Topic list Syllabus reference

Identification of financial statements

As a result of the above point, it is most important that entities distinguish the financial statements very clearly from any other information published with them. This is because all lASs/IFRSs apply only to the financial statements (ie the main statements and related notes), so readers of the annual report must be able to differentiate between the parts of the report which are prepared under IFRSs, and other parts which are not. (IAS 1: para. 50)
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I EARNING MEDIA V
The entity should identify each financial statement and the notes very clearly. IAS 1 also requires disclosure of the following information in a prominent position. If necessary it should be repeated wherever it is felt to be of use to the reader in his understanding of the information presented.

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  Name of the reporting entity (or other means of identification)
  
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  Whether the accounts cover the single entity only or a group of entities
  
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  The date of the end of the reporting period or the period covered by the financial statements (as appropriate)
  
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  The presentation currency
  
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  The level of rounding used in presenting amounts in the financial statements (IAS 1: para. 51)
  

Judgement must be used to determine the best method of presenting this information. In particular, the standard suggests that the approach to this will be very different when the financial statements are communicated electronically. (IAS 1: para. 52)
The level of rounding is important, as presenting figures in thousands or millions of units makes the figures more understandable. The level of rounding must be disclosed, however, and it should not obscure necessary details or make the information less relevant. (IAS 1: para. 53)

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