This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

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

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

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.