IAS 1 contents of financial statements
IAS 1 prescribes the contents of published financial statements. The major reports that are included as part of the published financial statements is:-
- The income statement.
- The balance sheet.
- The statement of changes in equity.
- The Cashflow statement.
- The notes to the accounts/financial statements.
In most cases, companies that prepare published financial statements include the following additional reports (that are not financial statements).
- Corporate information (Company’s address, lawyers. Location, bankers and others).
- Chairman’s report (principle business activities of the firm, directors to be elected or retiring, summary results for the year and dividends).
- Auditors report.
- Corporate governance (I.T systems, internal audit, audit committees and other systems in place to ensure good management).
- Statistical information (major highlights of the company’s performance, over a period of time e.g. 5 years).