IFRS for SMEs / Section 3: Financial Statement Presentation
Section 3: Financial Statement Presentation
Section 3 covers fair presentation, the explicit and unreserved statement of compliance, going concern, the complete set of financial statements and how each statement is identified.
Disclosures to look for
- 3.3 An explicit and unreserved statement that the financial statements comply with the Standard.
- 3.8 Material uncertainties about going concern, or the basis used when the statements are not prepared on a going-concern basis.
- 3.17 The complete set: statement of financial position, a statement of comprehensive income (or income statement), changes in equity, cash flows and the notes.
- 3.23 The name of the entity, the reporting date and period, the presentation currency and the level of rounding.
Third edition (2025 changes)
- The notes must contain material accounting policy information rather than significant accounting policies (3.17(e)).
How Sight applies it
The basis of preparation names the edition and states compliance without reservation; going-concern indicators from the balance sheet raise a pre-flight warning.
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