IAS 1 Presentation of Financial Statements

IAS 1 requires “a complete set of financial statements” defined (in para 10) as comprising of:
· A statement of financial position as at the end of the period;
· A statement of comprehensive income for the period;
· A statement of changes in equity for the period;
· A statement of changed in cash flows for the period;
· Notes, comprising of a summary of significant accounting policies and other explanatory information

An entity shall not describe financial statements as complying with IFRS unless they comply with all the requirements of IFRS’s

Virtually in all cases an entity achieves a fair presentation by compliance with applicable IFRS’s . Further a fair presentation requires selection of accounting policies in accordance with IAS 8 , apart from general principles “of presenting information in a manner that provides relevant, reliable, comparable and understandable information.