IAS 1

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 🙂