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IAS Plus Newsletter on revisions to IAS 1

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02 Oct 2007

Deloitte's IFRS Global Office has published a special edition Presentation of Financial Statements.

The revisions to IAS 1, which the IASB published on 6 September 2007, represent the first step in the Board's comprehensive project on reporting financial information. The main changes from the previous version of IAS 1 are to require that an entity must:
  • Present all non-owner changes in equity (that is, 'comprehensive income') either in one statement of comprehensive income or in two statements (a separate income statement and a statement of comprehensive income). Components of comprehensive income may not be presented in the statement of changes in equity.
  • Present a statement of financial position (balance sheet) as at the beginning of the earliest comparative period in a complete set of financial statements when the entity applies an accounting policy retrospectively or makes a retrospective restatement.
  • Disclose income tax relating to each component of other comprehensive income.
  • Disclose reclassification adjustments relating to components of other comprehensive income.
The revised Standard is effective for annual periods beginning on or after 1 January 2009, with early application permitted. You will find all Past IAS Plus Newsletters Here

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.