Financial Statements Requirements

Core Statements and IFRS Presentation Rules

The required financial statements include:

1. Balance Sheet (Statement of Financial Position).
2. Income Statement (Statement of Profit or Loss and Other Comprehensive Income).
3. Cash Flow Statement.
4. Statement of Changes in Equity.
5. Explanatory Notes (Notes to the Financial Statements).

The structure and content requirements for financial statements include:

1. Firms should use the classified balance sheet structure, which separately shows current and non-current assets and liabilities.
2. The notes and the main body of the financial statements are required to contain specific essential information, as outlined in IAS 1 and other relevant IFRS standards.
3. Financial statements should include comparative information for the preceding period, including comparative amounts in the notes.
4. The application of IFRS Standards, with additional disclosures, when necessary, is presumed to result in financial statements that achieve a fair presentation.