A statement of financial position as at the beginning of the preceding comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements.

Our Guides to financial statements help you to prepare financial statements in accordance with IFRS. They have two components: Illustrative disclosures, including supplements, that illustrate one possible format for financial statements prepared under IFRS, based on a fictitious multinational corporation; and a companion Disclosure checklist, which identifies the disclosures that may be required based on currently effective standards and also includes disclosures for the forthcoming standards that are available for early adoption.

This standards should require high quality, transparent and comparable information in financial statements and other financial reporting to help investors, other participants in the world's capital markets and other users of financial information make economic decisions; to promote the use and rigorous application of those standards;in fulfilling the objectives to take account of, as appropriate, the needs of a range of sizes and types of entities in diverse economic settings; andto promote and facilitate adoption of IFRS Standards, being the standards and interpretations issued by the Board, through the convergence of national accounting standards and IFRS Standards.