IAS 1 — Presentation of Financial Statements

Effective date:

First effective as Canadian GAAP under Part I for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011, except for subsequent amendments.  Earlier application of Part I was permitted.

Published by the IASB:

September 2007

Included in Part I of CPA Canada Handbook:

January 2010

Overview

IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows.

History of IAS 1

The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.

Date1

Development

Comments

Included in Part I of the CPA Canada Handbook2

 

January 2010

Part I of the CPA Canada Handbook issued

Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.

January 2010

May 6, 2010

Amended by Improvements to IFRSs 2010 (clarification of statement of changes in equity)

Paragraphs 106 and 107 have been amended and paragraph 106A added to clarify how entities may present the required reconciliations for each component of other comprehensive income.

These amendments are effective for annual periods beginning on or after January 1, 2011.

July 2010

June 16, 2011

Amended by Presentation of Items of Other Comprehensive Income

 

A requirement has been added to present items in other comprehensive income grouped on the basis of whether they may be reclassified subsequently to profit or loss. This amendment makes clearer the effects items of other comprehensive income may have on profit or loss in the future. Consistent with this requirement, income tax on items presented in other comprehensive income is required to be allocated between items that will not be reclassified subsequently to profit or loss and those that might be reclassified, if the items in other comprehensive income are presented before tax.

These amendments are effective for annual periods beginning on or after July 1, 2012. Earlier application is permitted.

September 2011

May 17, 2012

Amended by Annual Improvements 2009-2011 Cycle (comparative information)

Paragraphs 10, 38 and 41 have been amended, paragraphs 38A-38D and 40A-40D have been added and paragraphs 39 and 40 have been deleted to clarify the requirements for providing comparative information in financial statements.

These amendments are effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted.

August 2012

December 18, 2014

Amended by Disclosure Initiative (Amendments to IAS 1)

IAS 1 has been revised to incorporate amendments issued by the IASB in December 2014. The amendments:

  • clarify the existing presentation and disclosure requirements in IAS 1, including the presentation of line items, subtotals and notes; and
  • provide guidance to assist entities to apply judgment in determining what information to disclose, and how that information is presented in their financial statements.

Effective for annual periods beginning on or after January 1, 2016. Earlier application is permitted.

April 2015

October 31, 2018

Amended by Disclosure Initiative — Definition of Material (Amendments to IAS 1 and IAS 8) [Completed]

IAS 1 has been re­vised to in­cor­po­rate a new definition of “material” and IAS 8 has been revised to refer to this new definition in IAS 1. The amendments are effective for annual reporting periods beginning on or after January 1, 2020. Earlier application is permitted.

February 2019

January 23, 2020

Amended by Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) [Completed] 

IAS 1 has been re­vised to (i) clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period and align the wording in all affected paragraphs to refer to the "right" to defer settlement by at least twelve months and make explicit that only rights in place "at the end of the reporting period" should affect the classification of a liability; (ii) clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and (iii) make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The amend­ments are ef­fec­tive for an­nual re­port­ing pe­ri­ods be­gin­ning on or af­ter Jan­u­ary 1, 2022 and are to be applied retrospectively. Ear­lier ap­pli­ca­tion is per­mit­ted.

April 2020

July 15, 2020

Amended by Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1)

This change defers the effective date of the January 2020 Classification of Liabilities as Current or Non-current (Amendments to IAS 1) by one year to annual reporting periods beginning on or after January 1, 2023. Earlier application of the January 2020 amendments continue to be permitted.

October 2020

February 12, 2021

Amended by Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)

These amendments are intended to help preparers in deciding which accounting policies to disclose in their financial statements. The amendments are to be applied prospectively. The amendments to IAS 1 are effective for annual periods beginning on or after January 1, 2023. Earlier application is permitted. Once the entity applies the amendments to IAS 1, it is also permitted to apply the amendments to IFRS Practice Statement 2.

June 2021

October 31, 2022

Amended by Non-current Liabilities with Covenants (Amendments to IAS 1). See Completed Project.

These amend­ments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments are effective for reporting periods beginning on or after January 1, 2024. The amendments are applied retrospectively in accordance with IAS 8 and earlier application is permitted.

December 2022

June 30, 2023

Amended by Non-current Liabilities with Covenants (Amendments to IAS 1). See Completed Project.

IAS 1 Presentation of Financial Statements has been revised to remove the amendments issued by the IASB in January 2020, which initially had an effective date of January 1, 2023. Amendments to IAS 1 issued by the IASB in October 2022 defer the effective date of the January 2020 amendments to annual reporting periods beginning on or after January 1, 2024.

The suite of amendments to IAS 1 (2020 and 2022) has an effective date for annual reporting periods beginning on or after January 1, 2024.

July 2023

Notes

  1. For further details of relevant developments prior to this, please refer to our Deloitte Global section.
  2. Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process.

The above summary does not include details of consequential amendments made as the result of other projects.

Related Interpretations

Related IFRIC Agenda Rejection Notices

The rejection notices are available in our Deloitte Global section.
  • IAS 1 — Application issues
  • IAS 1 and IAS 12 — Presentation of payments on non-income taxes
  • IAS 1 — Current /non-current classification of a callable term loan
  • IAS 1 — Going concern disclosure
  • IAS 1/IAS 39 — Current or non-current presentation of derivatives classified as ‘held for trading’ under IAS 39
  • IAS 1 — Whether the liability component of a convertible instrument should be classified as current or non-current
  • IAS 1 — Comparatives for prospectuses
  • IAS 1 — Normal operating cycle 
  • IAS 1 — Operating and Ordinary Activities

AcSB’s IFRS Discussion Group meetings

  • September 13, 2016 - IAS 1: Use of Non-GAAP Financial Measures and IAS 1: Disclosures about an Assessment of Going Concern
  • May 31, 2016 - IAS 1: Disclosures about an Assessment of Going Concern
  • December 3, 2015 - IAS 1: Disclosing Significant Accounting Policies
  • September 10, 2015 - IAS 1: Classification of Long-term Debt to Be Repaid from an Offering
  • May 14, 2015 - IAS 1: Disclosure Initiative Amendments
  • December 9, 2014 - IAS 1 and IAS 32: Classification of Debt with Embedded Equity-linked Derivatives
  • September 11, 2014 - Disclosures of Contractual Commitments
  • June 12, 2014 - IAS 1: Opening Statement of Financial Position

Amendments under consideration

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