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What is the objective of financial statements in IAS 1?

The objective of financial statements is to provide information that is useful in making economic decisions. IAS 1’s objective is to ensure comparability of presentation of that information with the entity’s financial statements of previous periods and with the financial statements of other entities.

What are the IAS 1 amendments?

The IAS 1 amendments clarify that the entity’s share of items of comprehensive income of associates and joint ventures is presented separately, analysed into those items that will not be reclassified subsequently to profit or loss and those that will be so reclassified when specific conditions are met.

Do you capitalise borrowing costs under IAS 23?

Under IAS 23, ‘Borrowing costs’, entities are required to capitalise borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset to be capitalised. Certain properties are classified as investment properties for financial reporting purposes in accordance with IAS 40, ‘Investment property’.

What disclosures are required in IAS 1?

IAS 1, ‘Presentation of financial statements’, requires various disclosures. These include the total issued share capital and reserves, presentation of a statement of changes in equity, capital management policies and dividend information.