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

reporting currency used in presenting the figures in the financial statements 

Judgement must be used to determine the best method of presenting this information. In particular, the 

standard suggests that the approach to this will be very different when the financial statements are 

communicated electronically. 

The level of precision is important, as presenting figures in thousands or millions of units makes the 

figures more understandable. The level of precision must be disclosed, however, and it should not 

obscure necessary details or make the information less relevant. 

 

(IAS 1, paras. 49–53) 

1.3 Reporting period 

Entities normally present financial statements annually. IAS 1 states that they should be prepared at 

least as often as this (para. 36).