IAS 1 is the International Accounting Standard that governs the presentation of financial statements.
The standard sets minimum requirements for general-purpose financial statements prepared under International Financial Reporting Standards (IFRS). It addresses the statement of financial position, profit or loss and other comprehensive income, changes in equity, cash-flow information, and accompanying notes.
IAS 1 also establishes broad presentation principles. Financial statements should be prepared consistently, use the accrual basis except for cash-flow information, assume going concern unless inappropriate, and separately present material items. Comparative information for the preceding period is generally required.
A common mix-up is confusing IAS 1 with standards covering particular accounting topics. IAS 2 deals with inventories, IAS 16 with property, plant and equipment, IAS 38 with intangible assets, and IAS 7 with cash-flow statements. IAS 1 is about how the overall financial statements are presented, not how one specific asset or transaction is measured. The standard originated under the International Accounting Standards Committee and was adopted by the IASB when that body began operating in 2001.