What does IFRS require when presenting general purpose financial statements to ensure comparability both with financial statements of previous periods and with the financial statements of other organizations?

What are some of the differences between presenting financial statements under US GAAP and under IFRS? Quite a few actually! US GAAP uses rules while IFRS is much more principles based, leaving room for judgment in what fits the circumstances best. It allows for financial statements to be more suited to the needs of the users and ultimately presents a “truer” picture of the financial condition and performance of the entity.

This presentation will give you a bird’s eye view as well as use a drill-down approach for presenting clear, reliable, relevant, and comparable information in a financial statement that complies with IFRS standard number IAS1.

IAS1 is very specific and a clear understanding of this standard is essential to presenting an IFRS compliant statement that meets the general-purpose needs of the users of the financial statements.

All the major parts of the IFRS financial statements (profit-or-loss statement, balance sheet, statement of equity, cash flow statement, and notes) will be examined and explained. If you are looking for the “rules of engagement” for putting together an IFRS compliant set of financial statements, this is where you get it them, in an easy-to-follow, step-by-step walk through IAS1.

This session will describe in detail the overall requirements for the presentation of financial statements, guidelines for their structure, minimum requirements for their content, what to include and what not to include, as well as a good view as to what should be in the notes to the statements.

Course Key Concepts: IFRS, IAS 1, Principles, Clarity, Reliability, Relevance, Comparability, Presentation, Financial Statements, Notes, Profit-or-Loss Statement.