IAS 1 Presentation of Financial Statements
IAS 1 was the IFRS standard governing general presentation of financial statements. IFRS 18 replaces it, and some former IAS 1 requirements move to other standards. For the current ACCA FA/FFA September 2026–June 2027 examination basis, the official examinable list specifies IFRS 18 rather than IAS 1. Retain IAS 1 terminology only to interpret older notes and explain the transition.
Worked example
An older textbook may cite IAS 1 for statement presentation; current FA preparation should be checked against IFRS 18-based materials.
Common mistake
Do not infer examination applicability from the standard’s general effective date: ACCA can examine a standard before that date.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | F1 | Historical | July 2027–August 2028 |
| ACCA | FA | Historical | September 2026–June 2027 |
| ACCA | K1 | Historical | July 2027–August 2028 |
| FIA | FFA | Historical | September 2026–June 2027 |