Describe

The requirements of IFRS for a complete set of financial statements be presented annually comprises elements are :-

1) Statement of financial position at the end of the period;

2) Statement of comprehensive income for the period to be presented either as

a) One single statement of comprehensive income b)A separate income statement and statement of comprehensive income.

3.) Statement of changes in equity;

4.) Statement of cash flows; and

5) Notes, comprising a summary of significant accounting policies and other explanatory

information.

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