The first annual financial statements in which an entity adopts International Financial Reporting Standards (IFRSs), by an explicit and unreserved statement of compliance with IFRSs.

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Documents that present a company’s financial information, often referred to as "the accounts." The main financial statements include:

1.  Balance Sheet - Shows the company's assets, liabilities, and shareholders' equity at a particular point in time.

2.  Income Statement (Profit and Loss Statement) - Shows the company's revenues, expenses, and profits over a specific period.

3.  Cash Flow Statement - Reports the company's inflows and outflows of cash over a specific period.

Example:

A company's financial statements for 2023 reveal its revenue of £5 million, expenses of £4 million, and net profit of £1 million. The balance sheet shows assets worth £8 million and liabilities worth £3 million.

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