International Accounting Standards
IAS 1 Presentation of Financial Statements
(revised 1997)
This revised International Accounting Standard supersedes IAS 1, Disclosure of Accounting
Policies, IAS 5, Information to be Disclosed in Financial Statements, and IAS 13, Presentation of
Current Assets and Current Liabilities, which were approved by the Board in reformatted versions in
1994. IAS 1 (revised 1997) was approved by the IASC Board in July 1997 and became effective for
financial statements covering periods beginning on or after 1 July 1998.
In May 1999, IAS 10 (revised 1999), Events After the Balance Sheet Date, amended paragraphs 63
(c), 64, 65(a) and 74(c). The amended text becomes effective when IAS 10 (revised 1999) becomes
effective - i.e., for annual financial statements covering periods beginning on or after 1 January
2000.
The following SIC Interpretations relate to IAS 1:
SIC-8, First-Time Application of IASs as the Primary Basis of Accounting.
SIC-18, Consistency - Alternative Methods
SIC-27: Evaluating the Substance of Transactions in the Legal Form of a Lease
SIC-29: Disclosure - Service Concession Arrangements