HISTORY OF IAS 1|
March 1974| Exposure Draft E1 Disclosure of Accounting Policies| January 1975| IAS 1 Disclosure of Accounting Policies|
June 1975| E5 Information to Be Disclosed in Financial Statements| October 1976| IAS 5 Information to Be Disclosed in Financial Statements| July 1978| E14 Current Assets and Current Liabilities|
November 1979| IAS 13 Presentation of Current Assets and Current Liabilities| 1994| IAS 1, IAS 5, and IAS 13 were reformatted|
July 1996| E53 Presentation of Financial Statements|
August 1997| IAS 1 (1997) Presentation of Financial Statements superseded IAS 1 (1975), IAS 5, and IAS 13 (1979)| 1 July 1998| Effective date of IAS 1 (1997)|
18 December 2003| Revised version of IAS 1 (2003) issued by the IASB| 1 January 2005| Effective date of IAS 1 (2003)|
18 August 2005| IAS 1 amended to add disclosures about capital Click for Summary of the Amendments.
Click for IASB Press Release (PDF 57k).|
16 March 2006| Exposure Draft of Proposed Amendments to IAS 1 Presentation of Financial Statements–A Revised Presentation| 1 January 2007| Effective date of August 2005 amendments to IAS 1| 6 September 2007| Revised IAS 1 (2007) issued|
1 January 2009| IAS 1 (2007) is effective for annual periods beginning on or after 1 January 2009| 22 June 2006| Exposure Draft of proposed amendments to IAS 32 relating to Puttable Instruments and Obligations Arising on Liquidation would add new disclosure requirements to IAS 1| 14 February 2008| IAS 1 amended to add New Disclosure Requirements for puttable instruments and obligations arising on liquidation| 1 January 2009| Effective date of February 2008 amendments for puttable instruments and obligations arising on liquidation| 22 May 2008| IAS 1 amended for Annual Improvements to IFRSs 2007 in regards to classification of derivatives as current or non-current| 1 January 2009| Effective date of May 2008 amendment to IAS 1| 16 April 2009| IAS 1 amended for Annual Improvements to IFRSs 2009 about classification of liabilities as current| 1 January 2010| Effective date of the April 2009 revisions to IAS 1| 6 May 2010| IAS 1 amended for Annual Improvements to IFRSs 2010| 27 May 2010| Exposure Draft of proposed amendments to IAS 1 relating to Presenting Comprehensive Income| 1 January 2011| Effective date of May 2010 amendment to IAS 1| 16 June 2011| Amendments to IAS 1 issued. Click for More Information| 1 July 2012| Effective date of June 2011 amendments to IAS 1| RELATED INTERPRETATIONS|
* IAS 1 (2003) supersedes SIC 18 Consistency - Alternative Methods * IFRIC 17 Distributions of Non-cash Assets to Owners * SIC 27 Evaluating the Substance of Transactions in the Legal Form of a Lease * SIC 29 Disclosure - Service Concession Arrangements * Issues Relating to This Standard that IFRIC Did Not Add to Its Agenda | AMENDMENTS UNDER CONSIDERATION BY IASB|
* Financial Statement Presentation (Phase 2)
SUMMARY OF IAS 1|
Objective of IAS 1 The objective of IAS 1 (2007) is to prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities. IAS 1 sets out the overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. [IAS 1.1] Standards for recognising, measuring, and disclosing specific transactions are addressed in other Standards and Interpretations. [IAS 1.3] Scope Applies to all general purpose financial statements based on International Financial Reporting Standards. [IAS 1.2] General purpose financial statements are those intended to serve users who are not in a position to require financial reports tailored to their particular information needs. [IAS 1.7] Objective of...