comprehensive income’.
Although [four] this Standard uses the terms ‘other comprehensive [five] income’, ‘profit or loss’ and ‘total comprehensive income’, [six] an entity may use other terms to describe [seven] the totals as long as the meaning is clear. For example, [eight] an entity may use the term ‘net income’ [nine] to describe profit or loss.
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.
The Complaint of Peace