Section PS 1201 - Financial Statement Presentation
GENERAL REPORTING PRINCIPLES
- A government’s financial statements must be clearly identified and an acknowledgement of the government’s responsibility for their preparation must either be included in the government’s financial statements or must accompany them.
- Any information required for the fair presentation of a government’s financial position, results of operations, remeasurement gains and losses, change in net debt and cash flow must be presented in the financial statements.
- Financial statements must be presented in a form, use terminology and classify items in such a way as to ensure that significant information is readily understandable.
- A comparison of current period amounts with prior period amounts must be presented.
- Prior period information should be reported on a basis and scope consistent with current period information.
- The bases used in determining the reported amounts of assets and liabilities must be applied consistently. The bases must be disclosed if they are not self-evident.
- A change to the bases used would only occur when it results in more appropriate presentation.
- Refer to PS 2120, Accounting Changes, for guidance and disclosure on changes in accounting policies.
- Financial statements must be issued on a timely basis.
- The auditor’s report must be appended to the financial statements when they are subject to an independent audit. When financial statements are unaudited they must be clearly identified as such.
- The substance of transactions and events must be presented in the financial statements.
- When legislation requires certain transactions / balances be accounted for in a manner that does not reflect their substances, special purpose financial statements / reports would be prepared to meet the legislative requirements.
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