It requires an entity to present a complete set of financial statements at least annually, with comparative amounts for the preceding year (including comparative amounts in the notes). A complete set of financial statements comprises: ... a statement of profit and loss and other comprehensive income for the period.
Which financial statement are prepared under IFRS?
The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows.
What are the requirements of IFRS?
Standard IFRS Requirements
- Statement of Financial Position: This is the balance sheet. ...
- Statement of Comprehensive Income: This can take the form of one statement or be separated into a profit and loss statement and a statement of other income, including property and equipment.
