<Li> Comparative information: IFRS requires entities to present comparative information in respect of the preceding period for all amounts reported in the current period's financial statements . In addition comparative information shall also be provided for narrative and descriptive information if it is relevant to understanding the current period's financial statements . The standard IAS 1 also requires an additional statement of financial position (also called a third balance sheet) 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 . This for example occurred with the adoption of the revised standard IAS 19 (as of 1 January 2013) or when the new consolidation standards IFRS 10 - 11 - 12 were adopted (as of 1 January 2013 or 2014 for companies in the European Union). </Li> <Li> Consistency of presentation: IFRS requires that the presentation and classification of items in the financial statements is retained from one period to the next unless: <Ol> <Li> it is apparent, following a significant change in the nature of the entity's operations or a review of its financial statements, that another presentation or classification would be more appropriate having regard to the criteria for the selection and application of accounting policies in IAS 8; or </Li> <Li> an IFRS standard requires a change in presentation . </Li> </Ol> </Li> <Ol> <Li> it is apparent, following a significant change in the nature of the entity's operations or a review of its financial statements, that another presentation or classification would be more appropriate having regard to the criteria for the selection and application of accounting policies in IAS 8; or </Li> <Li> an IFRS standard requires a change in presentation . </Li> </Ol> <Li> it is apparent, following a significant change in the nature of the entity's operations or a review of its financial statements, that another presentation or classification would be more appropriate having regard to the criteria for the selection and application of accounting policies in IAS 8; or </Li>

General features underlying the preparation of financial statements based on ifrs