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||   LEGISLATIVE BASE


IAS1 : PRESENTATION OF FINANCIAL STATEMENTS


STRUCTURE AND CONTENT > Statement of financial position >


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Information to be presented in the statement of financial position

54
As a minimum, the statement of financial position shall [one] include line items that present the following [two] amounts:
(a) property, plant and equipment;
(b) investment property;
(c) [three] intangible assets;
(d) financial assets (excluding amounts [four] shown under (e), (h) and (i));
(e) investments [five] accounted for using the equity method;
(f) biological assets;
(g) [six] inventories;
(h) trade and other receivables;
(i) cash and cash [seven] equivalents;
(j) the total of assets classified as held for sale [eight] and assets included in disposal groups classified as held [nine] for sale in accordance with IFRS 5 Non-current [ten] Assets Held for Sale and Discontinued Operations;
(k) trade [one] and other payables;
(l) provisions;
(m) financial liabilities (excluding [two] amounts shown under (k) and (l));
(n) liabilities [three] and assets for current tax, as defined in IAS 12 [four] Income Taxes;
(o) deferred tax liabilities and deferred [five] tax assets, as defined in IAS 12;
(p) liabilities [six] included in disposal groups classified as held for sale [seven] in accordance with IFRS 5;
(q) non-controlling interests, [eight] presented within equity; and
(r) issued capital [nine] and reserves attributable to owners of the parent.

55
An entity shall [ten] present additional line items, headings and subtotals [one] in the statement of financial position when such presentation [two] is relevant to an understanding of the entity’s financial position.

56
When [three] an entity presents current and non-current assets, and current [four] and non-current liabilities, as separate classifications in its statement [five] of financial position, it shall not classify [six] deferred tax assets (liabilities) as current assets [seven] (liabilities).

57
This Standard does not prescribe the order [eight] or format in which an entity presents items. Paragraph [nine] 54 simply lists items that are [ten] sufficiently different in nature or function to warrant separate [one] presentation in the statement of financial position. In addition:
(a) line [two] items are included when the size, nature [three] or function of an item or aggregation of similar items is [four] such that separate presentation is relevant [five] to an understanding of the entity’s financial position; and
(b) the descriptions [six] used and the ordering of items or aggregation of similar items [seven] may be amended according to the nature of the entity [eight] and its transactions, to provide information that is [nine] relevant to an understanding of the entity’s financial position. For example, [ten] a financial institution may amend the above descriptions [one] to provide information that is relevant to the operations [two] of a financial institution.

58
An entity makes the judgement about [three] whether to present additional items separately on the basis [four] of an assessment of:
(a) the nature and liquidity of assets;
(b) the function [five] of assets within the entity; and
(c) the amounts, nature [six] and timing of liabilities.

59
The use of different measurement bases [seven] for different classes of assets suggests that their [eight] nature or function differs and, therefore, that [nine] an entity presents them as separate line items. [ten] For example, different classes of property, plant and equipment [one] can be carried at cost or at revalued amounts [two] in accordance with IAS 16.


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Feature conception:


Thus it appears, in what various ways Nature has taught man her first great lesson of love and union.

Nor did she give the same talents either in kind or in degree to all, evidently meaning that the inequality of her gifts should be ultimately equalized by a reciprocal interchange of good offices and mutual assistance.

Thus, in different countries, she has caused different commodities to be produced, that expediency itself might introduce commercial intercourse.


Desiderius Erasmus

The Complaint of Peace

   




Moscow: IAS bookkeeping provider



 

IAS bookkeeping provider in Moscow

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Moscow: IAS bookkeeping provider

 

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