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What should include a complete set of financial statements under IFRS?


What should include a complete set of financial statements under IFRS? How does it differ from US GAAP?

asked Feb 9, 2013 in IAS 1 - Presentation of Financial Statements by anonymous
retagged Feb 16, 2013 by Vishan

1 Answer

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As per IAS 1 - Presentation of Financial Statements, a complete set of financial statements should include;

1. A statement of financial position (balance sheet) at the end of the period
2. A statement of comprehensive income for the period (or an income statement and a statement of comprehensive income)
3. A statement of changes in equity for the period
4  A statement of cash flows for the period
5. notes, comprising a summary of accounting policies and other explanatory notes
answered Feb 9, 2013 by anonymous
selected Feb 16, 2013 by Tina
US GAAP will include all of the above. However under US GAAP, a statement of investments by and distributions to owners during the period may be presented


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