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  Presenting the Financial Statements

Introduction to Presenting the Financial Statements

Now that we have achieved a notion of the sources of rules that are affecting limited companies, let us turn our concentration to the key rules that have to be followed in the presentation of financial statements.  This standard is very significant because it sets out the structure and content of financial statements and the principles to be followed in get ready these statements.

As per to IAS 1, the financial statements contain:

  • a statement of financial position
  • a statement of comprehensive income
  • a statement of changes in equity
  • a statement of cash flows
  • on accounting policies the notes and other explanatory notes.

The standard says that these financial statements should generally cover a one-year period and should be accompanied through comparative information for the preceding year.

So, at the end of each accounting year companies should generally produce two of each of the statements, in addition the related notes. Actually, all companies satisfy this need through showing the corresponding figures for the preceding year in a separate column in the statements of current year.

Comparative narrative information has to be given if required for a better grasp of current period results - for instance, as background to an ongoing legal dispute.

Fair representation

Before we explain the financial statements in detail, it is significant to highlight that the standard needs that they give a fair representation of a financial position of a company, financial performance and cash flows. There is an assumption that this will be attained where they are drawn up in accordance with the several IASB standards which are currently in force. It is only in very rare situation which compliance with a standard would not result in a fair representation of the financial health of a company.

In which the financial statements have been get ready in accordance with IASB standards.

Statement of changes in equity

The statement of changes in equity aims to assist users to understand the changes in share capital and reserves which took place throughout the period. It reconciles the figures for these items at the beginning of the period along with those at the end of the period. This is attained through showing the influence on the share capital and reserves of total comprehensive income and the influence of share issues and purchases throughout the period. The influence of dividends during the period might also be displayed in this statement, even though dividends can be shown in the notes instead.

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