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Financial Statement Analysis Chapter 3 Financial Statements Bonsón, E., Cortijo, V., Flores, F. Content on this file is licensed under a Creative Commons Attribution Non-Commercial No Derivatives Works 3.0
IAS 1 , Presentation of Financial Statements, describes overall requirements for the presentation of general-purpose financial statements, as well as guidelines for their structure and minimum requirements for their content.
IAS 1 defines guidelines for the structure of financial statements and minimum requirements for their presentation and content but it does not prescribe the order or format
Based on the information provided by this standard and the rest of IFRS, the IASC Foundation XBRL Team has been developing, since 2002, IFRS Taxonomies –that is, digital templates - in order to facilitate the adoption of IFRS
formerly known as balance sheet , it provides information about the economic resources owned by a company (assets) as well as the financial resources used to acquire them (liabilities and equity) at a moment in time
Components of comprehensive income can be presented either in a single statement or in two statements
If a company chooses the second option, it must prepare a separate income statement , which includes all components of profit or loss and distinguishes between profit (loss) from continuing and discontinued operations
The company can classify expenses according to their nature of their function