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In this course we discuss the general underpinnings of International Accounting Standard 1 “Presentation of Financial Statements” with an inclination towards the statement of financial position, statement of profit or loss and other comprehensive income, and statement of changes in equities.

Course Key Concepts: Preparation, IAS1, SFP, SPLOCI, SOCIE.

Learning Objectives

  • Explore the purpose and objectives of IAS 1 “Presentation of Financial Statements”.
  • Recognize the need and responsibility for the preparation of financial statements.
  • Discover and describe the general features of IFRS-compliant financial statements.
  • Discover how financial statements are identified in terms of IAS 1 including the need thereof.
  • Identify the components of the Statement of Financial Position (SFP), Statement of Profit or Loss and Other Comprehensive Income (SPLOCI) and Statement of Changes in Equity (SOCIE).
  • Recognize how the SFP, SPLOCI and SOCIE are prepared in line with IFRS.
Last updated/reviewed: May 7, 2022

Prerequisites

Course Complexity: Foundational

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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  2:32Introduction to Presentation of Financial Statements in terms of IAS 1 - SFP, SPL and SOCIE
  3:56Purpose of IAS 1
  17:03Purpose and General Features of Financial Statements
  10:00Statement of Financial Position (SFP)
  10:28Statement of Profit or Loss and Other Comprehensive Income (SPLOCI)
  15:42Example Demo-Statement of Profit and Loss
  14:12Example Demo-Statement of Profit and Loss Cont'd
  18:40Example Demonstration-Statement of Financial Position
  16:56The SOCIE
  16:00The SCOIE Demonstration
CONTINUOUS PLAY
  2:05:29Presentation of Financial Statements in terms of IAS 1 - SFP, SPL and SOCIE
SUPPORTING MATERIAL
  PDFSlide: Presentation of Financial Statements in terms of IAS 1 - SFP, SPL and SOCIE
  PDFPresentation of Financial Statements in terms of IAS 1 - SFP, SPL and SOCIE Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM