What does IFRS require when presenting general purpose financial statements to ensure comparability both with financial statements of previous periods and with the financial statements of other organizations?

What are some of the differences between presenting financial statements under US GAAP and under IFRS? Quite a few actually! US GAAP uses rules while IFRS is much more principles based, leaving room for judgment in what fits the circumstances best. It allows for financial statements to be more suited to the needs of the users and ultimately presents a “truer” picture of the financial condition and performance of the entity.

This presentation will give you a bird’s eye view as well as use a drill-down approach for presenting clear, reliable, relevant, and comparable information in a financial statement that complies with IFRS standard number IAS1.

IAS1 is very specific and a clear understanding of this standard is essential to presenting an IFRS compliant statement that meets the general-purpose needs of the users of the financial statements.

All the major parts of the IFRS financial statements (profit-or-loss statement, balance sheet, statement of equity, cash flow statement, and notes) will be examined and explained. If you are looking for the “rules of engagement” for putting together an IFRS compliant set of financial statements, this is where you get it them, in an easy-to-follow, step-by-step walk through IAS1.

This session will describe in detail the overall requirements for the presentation of financial statements, guidelines for their structure, minimum requirements for their content, what to include and what not to include, as well as a good view as to what should be in the notes to the statements.

Course Key Concepts: IFRS, IAS 1, Principles, Clarity, Reliability, Relevance, Comparability, Presentation, Financial Statements, Notes, Profit-or-Loss Statement.

Learning Objectives
  • Explore general concepts and rules for presentation of IFRS financial statements under IAS 1.
  • Recognize the minimum inclusion requirements in order to comply with IAS 1.
  • Identify additional statements management needs to provide with IFRS financial statements.
  • Discover the “Do’s and Don’ts’s” of formatting IFRS financial statements.
  • Recognize the asset/ liability offsetting rules for presentation in IFRS financial statements.
  • Explore options for presenting profit or loss and other comprehensive income together or in two sections as part of the IFRS financial statements.
  • Identify what need to be in the Notes, what else should be in the notes. and what can stay out.
  • Explore the disclosure requirements of IAS 1.
Last updated/reviewed: August 10, 2023
2 Reviews (21 ratings)


Member's Profile
The lesson was easy to understand. A good material to lean about FS presentation under IFRS.

Member's Profile
Lots of material covered; very helpful. Thank you!

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
  Introduction to IFRS Financial Statement Presentation (IAS 1)9:01
  Objective and Application1:05
Financial Statements
  Financial Statements2:32
  Complete Set of Financial Statements5:01
  Fair Presentation and Compliance5:36
Accounting Issues
  Going Concern3:16
  Accrual Basis Accounting0:48
  Materiality and Aggregation2:42
  Frequency of Reporting1:22
  Comparative Information3:24
  Consistency of Presentation0:48
  Identification of the Financial Statements2:30
Parts of Financial Statements
  Statement of Financial Position18:59
  Statement of Profit or loss and Other Comprehensive Income2:41
  Profit or Loss for The Period0:36
  Other Comprehensive Income5:15
  Statements of Changes in Equity2:39
  IFRS Financial Statement Presentation (IAS 1)1:37:35
  Slide: IFRS Financial Statement Presentation (IAS 1)PDF
  IFRS Financial Statement Presentation (IAS 1) Glossary/ IndexPDF