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- 2025 Issued Standard – IAS 1
The 2025 Issued Standards include all amendments issued up to and including 31 December 2024.
Registration is required to access the free version of the Issued Standards, which do not include additional documents that accompany the full standard (such as illustrative examples, implementation guidance and basis for conclusions).
Note that the Issued Standards contain amendments that have a mandatory effective date that is later than 1 January 2025. Find details of the effective dates of amendments to this Standard in the Recent Amendments section below.
Summary
A complete set of financial statements includes:
- A statement of financial position (balance sheet) at the end of the period
- A statement of profit or loss and other comprehensive income (income statement) for the period
- A statement of changes in equity for the period
- A statement of cash flows (cash flow statement) for the period
- Notes to the accounts.
The names of the main statements are not mandatory.
IAS 1 Revised also requires a statement of financial position at the start of the earliest comparative period where there has been a retrospective adjustment to the accounts or reclassification of items.
The statement of profit or loss and other comprehensive income, as the name suggests, presents profit and loss for the period as well as other comprehensive income. Other comprehensive income includes income and expenses not recognised in profit or loss such as revaluation surpluses. The statement of profit or loss and other comprehensive income may be presented either as one statement or a separate statement of profit or loss and statement showing other comprehensive income.
The standard provides guidance on the form and content of the financial statements and the underlying accounting concepts. It also requires financial statements to present fairly the position, performance and cash flows of an entity. This is normally achieved by the application of IFRS.
Recent amendments
All amendments issued up to and including 31 December 2024 are included within the IFRS Foundation’s latest version of the issued standard: 2025 Issued Standard – IAS 1. Issued amendments may have a mandatory effective date that is later than 1 January 2025 – see individual amendments for details.
Any amendments issued on or after 1 January 2025 will not be included in the IFRS Foundation’s 2025 Issued Standards but will be listed below and identified as such.
See the Corporate Reporting Faculty’s annual IFRS factsheets for a more detailed discussion of recent IFRS amendments.
Related IFRIC interpretations
- IFRIC 1 Existing Decommissioning, Restoration and Similar Liabilities
Addresses accounting for a change in a provision that is included in the carrying amount of an item of PPE. - IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
Provides general guidance on how to assess the limit in IAS 19 on the amount of the surplus that can be recognised as an asset. Explains how the pensions asset or liability may be affected when there is a statutory or contractual minimum funding requirement. - IFRIC 17 Distribution of Non-cash Assets to Owners
Addresses the accounting for dividends of non-cash assets, including those where there is a cash alternative. - IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
Addresses the accounting by an entity which issues equity instruments in order to settle, in full or part, a financial liability. - IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine
Addresses the accounting treatment of mine waste materials, which are the materials removed by mining entities in order to gain access to mineral ore deposits. - IFRIC 21 Levies
Provides guidance on when to recognise liability for a levy imposed by a government. - IFRIC 23 Uncertainty over Income Tax Treatments
Clarifies how to apply the recognition and measurement requirements of IAS 12 when there is uncertainty over income tax treatments. - SIC 7 Introduction of the Euro
The effective start of the EMU after the reporting date does not alter the requirements of IAS 21 at the reporting date. - SIC 25 Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders
Addresses the deferred tax consequences of changes in tax status of an enterprise or its shareholders. - SIC 29 Disclosure – Service Concession Arrangements
Prescribes disclosures required by a concession operator and concession provider joined by a service concession arrangement. - SIC 32 Intangible Assets – Website Costs
Addresses accounting for costs associated with the development of a website.
UK reduced disclosures – FRS 101
UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Our FRS 101 page gives more information on which entities qualify and the criteria to be met.
ICAEW factsheets and guides
The Corporate Reporting Faculty's annual IFRS factsheets provide a more detailed discussion of recent IFRS amendments.
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