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IAS 1

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IAS 1

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • April 18, 2018 at 7:45 pm #448049
    herocomesalong
    Member
    • Topics: 66
    • Replies: 36
    • ☆☆

    Hello tutor,

    Could you please explain the purpose of “To comply with IAS 1, an entity’s first IFRS financial statements shall include at least three statements of financial position, two statements of profit or loss and other comprehensive income, two separate statements of profit or loss (if presented), two statements of cash flows and two statements of changes in equity and related notes, including comparative information”?

    The entity will still produce comparative F.S. for only one year prior to the first year of adoption right? Is the entity going to produce three SAME sets of SOFP for the comparative year? Doesn’t make any sense if this is the case

    Looking forward to hearing from you, thanks 🙂

    April 19, 2018 at 9:57 pm #448193
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7171
    • ☆☆☆☆☆

    Hi,

    If we are adopting IFRS for December 2018 then we’d need to show December 2017 and December 2016.

    Thanks

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