In accordance with IFRS, financial statements should present fairly the financial position, financial performance and cash flows of an entity. This chapter discusses IAS 1 presenting its scope, definitions of terms, financial statements, general features, structure and content, and future developments. The revised IAS 1 presented resulted from the International Accounting Standards Board (IASB)'s deliberations on Phase A of the Financial Statement Presentation project and brings IAS 1 largely into line with the corresponding US standard-Statement of Financial Accounting Standards 130 (FAS 130). The revised IAS 1 was effective for annual periods beginning on or after January 1, 2009. The section on illustrative financial statements illustrates the presentation of comprehensive income in two separate statements–the statement of profit or loss, followed by the statement of comprehensive income beginning with profit or loss and then other comprehensive income.