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IAS 1 Presentation of Financial Statements

APC is here to explain the key facts about IAS1. A complete set of FS will include:

  • Statement of Financial Position (not balance sheet);
  • Statement of profit or loss and other comprehensive income;
  • Statement of changes in equity.
  • Statement of cash flow
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Going concern/breakup:Companies can trade at least 12 months after the year end should prepare FS based on going concern assumption, ie, include non-current assets/liabilities. Otherwise, companies should prepare its FS based on break up basis, ie, not include non-current assets/liabilities.   Here is the video provided by our APC tutor Steve: [For the full IFRS course, please visit our corporate training page or ACCA F3, ACCA F7, ACCA P2, CIMA F1, CIMA F2]: