Module 2 - Presentation of Financial Statements Flashcards
IAS 1 provides formats for
- statement of financial position
- statement of profit or loss and other comprehensive income
- statement of changes in equity
PPE classification
Analysed in accordance with IAS 16 into major classes in notes to the accounts
Inventories classification
Analyses per IAS 2 into classifications such as merchandise, production
Provisions classification
Analysed into provisions for employee benefits and others per IAS 37
Total comprehensive income
Comprises all items of profit or loss and of other comprehensive income
Profit or loss
Total income less expenses excluding components of OCI
Other comprehensive income
Comprises items of income or expense that are not recognised in profit or loss as required or permitted by other IFRS
Analysis of expenses (2)
- nature
- function
Items that are classified as OCI are transferred to
Components of equity
OCI is analysed into
- amounts that will not be reclassified to profit or loss
- amounts that may be reclassified to profit or loss
Double entry for revaluation increase
DR Property - cost
DR Property - accumulated depreciation
CR Other comprehensive income
Double entry for transfer to revaluation surplus at period end for revaluation increase
DR Other comprehensive income
CR Revaluation surplus
Interim financial reporting IAS
IAS 34
Unusual items IAS
IAS 8
Format 2 balance sheet
Similar to IAS 1 format of SFP
