IAS 1 — Comparative information

Date recorded:

The IFRIC became aware of diversity in views as to the requirements for comparative information when an entity provides individual financial statements beyond the minimum comparative information requirements of IAS 1 Presentation of Financial Statements.

The IFRIC was asked whether the presentation of one or more prior period financial statements solely as part of compliance with regulatory requirements will trigger the need to provide all of the financial statements for that comparative period.

All members expressed support for the view that only the minimum comparative periods are required for a complete set of financial statements under IFRSs. Therefore, if an entity decides to present a primary financial statement for a comparative period in excess of the minimum requirements, the only requirement in IFRSs is that it must be presented in compliance with the specific requirements for that individual statement.

The IFRIC was then asked if an additional selected comparative financial statement is presented and an entity is required to present a third statement of financial position (in accordance with IAS 1.10(f)), what the appropriate date for that statement would be? For example, in the December 2009 financial statements, an entity has to provide comparative financial statements for 2008 as a minimum in accordance with IAS 1. If an entity then presents a statement of comprehensive income for 2007, would the date of opening statement of financial position be 1 January 2008 or 1 January 2007?

Further to this, the IFRIC was also asked if the presentation of a 2007 statement of comprehensive income for regulatory purposes would require the entity to present four statements of financial position, that is, 31 December 2009, 2008, and 2007 and 1 January 2007?

A majority of IFRIC members agreed that the 'beginning of the earliest comparative period' must be read in context of the minimum requirements within IFRSs. Therefore, in the example above, the beginning of the earliest comparative period will be 1 January 2008, with no statement of financial position required as at the end of 2007.

The IFRIC noted that the Board will be discussing the matter at its meeting on 11 March. Therefore, IFRIC should not reach a conclusion until the Board has deliberated the matter. IFRIC will consider the matter again in May.

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