What components are required when presenting financial statements under IFRS 1?

When presenting financial statements under IFRS 1, the requirement is to provide a complete set of components that reflect the entity's financial performance and position comprehensively. The correct answer outlines the essential components needed:

1. Statement of Financial Position: This provides a snapshot of the company's assets, liabilities, and equity at a specific point in time, thus informing stakeholders about the financial health of the entity.

2. Statement of Profit or Loss and Other Comprehensive Income: This statement presents the company's revenues and expenses, culminating in a profit or loss for the period, along with other items of comprehensive income that may not be included in net profit.

3. Statement of Changes in Equity: This reflects changes in the company’s equity during the period, detailing how profits are retained, dividends paid, and any other movements in equity such as changes in share capital.

4. Statement of Cash Flows: This statement outlines the cash inflows and outflows over a period, categorizing them into operating, investing, and financing activities.

Together, these components provide a thorough view of an entity’s financial situation and performance, aligning with the transparency and full disclosure principles that IFRS aims to uphold. Therefore, the correct answer encapsulates the