IFRS 18

materiality

information is material if omitting, misstating or obscuring it could reasonably be expected to influence the decisions of primary users of financial statements

complete set of financial statements

- statement of financial position

- statement of profit or loss and other comprehensive income

- statement of changes in equity

- statement of cashflows

general features

- going concern

- accrual basis of accounting

- materiality and aggregation

- offsetting

- frequency of reporting

- comparative information

- consistency of presentation

current/non-current asset distinction

- realised, sold or consumed in the normal operating cycle

- held for the purpose of trading

- expects to be realised within 12 months after the reporting date

- cash or cash equivalent

current/non-current liability distinction

- settled within the course of operating cycle

- held for trading purposes

- due to be settled within 12 months after the reporting date

- it does not have the right at the end of the reporting period to defer settlement of the liability for at least 12 months after the reporting period