This document provides an introduction and overview of Standard No (1) Presentation of Financial Statements. It outlines the objective of financial statements to provide useful information to users for economic decision making. A complete set of financial statements includes a statement of financial position, statement of income, statement of changes in equity, statement of cash flows, and notes. The statement of financial position must include line items for assets such as property, plant, and equipment, inventories, trade and other receivables, cash and cash equivalents, and liabilities like trade and other payables, provisions, and financial liabilities.