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CH 3 IAS 1: Presentation ofnancial statements
Statement of nancialposition
Current/Non currentasset distinction
Statement of
Comprehensive income Income statement
Changes in equity
P!S!N"A"I#N #$P%&'IS(!)
$INANCIA'S"A"!*!N"S
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1+ IAS 1 ,revised-: Presentation ofnancial statements
Components of nancial statements:
1+ Statement of nancial position
.+ Statement of Prot or 'oss and othercomprehensive income
+ Statement of changes in equity
0+ Statement of cash o2s
3+ Notes to the nancial statements
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1+1 Statement of Prot or loss and othercomprehensive income for
the period
Include all items of income ande4pense in the Statement of P or
'unless a standard or interpretationrequires other2ise+
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1+. (o2 items are disclosed
Some on the face of ..
Some in notes
Recommended formats aregiven ..
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1+ Identication of nancial
statements
)istinguish nancial info from otherinfo+
IAS 1 also requires disclosure offollo2ing:oName of the
company
o5hether accounts are for a single
company or groupo)ate of the end of the reporting period
oCurrency used
o 'evel of rounding used
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1+0 eporting period
Present nancial statementsannually6 unless other2ise+
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1+3 "imelinessness
Produce accounts in a timelymanner6
IAS 1 requires accounts to 7eproduced 2ithin 8 months of
yearend+
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.+ Statement of nancial position
(See projected IAS 1 suggestedformat)
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Items 2hich must appear on the faceof statement of nancial
position
a+ Property6 plant and equipment
7+ Investment property
c+ Intangi7le assets
d+ $inancial assetse+ Investments accounted for using equity
method
f+ &iological assets
g+ Inventories
h+"rade and other receiva7les
i+ Cash and cash equivalents
9+ Assets classied as held for sale
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++
;+ "rade and other paya7les
l+ Provisions
m+ $inancial lia7ilities
n+ Current ta4 lia7ilities
o+ )eferred ta4 lia7ilities
p+ 'ia7ilities included in disposal groupsq+ Non controlling
interests
r+ Issued capital and reserves
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$urther su7
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+. Current assets
Classify as a current asset2hen: It is e4pected to 7e reali=ed
in the
normal course of operation cycle+
Is held primarily for trading purposed
Is cash or cash equivalents
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Current lia7ilities
Classify as a current lia7ility 2hen: It is e4pected to 7e
settled in the normal
course of entity>s operating cycle+
)ue to 7e settled 2ithin t2elve months
!ntity does not have unconditional rightto defer settlement+
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0+ Statement of Prot or 'oss and#ther Comprehensive Income
"2o possi7le formats: 7y functionor7ynature, either in a Single
of TwoStatements+
,See e4ample pro9ected formats-
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3+. *inimum disclosure on the face ofthe statement of Prot or
'oss
evenue
$inance costs
Share of prots and losses ofassociates or 9oint ventures
"a4 e4pense
Prot or loss
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?+ Statement of changes in equity
See IAS 1 e4ample printed for you+
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@+Notes to the nancialstatements
Notes aim to: Provide info on asis on !hich the f"s
!ere prepared
)isclose any info not sho2n any2here inthe f/s
Sho2 additional info relevant to the
understanding of the f/s+
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#ther disclosures
5hat the entity does
%ltimate holding company
)omicile and legal form
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I$S Suggested order fornotes
1+ Statement of Compliance 2ith I$S
.+ Statement of the *easurement&asis
+ Supporting Information for ItemsPresented in each
Statement+
0+ #ther disclosures6 ie
1+ Contingencies and #ther $inancial)isclosures
.+ Non $inancial )isclosures
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++
Class discussion on 5ilson and Co+
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+
