I n t e r a c t I v e t e X t foundations in Accountancy/ acca financial accounting (ffa/FA) bpp learning Media is an acca approved Content Provider

PART F: PREPARING BASIC FINANCIAL STATEMENTS 

 

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1.2 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 International Financial 

Reporting Standards (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. 

The entity should identify each component of the financial statements 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 readers in their understanding of the information presented. 

 

Name of the reporting entity (or other means of identification) 

 

Whether the accounts cover the single entity only or a group of entities 

 The 

reporting date or the period covered by the financial statements (as appropriate) 

 The