IFRS 1 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting ( Read more... )

A consolidated statement of cash flows must be presented when a complete set of consolidated financial statements is issued. The consolidated statement of cash flows would be the last statement to be prepared, as the information to prepare it will come from the other consolidated statements (consolidated balance sheet, income statement, and ( Read more... )

Certain additional information may be relevant to the users of financial statements in gaining an insight into the liquidity or solvency of an enterprise. With this objective in mind, IAS 7 sets forth other disclosures that are required or in some cases, recommended ( Read more... )

IAS 7 specifies two exceptions where netting of cash flows is allowed. Items with quick turnovers, large amounts, and short maturities may be presented as net cash flows. Cash receipts and payments on behalf of customers when the cash flows reflect the activities of the customers rather than those of the enterprise may also be reported on a net ( Read more... )

Entities using the direct method are required by IAS 7 to report the following major classes of gross cash receipts and gross cash payments:
1. Cash collected from customers
2. Interest and dividends received
3. Cash paid to employees and other suppliers
4. Interest paid
5. Income taxes paid
6. Other operating cash receipts and payments

IAS 1 requires an entity to present a statement of changes in equity including the following components on the face of the statement ( Read more... )

Separate disclosure items are items that are of such size, nature, or incidence that their disclosure becomes important in order to explain the performance of the enterprise for the period. Examples of items that, if material, would require such disclosure are as follows ( Read more... )

The following additional disclosures should be made ( Read more... )

1. Revenue ( Read more... )

1. Changes in revaluation surplus (see IAS 16, Property, Plant, and Equipment, and IAS 38, Intangible Assets ( Read more... )