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Thursday 30 October 2014

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The Interpretations Committee thinks that the current guidance in IAS 1 may lead to diversity in practice in understanding the requirements

 05 March 2010


The IFRIC discussed issues in IAS 1 related to the requirements for comparative information specifically when an entity provides some, but not all individual financial statements beyond the minimum comparative information requirements. One issue relates to the interaction of the requirements for compliance with IFRSs, the requirements for comparative information and the concept of 'equal prominence'. The second issue relates to determining the relevant date in instances when a statement of financial position as at the beginning of the earliest comparative period is required in accordance with paragraph 39 of IAS 1.

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