IAS 1 (2007) Prentation of Financial Statements Key notes for SOCI and SOFS
Statement of Financial Position (Balance Sheet)
An entity must normally prent a classified statement of financial position, parating current and noncurrent asts and liabilities. Only if a prentation bad on liquidity provides information that is reliable and more relevant may the current/noncurrent split be omitted. [IAS 1.60] In either ca, if an ast (liability) category combines amounts that will be received (ttled) after 12 months with asts (liabilities) that will be received (ttled) within 12 months, note disclosure is required that parates the longer-term amounts from the 12-month amounts. [IAS 1.61]
Current asts are cash; cash equivalent; asts held for collection, sale, or consumption within the entity's normal operating cycle; or asts held for trading within the next 12 months. All other asts are noncurrent. [IAS 1.66]
Current liabilities are tho to be ttled within the entity's normal operating cycle or due within 12 months, or tho held for trading, or tho for which the entity does not have an unconditional right to defer payment beyond 12 months. Other liabilities are noncurrent. [IAS 1.69]
When a long-term debt is expected to be refinanced under an existing loan facility and the entity has the discretion the debt is classified as non-current, even if due within 12 months. [IAS 1.73]
If a liability has become payable on demand becau an entity has breached an undertaking under a long-term loan agreement on or before the reporting date, the liability is current, even if the lender has agreed, after the reporting date and before the authorisation of the financial statements for issue, not to demand payment as a conquence of the breach. [IAS 1.74] However, the liability is classified as non-current if the lender agreed by the reporting date to provide a period of grace ending at least 12 months after the end of the reporting period, within which the entity can rectify the breach and during which the lender cannot demand immediate repayment. [IAS 1.75] Minimum items on the face of the statement of financial position [IAS 1.54] •(a) property, plant and equipment
•(b) investment property
形容心情好的句子•(c) intangible asts
•(d) financial asts (excluding amounts shown under (e), (h), and (i))
•(e) investments accounted for using the equity method
西安市儿童福利院•(f) biological asts
•(g) inventories
皮定均•(h) trade and other receivables
•(i) cash and cash equivalents
•(j) asts held for sale一句情感小短句
•(k) trade and other payables
•(l) provisions
•(m) financial liabilities (excluding amounts shown under (k) and (l))
•(n) liabilities and asts for current tax, as defined in IAS 12
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•(o) deferred tax liabilities and deferred tax asts, as defined in IAS 12
•(p) liabilities included in disposal groups
•(q) non-controlling interests , prented within equity and
•(r) issued capital and rerves attributable to owners of the parent
Additional line items may be needed to fairly prent the entity's financial position. [IAS 1.54]
IAS 1 does not prescribe the format of the balance sheet. Asts can be prented current then noncurrent, or vice versa, and liabilities and equity can be prented current then noncurrent then equity, or vice versa. A net ast prentation (asts minus liabilities) is allowed. The long-term financing approach ud in UK and elwhere – fixed asts + current asts - short term payables = long-term debt plus equity – is also acceptable.
Regarding issued share capital and rerves, the following disclosures are required: [IAS 1.79]
•numbers of shares authorid, issued and fully paid, and issued but not fully paid •par value
•reconciliation of shares outstanding at the beginning and the end of the period •description of rights, preferences, and restrictions
•treasury shares, including shares held by subsidiaries and associates
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•shares rerved for issuance under options and contracts
• a description of the nature and purpo of each rerve within equity Statement of Comprehensive Income
Comprehensive income for a period includes profit or loss for that period plus other comprehensive income recognid in that period. As a result of the 2003 revision to IAS 1, the Standard is now using 'profit or loss' rather than 'net profit or loss' as the descriptive term for the bottom line of the income statement.
All items of income and expen recognid in a period must be included in profit or loss unless a Standard or an Interpretation requires otherwi. [IAS 1.88] Some IFRSs require or permit that some components to be excluded from profit or loss and instead to be included in other comprehensive income. [IAS 1.89]
The components of other comprehensive income include:
•changes in revaluation surplus (IAS 16 and IAS 38)
•actuarial gains and loss on defined benefit plans recognid in accordance with IAS 19
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•gains and loss arising from translating the financial statements of a foreign operation (IAS 21)
•gains and loss on remeasuring available-for-sale financial asts (IAS 39)
•the effective portion of gains and loss on hedging instruments in a cash flow hedge (IAS 39).
An entity has a choice of prenting:
• a single statement of comprehensive income or
•two statements:
o an income statement displaying components of profit or loss and
o a statement of comprehensive income that begins with profit or loss (bottom line of the income statement) and displays components of other
comprehensive income [IAS 1.81]
Minimum items on the face of the statement of comprehensive income should include: [IAS 1.82]
•revenue
•finance costs
•share of the profit or loss of associates and joint ventures accounted for using the equity method
•tax expen
• a single amount comprising the total of (i) the post-tax profit or loss of discontinued operations and (ii) the post-tax gain or loss recognid on the disposal of the asts or disposal group(s) constituting the discontinued operation •profit or loss
•each component of other comprehensive income classified by nature
•share of the other comprehensive income of associates and joint ventures accounted for using the equity method
•total comprehensive income
The following items must also be disclod in the statement of comprehensive income as allocations for the period: [IAS 1.83]
•profit or loss for the period attributable to non-controlling interests and owners of the parent
•total comprehensive income attributable to non-controlling interests and owners of the parent
Additional line items may be needed to fairly prent the entity's results of operations. [IAS 1.85]
No items may be prented in the statement of comprehensive income (or in the income statement, if parately prented) or in the notes as 'extraordinary items'. [IAS 1.87] Certain items must be disclod parately either in the statement of comprehensive income or in the notes, if material, including: [IAS 1.98]
•write-downs of inventories to net realisable value or of property, plant and equipment to recoverable amount, as well as reversals of such write-downs •restructurings of the activities of an entity and reversals of any provisions for the costs of restructuring
•disposals of items of property, plant and equipment
•disposals of investments
•discontinuing operations
•litigation ttlements破案小说
•other reversals of provisions
Expens recognid in profit or loss should be analyd either by nature (raw materials, staffing costs, depreciation, etc.) or by function (cost of sales, lling, administrative, etc). [IAS 1.99] If an entity categoris by function, then additional information on the nature of expens – at a minimum depreciation, amortisation and employee benefits expen – must be disclod. [IAS 1.104]
