Presentation of Financial Statements IAS 1

1 IAS 1 Presentation of Financial StatementsIn April 2001 the International Accounting Standards Board (Board) adopted IAS 1 Presentation of Financial Statements , which had originally been issued by the InternationalAccounting Standards Committee in September 1997. IAS 1 Presentation of FinancialStatements replaced IAS 1 Disclosure of Accounting Policies (issued in 1975), IAS 5 Information tobe Disclosed in Financial Statements (originally approved in 1977) and IAS 13 Presentation ofCurrent Assets and Current Liabilities (approved in 1979).

2 In December 2003 the Board issued a revised IAS 1 as part of its initial agenda oftechnical projects. The Board issued an amended IAS 1 in September 2007, whichincluded an amendment to the Presentation of owner changes in equity andcomprehensive income and a change in terminology in the titles of Financial June 2011 the Board amended IAS 1 to improve how items of other incomecomprehensive income should be December 2014 IAS 1 was amended by Disclosure Initiative (Amendments to IAS 1),which addressed concerns expressed about some of the existing Presentation anddisclosure requirements in IAS 1 and ensured that entities are able to use judgementwhen applying those requirements.

3 In addition, the amendments clarified therequirements in paragraph 82A of IAS October 2018 the Board issued Definition of Material (Amendments to IAS 1 and IAS 8).This amendment clarified the definition of material and how it should be applied by (a)including in the definition guidance that until now has featured elsewhere in IFRSS tandards; (b) improving the explanations accompanying the definition; and (c) ensuringthat the definition of material is consistent across all IFRS January 2020 the Board issued Classification of Liabilities as Current or Non-current(Amendments to IAS 1).

4 This clarified a criterion in IAS 1 for classifying a liability as non-current: the requirement for an entity to have the right to defer settlement of theliability for at least 12 months after the reporting July 2020 the Board issued Classification of Liabilities as Current or Non-current Deferral ofEffective Date which deferred the mandatory effective date of amendments to IAS 1 Classification of Liabilities as Current or Non-current to annual reporting periods beginning onor after 1 January Standards have made minor consequential amendments to IAS 1.

5 They includeImprovement to IFRSs (issued April 2009), Improvement to IFRSs (issued May 2010), IFRS 10 Consolidated Financial Statements (issued May 2011), IFRS 12 Disclosures of Interests in OtherEntities (issued May 2011), IFRS 13 Fair Value Measurement (issued May 2011), IAS 19 Employee Benefits (issued June 2011), Annual Improvements to IFRSs 2009 2011 Cycle (issuedMay 2012), IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9,IFRS 7 and IAS 39) (issued November 2013), IFRS 15 Revenue from Contracts with Customers(issued May 2014), Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41) (issuedJune 2014), IFRS 9 Financial Instruments (issued July 2014), IFRS 16 Leases (issued January2016), Disclosure Initiative (Amendments to IAS 7) (issued January 2016), IFRS 17 InsuranceIAS 1 IFRS FoundationA971 Contracts (issued May 2017), Amendments to References to the Conceptual Framework in IFRSS tandards (issued March 2018) and Amendments to IFRS 17 (issued June 2020).

6 IAS 1A972 IFRS FoundationCONTENTS from paragraphINTERNATIONAL ACCOUNTING STANDARD 1 Presentation OF Financial STATEMENTSOBJECTIVE1 SCOPE2 DEFINITIONS7 Financial STATEMENTS9 Purpose of Financial statements9 Complete set of Financial statements10 General features15 STRUCTURE AND CONTENT47 Introduction47 Identification of the Financial statements49 Statement of Financial position54 Statement of profit or loss and other comprehensive income81 AStatement of changes in equity106 Statement of cash flows111 Notes112 TRANSITION AND EFFECTIVE DATE139 WITHDRAWAL OF IAS 1 (REVISED 2003)140 APPENDIXA mendments to other pronouncementsAPPROVAL BY THE BOARD OF IAS 1 ISSUED IN SEPTEMBER 2007 APPROVAL BY THE BOARD OF AMENDMENTS TO IAS 1.

7 Puttable Financial Instruments and Obligations Arising onLiquidation (Amendments to IAS 32 and IAS 1) issued in February 2008 Presentation of Items of Other Comprehensive Income (Amendments toIAS 1) issued in June 2011 Disclosure Initiative (Amendments to IAS 1) issued in December 2014 Definition of Material (Amendments to IAS 1 and IAS 8) issued in October2018 Classification of Liabilities as Current or Non-current issued in January2020 Classification of Liabilities as Current or Non-current Deferral of EffectiveDate issued in July 2020 FOR THE ACCOMPANYING GUIDANCE LISTED BELOW, SEE PART B OF THIS EDITIONIMPLEMENTATION 1 IFRS to guidance on other IFRSsTABLE OF CONCORDANCEFOR THE BASIS FOR CONCLUSIONS.

8 SEE PART C OF THIS EDITIONBASIS FOR CONCLUSIONSAPPENDIX TO THE BASIS FOR CONCLUSIONSA mendments to the Basis for Conclusions on other IFRSsDISSENTING OPINIONSIAS 1A974 IFRS FoundationInternational Accounting Standard 1 Presentation of Financial Statements (IAS 1) is set outin paragraphs 1 140 and the Appendix. All the paragraphs have equal authority. IAS 1should be read in the context of its objective and the Basis for Conclusions, the Prefaceto IFRS Standards and the Conceptual Framework for Financial Reporting. IAS 8 AccountingPolicies, Changes in Accounting Estimates and Errors provides a basis for selecting andapplying accounting policies in the absence of explicit 1 IFRS FoundationA975 International Accounting Standard 1 Presentation of Financial StatementsObjectiveThis Standard prescribes the basis for Presentation of general purposefinancial Statements to ensure comparability both with the entity s financialstatements of previous periods and with the Financial Statements of otherentities.

9 It sets out overall requirements for the Presentation of financialstatements, guidelines for their structure and minimum requirements fortheir entity shall apply this Standard in preparing and presenting generalpurpose Financial Statements in accordance with International FinancialReporting Standards (IFRSs).Other IFRSs set out the recognition, measurement and disclosurerequirements for specific transactions and other Standard does not apply to the structure and content of condensedinterim Financial Statements prepared in accordance with IAS 34 InterimFinancial Reporting.

10 However, paragraphs 15 35 apply to such financialstatements. This Standard applies equally to all entities, including those thatpresent consolidated Financial Statements in accordancewith IFRS 10 Consolidated Financial Statements and those that present separatefinancial Statements in accordance with IAS 27 Separate Financial Standard uses terminology that is suitable for profit-oriented entities,including public sector business entities. If entities with not-for-profitactivities in the private sector or the public sector apply this Standard, theymay need to amend the descriptions used for particular line items in thefinancial Statements and for the Financial Statements , entities that do not have equity as defined in IAS 32 FinancialInstruments.