AMG PROFESSIONALS

Prepared by:
Gbenga Okubadejo
Disclosures
Introduction to IAS 1, IAS 8 & IAS 10


Standards re fundamental
disclosures:
IAS 1 Presentation of Financial Statements


IAS 8 Accounting Policies, Changes in

Accounting Estimates & Errors


IAS 10 Events After the Balance Sheet Date

 RE: IAS 1
Presentation of Financial Statements (IAS 1)
IAS 1 does not prescribe who must prepare
financial statements,
but rather the format of financial
statements.
Preparation is required by CAMA or entity’s
constitutions
IAS 1 requires that financial statements
include the following:
 Statement of Financial Statement
Position (Balance Sheet)
 Statement of Comprehensive Income
(P&L)
 Presentation of Financial
Statements:
Re: IAS 1
vOverall Considerations (IAS 1)
 IAS 1 sets out 7 overall considerations that
must be adhered to in the presentation of
financial statements:
 1. Fair presentation and compliance with
IFRS
 2. Going-concern
 3. Accrual basis of accounting
 4. Consistency of presentation
 5. Materiality & aggregation
 6. Offsetting
 7. Comparative information

 Presentation of Financial
Statements:
RE: IAS 1
Overall Considerations
(IAS 1)
1. Fair presentation and compliance with


IFRS
vRequires faithful representation of the
effects of transactions, other events and
conditions in accordance with the
definition and recognition criteria set out in
The Framework.
vNon-compliance is allowed if management
concludes that compliance would be so
misleading as to conflict with the objective