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1Mamora Abiodun +234802 415 7105
LESSON 9: Introduction To Published Accounts
FINANCIALO P E R A T I O N SPAPER: F1
LECTURER : ABIODUN MAMORA
Thursday, April 13, 2023LAGOS
IAS 1 (Revised) Presentation of financial statements
All entities preparing their financial statements in
accordance with IAS should follow the requirement of
IAS 1, revised 2007.
Purpose of financial statements:
IAS 1 (Revised) states that the objective of financial
statement is to provide information about the financial
position, performance, and cash flows of an enterprise
that is useful in making economic decisions3/12/2012 2Mamora Abiodun +234802 415 7105
LESSON 9: Introduction To Published Accounts
3/12/2012 3Mamora Abiodun +234802 415 7105
LESSON 9: Introduction To Published Accounts
Contents of financial statements
A complete set of financial statements includes:
• A statement of financial position
•Either:
-a statement of comprehensive income or
- an income statement plus a statement showing other
comprehensive income
• A statement of changes in equity
•A statement of cash flows
• Accounting policies note and other explanatory notes
3/12/2012 4Mamora Abiodun +234802 415 7105
Responsibility for financial statements
The board of directors (and/or other governing body) of an
entity is responsible for the preparation and presentation of its
financial statements.
concepts affecting financial statement•Fair presentation•Going concern•Accruals basis•Consistency•Materiality and aggregation•Off-setting•Comparative information
LESSON 9: Introduction To Published Accounts
The statement of financial position
3/12/2012 5Mamora Abiodun +234802 415 7105
LESSON 9: Introduction To Published Accounts
Statement of changes in equity
This statement provides a summary of all changes in
equity arising from transactions with owners in their
capacity of owners.
Mamora Abiodun +234802 415 71053/12/2012 6
LESSON 9: Introduction To Published Accounts
Illustration 1
Statement of comprehensive income
Total comprehensive income Total comprehensive income is the realised profit or loss for the
period plus other comprehensive income
Other comprehensive income Other comprehensive income is income and expenses that are
not recognised in profit or loss. This include any changes in the
revaluation surplus.
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LESSON 9: Introduction To Published Accounts
Illustration 2
Note to the financial statement
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LESSON 9: Introduction To Published Accounts
The note to the financial statement of an entity should:
• Present information about the basis of preparation of the FS
and the specific accounting policies adopted for significant
transactions.
•Disclose information required by other IFRSs that is not
presented else where in the FS
•Provide additional information that is relevant to an
understanding of the FSTest your understanding 3
Thanks!
Abiodun MamoraAbiodun [email protected]@gmail.com
3/12/2012 9Mamora Abiodun +234802 415 7105
