IAS 1 Presentation of Financial Statements was issued by the International Accounting Standards Committee in September 1997. It replaced IAS 1 Disclosure of Accounting Policies (originally approved in 1974), IAS 5 Information to be Disclosed in Financial Statements (originally approved in 1977) and IAS 13 Presentation of Current Assets and Current Liabilities (originally approved in 1979).
In December 2003, the International Accounting Standard Board (IASB) issued a revised IAS 1, and in August 2005 issued an Amendment to IAS 1 Capital Disclosures.
Latest, in September 2007 the IASB issued a revised IAS 1.
Main features of IAS 1
IAS 1 affects the presentation of owner changes in equity and of comprehensive income. It does not change the recognition, measurement or disclosure of specific transactions and other events required by other IFRSs.
IAS 1 requires an entity to present, in a statement of changes in equity, all owner changes in equity. All non-owner changes in equity (i.e. comprehensive income) are required to be presented in one statement of comprehensive income or in two statements (a separate income statement and a statement of comprehensive income). Components of comprehensive income are not permitted to be presented in the statement of changes in equity.
Read the rest of this article in here : IAS 1 Presentation of Financial Statements, the Preliminary
Hardi
