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Moscow: IAS accounting solutions

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||   LEGISLATIVE BASE


IAS1 : PRESENTATION OF FINANCIAL STATEMENTS


STRUCTURE AND CONTENT > Statement of financial position >


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Current/non-current distinction

60
An entity shall present current and non-current [one] assets, and current and non-current liabilities, as separate classifications [two] in its statement of financial position in accordance with [three] paragraphs 66–76 except when a presentation based [four] on liquidity provides information that is reliable [five] and more relevant. When that exception applies, [six] an entity shall present all assets and liabilities [seven] in order of liquidity.

61
Whichever method of presentation is adopted, [eight] an entity shall disclose the amount expected to be [nine] recovered or settled after more than twelve [ten] months for each asset and liability line item [one] that combines amounts expected to be recovered [two] or settled:
(a) no more than twelve months [three] after the reporting period, and
(b) more than [four] twelve months after the reporting period.

62
When an entity [five] supplies goods or services within a clearly identifiable [six] operating cycle, separate classification of current and non-current [seven] assets and liabilities in the statement of financial position provides [eight] useful information by distinguishing the net assets that [nine] are continuously circulating as working capital from those [ten] used in the entity’s long-term operations. It also [one] highlights assets that are expected to be [two] realised within the current operating cycle, and liabilities [three] that are due for settlement within the same [four] period.

63
For some entities, such as financial institutions, [five] a presentation of assets and liabilities in increasing or decreasing order [six] of liquidity provides information that is reliable [seven] and more relevant than a current/non-current presentation because [eight] the entity does not supply goods or services [nine] within a clearly identifiable operating cycle.

64
In applying [ten] paragraph 60, an entity is permitted to present [one] some of its assets and liabilities using a current/non-current [two] classification and others in order of liquidity when this [three] provides information that is reliable and more [four] relevant. The need for a mixed basis of presentation might [five] arise when an entity has diverse operations.

65
Information [six] about expected dates of realisation of assets and liabilities [seven] is useful in assessing the liquidity and solvency of an entity. [eight] IFRS 7 Financial Instruments: Disclosures requires [nine] disclosure of the maturity dates of financial assets and financial [ten] liabilities. Financial assets include trade and other [one] receivables, and financial liabilities include trade and other [two] payables. Information on the expected date of recovery of non-monetary [three] assets such as inventories and expected date of settlement [four] for liabilities such as provisions is also useful, [five] whether assets and liabilities are classified as current [six] or as non-current. For example, an entity discloses the amount of inventories [seven] that are expected to be recovered more [eight] than twelve months after the reporting period. [nine]


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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 accounting solutions



 

IAS accounting solutions in Moscow

Chapter: Moscow IAS accounting solutions

Moscow: IAS accounting solutions

 

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