accounting ias 1 presentation

IAS-1Presentation of

Financial Statements

context Scope General Purpose of Financial Statement Purpose of Financial Statement Financial Statement General Features Fair presentation and compliance Going Concern Accrual basis of accounting Materiality and aggregation Offsetting Frequency of Reporting Comparative Information Consistency of Presentation Statements of Financial Position Statements of Comprehensive Income Notes Disclosure of Accounting Policies Implementation of IAS-1 in burj bank Financial Statements

SCOPE An entity shall apply this Standard in preparing and

presenting general purpose financial statements in accordance with International Financial Reporting Standards (IFRSs).

Does not apply on - Interim Financial Statements - Consolidated Financial Statement

General Purpose Financial Statement Financial statements are those intended to meet the needs of

users who are not in a position to require an entity to prepare reports tailored to their particular information needs.

International Financial Reporting Standards (IFRSs) are Standards and Interpretations adopted by the International Accounting Standards Board (IASB). They comprise:

(a) International Financial Reporting Standards (b) International Accounting Standards (c) International Financial Reporting Interpretations

Committee (IFRIC)

Purpose of financial statements To provide information about the financial position, financial

performance and cash flows of an entity that is useful to a wide range of users in making economic decisions

(a) assets (b) liabilities (c) equity (d) income and expenses, including gains and losses (e) contributions by and distributions to owners (f) cash flows.

FINANCIAL STATEMENTS Statement of financial position as at the end of the period Statement of comprehensive income for the period Statement of changes in equity for the period Statement of cash flows for the period Notes, comprising a summary of significant accounting

policies and other explanatory information

General features Fair presentation and compliance with IFRSs Going concern Accrual basis of accounting Materiality and aggregation Offsetting Frequency of reporting Comparative information Consistency of presentation

Fair presentation and compliance

Financial statements shall present fairly the financial position, financial performance and cash flows of an entity.

Faithful representation of the effects of transactions, other events and conditions in accordance IFRSs, with additional disclosure when necessary.

Going concern When preparing financial statements, management shall

make an assessment of an entity’s ability to continue as a going concern.

Prepare financial statements on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so.

Accrual basis of accounting An entity shall prepare its financial statements, except for

cash flow information, using the accrual basis of accounting.

Materiality and aggregation An entity shall present separately each material class of

similar items. An entity shall present separately items of a dissimilar nature

or function unless they are immaterial. An entity need not provide a specific disclosure required by

an IFRS if the information is not material.

Offsetting An entity shall not offset assets and liabilities or income and

expenses, unless required or permitted by an IFRS.

Frequency of reporting An entity shall present a complete set of financial statements

(including comparative information) at least annually. When an entity changes the end of its reporting period and

presents financial statements for a period longer or shorter than one year, an entity shall disclose

- Reason for using a longer or shorter period - Fact that amounts presented in the financial statements are not entirely comparable.

Comparative information Entity shall disclose comparative information in respect of the

previous period for all amounts reported in the current period’s financial statements

Except when IFRSs permit or require otherwise. Entity changes the presentation or classification of items in

its financial statements, the entity shall reclassify comparative amounts.

Consistency of presentation An entity shall retain the presentation and classification of

items in the financial statements from one period to the next unless

- It is apparent, that another presentation or classification would more appropriate - IFRS requires a change in presentation.

Statement of financial position As a minimum, the statement of financial position shall include line

items that present the following amounts property, plant and equipment investment property intangible assets financial assets investments accounted for using the equity method biological assets Inventories trade and other receivables cash and cash equivalents;

total of assets classified as held for sale trade and other payables Provisions financial liabilities liabilities and assets for current tax deferred tax liabilities and deferred tax assets non-controlling interest, presented within equity issued capital and reserves attributable to owners of the

parent.

An entity shall present current and non-current assets, and current and non-current liabilities, as separate classifications in its statement of financial position

except when a presentation based on liquidity provides information then an entity shall present all assets and liabilities in order of liquidity.

Statement of comprehensive income An entity shall present all items of income and expense

recognized in a period In a single statement of comprehensive income In two statements: a statement displaying components of

profit or loss and a second statement beginning with profit or loss and displaying components of other comprehensive income.

Statement of comprehensive income shall include: Revenue Finance costs share of the profit or loss of associates and joint ventures tax expense profit or loss component of other comprehensive income classified by nature share of the other comprehensive income of associates and joint

ventures total comprehensive income.

Notes The notes shall include present information about the basis of preparation of the

financial statements and the specific accounting policies used

disclose the information required by IFRSs that is not presented elsewhere in the financial statements

provide information that is not presented elsewhere in the financial statements, but is relevant to an understanding of any of them.

An entity shall, as far as practicable, present notes in a systematic manner.

Entity shall cross reference each item in the statements of financial position and of comprehensive income, and in the statements of changes in equity and of cash flows to any related information in the notes.

Disclosure of accounting policies An entity shall disclose in the summary of significant

accounting policies the measurement basis (or bases) used in preparing the

financial statements the other accounting policies used that are relevant to an

understanding of the financial statements.

Implementation of IAS-1 in burj bank

financial position As at June 31, 2015

Burj bank cash flow statement as at march 31st 2015

Profit and Loss Account For the year ended march 31, 2015

Statement of Comprehensive Income For the year ended march 31, 2015

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