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Moscow: IAS bookkeeping solutions

 Moscow: IAS bookkeeping solutions





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STRUCTURE AND CONTENT > Statement of financial position >

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Current assets

An entity shall classify an asset as current [one] when:
(a) it expects to realise the asset, or intends [two] to sell or consume it, in its normal operating [three] cycle;
(b) it holds the asset primarily for the purpose [four] of trading;
(c) it expects to realise the asset within [five] twelve months after the reporting period; or
(d) [six] the asset is cash or a cash equivalent (as [seven] defined in IAS 7) unless the asset is [eight] restricted from being exchanged or used to settle a liability [nine] for at least twelve months after the reporting period.
An [ten] entity shall classify all other assets [one] as non-current.

This Standard uses the term ‘non-current’ to include [two] tangible, intangible and financial assets of a long-term nature. [three] It does not prohibit the use of alternative [four] descriptions as long as the meaning is clear.

The operating [five] cycle of an entity is the time between the acquisition [six] of assets for processing and their realisation in cash or cash [seven] equivalents. When the entity’s normal operating cycle [eight] is not clearly identifiable, it is [nine] assumed to be twelve months. Current assets [ten] include assets (such as inventories and trade receivables) [one] that are sold, consumed or realised as part [two] of the normal operating cycle even when they [three] are not expected to be realised within [four] twelve months after the reporting period. Current [five] assets also include assets held primarily [six] for the purpose of trading (financial assets within this [seven] category are classified as held for trading in accordance [eight] with IAS 39) and the current portion of non-current [nine] financial assets.

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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 solutions


IAS bookkeeping solutions in Moscow

Chapter: Moscow IAS bookkeeping solutions

Moscow: IAS bookkeeping solutions


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