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checklist for IAS 1

1. Presentation of Financial Statements

Ensure that financial statements are prepared in accordance with IAS 1.

Verify that the financial statements include a statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of cash flows.

Confirm that comparative information is presented for the previous period.

2. Structure and Content

Check that the financial statements are clearly identified and distinguished from other information in the same published document.

Ensure the name of the entity and any change in the name are disclosed.

Verify that the reporting period is clearly stated.

Here are some additional steps that could be included in the "Structure and Content" section of the IAS 1 checklist

Confirm that the financial statements include a complete set of financial statements as defined by IAS 1

Ensure that the balance sheet is presented as at the end of the reporting period, including the date of the statement

Verify that the statement of profit or loss and other comprehensive income is presented for the reporting period

Check that the statement of changes in equity is included, showing the changes in equity for the reporting period

Ensure that the statement of cash flows is presented, detailing cash inflows and outflows for the reporting period

Confirm that the financial statements are prepared in accordance with the applicable financial reporting framework, including relevant standards and interpretations

Verify that the comparative information for the previous period is included and clearly distinguished from the current reporting period

Ensure that the measurement bases used in preparing the financial statements are clearly disclosed

Check that the currency used in the financial statements is identified, including any changes in currency

Confirm that the level of rounding used in the financial statements is disclosed, if applicable

3. Fair Presentation and Compliance

Confirm that the financial statements present a true and fair view of the entity’s financial position and performance.

Ensure compliance with the relevant IFRS and local regulations.

Review disclosures regarding the entity’s accounting policies and any changes therein.

4. Going Concern Assumption

Assess whether management has made an assessment of the entity's ability to continue as a going concern.

Verify that disclosures regarding the going concern assumption are included when relevant.

5. Accounting Policies

Ensure that the accounting policies are consistently applied within the financial statements.

Confirm that any changes in accounting policies are adequately disclosed.

Review the rationale for any significant accounting estimates and judgments made by management.

6. Notes to the Financial Statements

Verify that the notes provide relevant information that enhances understanding of the financial statements.

Ensure that significant accounting policies are disclosed in the notes.

Confirm that additional disclosures required by other IFRS standards are included.

7. Presentation of Items

Check that assets and liabilities are appropriately classified as current or non-current.

Ensure that income and expenses are presented in a manner that reflects their nature and function.

Review the presentation of other comprehensive income items, ensuring they are separated from profit or loss.

8. Disclosure Requirements

Confirm that all mandatory disclosures required by IAS 1 are included.

Ensure that key judgments and estimates that have a significant effect on the financial statements are disclosed.

Check for disclosures regarding the nature and extent of risks arising from financial instruments, if applicable.

9. Review and Approval

Verify that the financial statements have been reviewed and approved by the appropriate governing body.

Ensure that the financial statements are signed by the responsible officers.

10. Audit and Independent Review

Check if the financial statements have been audited or reviewed by an independent auditor.

Ensure that the audit report is included with the financial statements.

This checklist serves as a guide to ensure that education organizations comply with the requirements set forth in IAS 1 for the presentation of financial statements.

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