IAS 1 is a base document of the IASB defining the contents of the general financial reporting statements ( statement of financial position , statement of comprehensive income, statement of changes in equity, Notes ; cashflow statments have their own standard, IAS 7 ) . Paragraph 20 of IAS 1 allows non-compliance with standards when a fairer view can be achieved, but it must be disclosed how the non-compliance is fairer. Some countries, for example Australia, who attempt to harmonise with IASB, AASB 101 being the australian counterpart of IAS 1, forbids departure from the standards in all instances, due to Australia's incorporation of AASB financial reporting standards compliance in its Corporation Law , ostensibly to regulate corporation behaviour towards economically dependent shareholders. In the AASB 101, disclosure of how non-compliance will achieve a fairer view in the Notes is prescribed, rather than allowing statements to be non-compliant to achieve a fairer view, as in IAS 1.
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