IAS-1 – Presentation of Financial Statements
The standard prescribes the minimum structure and content, including certain information required on the face of the financial statements. There are four basic financial statements:
(i) Balance sheet
(ii) Income statement
(iii) Cash flow statement
(iv) Statement showing changes in equity.
The statement shows (a) each item of income and expense, gain or loss, which, as required by other IASC Standards, is recognised directly in equity, and the total of these items, certain foreign currency translation gains and losses and changes in fair values of financial instruments and (b) net profit or loss for the period. Owners’ investments and withdrawals of capital and other movements in retained earnings and equity capital are shown in the notes.