Presentation of Financial Statements. To prescribe the basis for presentation of general purpose financial statements in order to ensure
|
|
- Gordon Nichols
- 5 years ago
- Views:
Transcription
1 TOPIC 7: IAS 1 PRESENTATION OF FINANCIAL STATEMENTS Presentation of Financial Statements Objective of IAS 1 To prescribe the basis for presentation of general purpose financial statements in order to ensure (a) comparability with the entity's financial statements of previous periods and (b) comparability with the financial statements of other entities. Scope IAS 1 applies to all general purpose financial statements prepared and presented in accordance with IFRS. General Purpose Those intended to meet the needs of users who are not in a position to demand reports tailored to their specific needs. Purpose of Financial Statements To provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. 1
2 Financial statements must provide information about an entity's (a) (b) (c) assets liabilities equity (d) (e) (f) income and epenses including gains and losses other changes in equity cash flows Components of Financial Statements a statement of financial position as at the reporting date a statement of profit or loss and other comprehensive income for the period ended a statement of changes in equity a cash flow statement notes including a summary of accounting policies Note: Accrual basis of accounting An entity shall prepare its financial statements, ecept for cash flow information, using the accrual basis of accounting. When the accrual basis of accounting is used, an entity recognises items as assets, liabilities, equity, income and epenses (the elements of financial statements) when they satisfy the definitions and recognition criteria for those elements in the Framework.* The Statement of Financial Position (1) All assets should be classified as either non-current or current on the face of the Statement of financial position. (2) All liabilities should be classified under either current or non-current. 2
3 (3) Current Assets satisfy any 1 of the following 4 criteria: epected to be realised or intended for sale or consumption in the normal operating cycle held primarily for the purpose of being traded epected to be realised within 12 months after the Statement of financial position date qualify as cash or cash equivalent (IAS 7) The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. (4) All other assets should be classified as non-current. (5) Current Liabilities are those which satisfy any one of the following 4 criteria: epected to be settled in the normal operating cycle; held primarily for the purpose of being traded; due to be settled within 12 months after the Statement of financial position date; the entity does not have the right to defer settlement for at least 12 months after the Statement of financial position date. (6) All other liabilities should be classified as non-current. (7) As a minimum the face of the statement of financial position must include line items that present: Assets (a) (b) (c) (d) property, plant and equipment; investment property; intangible assets; financial assets (non-current) 3
4 (e) investments accounted for using equity accounting; (f) (g) (h) (i) biological assets; inventories; trade and other receivables; cash and cash equivalents; (j) Non Current Assets Held For Sale (IFRS 5) Liabilities (k) (l) (m) (n) (o) trade and other payables; provisions; financial liabilities; current ta assets/liabilities; deferred ta assets/liabilities Equity (p) (q) issued capital and reserves attributable to the Owners of the Entity Non Controlling Interests NOTE Deferred ta assets/liabilities must be classified as non current assets/liabilities (IAS 12). (8) Details of share capital can be shown either on face of the statement of financial position or in the notes e.g. The number of shares authorised The number of shares issued and fully paid nominal value per share 4
5 the rights and restrictions attached to each class of shares (9) A description of the nature and purpose of each reserve can be shown either on the Statement of financial position or in the notes. 5
6 PRO-FORMA STATEMENT OF FINANCIAL POSITION Assets Non current assets Property, plant and equipment Goodwill Other Intangible assets Investments in associates Financial Investments Current assets Inventories Trade receivables Other current assets Cash and cash equivalents Non Current Assets Held for Sale Total assets Equity and Liabilities Equity Equity attributable to equity holders of the parent Issued share capital Reserves Retained earnings Non Controlling Interests Total equity Non current liabilities Long term borrowings Deferred ta Long term provisions Total non current liabilities Current liabilities: Overdraft Trade and other payables Short-term borrowings Current portion of long-term borrowings Ta payable Total current liabilities Total equity and liabilities 6
7 NB: Property, plant and equipment and capital and reserves require disclosure notes to show details and movement in the period. 11) Note on the Presentation of Dividends Dividend payments are a distribution of profits Dividend Payments Where a dividend is paid during the period, it must not be shown in the STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME. Dividends paid during the financial year are shown as o As a deduction in Retained Earnings (Statement of Financial position) o The statement of changes in equity and o Statement of cashflows (Financing Activities) Any dividend payable at year end should be shown in a note and not shown in the statement of financial position (unless the dividend payable has been approved by the shareholders before the directors sign the financial Statements) 7
8 8
9 Sandown 9
10 Statement of profit or loss General Principle All items of income and epense recognised in a period must be included in profit or loss unless a standard or interpretation allows or requires otherwise. Eamples of Eceptions (Reported in Other Comprehensive Income See Below) revaluation surpluses on non current assets; Echange Gains/Losses on Foreign Subs (IAS 21) Strategic equity - gains on financial assets held at FVTOCI (IFRS 9) (1) As a minimum the face of statement of profit or loss should include line items for the following (a) (b) (c) (d) (e) (f) revenue finance costs share of profits/losses of associates ta epense post-ta profit/loss of discontinued operations the profit or loss for the period. (2) The following must be disclosed on the face of statement of profit or loss as allocations of profit: profit attributable to non controlling interests profit attributable to equity holders of the parent. (3) A reporting entity cannot present any epense or income as etraordinary items either on the face of statement of profit or loss or in the notes. (4) When an item of epense or income is material its nature and amount should be 10
11 disclosed separately either on the face of statement of profit or loss or in the notes. See eamples below Eamples i. write downs of inventories to NRV; ii. iii. iv. write downs of property, plant and equipment to recoverable amount; restructuring costs; disposals of plant, property and equipment; v. discontinued operations IFRS 5 vi. vii. litigation settlements a reversal of a provision; 5) IAS 1 requires an entity to present all items of income and epense during a period in either A single STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME, or In 2 statements as follows: (a) An statement of profit or loss (Revenue to Profit/Loss recognised through profit or loss ) (b) Other Comprehensive Income To remember items which are accounted for through Other Comprehensive Income, think of the mnemonic EPS E: Echange Gains/Losses on Foreign Subs (IAS 21) P: Property, Plant & Equipment Revaluation gains under IAS 16 S: Strategic equity - gains on financial assets held at FVTOCI (IFRS 9) (A single statement of profit or loss and other comprehensive income simply combines these two statements into one.) If an eamination question asks you to prepare a STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME, you should prepare 11
12 a single statement combining statement of profit or loss + other comprehensive income If an eamination question asks you to prepare an statement of profit or loss, this will mean just a statement of profit or loss - Income to Profit after ta (6) A reporting entity should analyse epenses either (a) based on the nature of epenses or (b) based on their function within the entity which one should be adopted? whichever provides information which is more relevant and more reliable. (For eam purposes, the functional method is widely used) This gives rise to 2 presentations of statement of profit or loss. Layout 1 (nature of epense method) Revenue Other income Change in inventories of finished goods and work in progress Raw materials and consumables used Employee benefit costs Depreciation and amortisation Other epenses Finance costs Total epenses Profit before ta Income ta epense Profit after ta () () Epenses are aggregated according to their nature and are not reallocated across the functions of an entity. Layout 2 (function of epense method) Revenue Cost of sales Gross profit Other income Distribution costs Administrative epenses () () () 12
13 Other epenses Finance costs Profit before ta Income ta epense Profit after ta () () () N.B. when this method is used there must be additional disclosures on the nature of the epenses e.g. depreciation and amortisation, employee benefit costs. EAMPLE An etract of balances in the accounts of Hawsker Feeds and Fertilisers' a limited company at 31 st December 2009 whose accounts are subject to international standards, is provided below to illustrate the two different formats. m Cost of sales 4.6 Sales revenue 10.1 Distribution costs 1.3 Loan note interest 1.4 Admin epenses 2.1 An analysis of the costs other than interest i.e. $8.0m ( ) showed the following: m Raw materials and consumables 3.1 Increase in inventories finished goods and work in progress (0.2) Depreciation 1.8 Staff costs 2.9 Other operating epenses m The provision for income ta epense had been agreed at 0.2m. From this information we can now produce statement of profit or loss s in both formats. 1. By Function Format 13
14 Hawsker Feeds and Fertilisers Statement of profit or loss for Year Ended 31 st December 2009 m m Revenue 10.1 Cost of sales 4.6 Gross profit 5.5 Distribution costs 1.3 Administration epenses Profit from operations 2.1 Interest payable 1.4 Profit before ta 0.7 Income ta epense 0.2 Net profit for period 0.5 By Nature Format m m Revenue 10.1 Increase in inventories of finished goods and work in progress Raw materials and consumables 3.1 Staff costs 2.9 Depreciation 1.8 Other operating epenses Profit from operations 2.1 Interest payable 1.4 Profit before ta 0.7 Income ta epense 0.2 Net profit for period 0.5 Memory Aid: Nature N = NO The functional method is the most common method of presentation. Statement of Changes in Equity (1) This is the 3 rd component of a set of financial statements. (2) How is the statement structured? The following must be shown on the face of the statement: profit/loss for the period; 14
15 any item of income or epense that has bypassed statement of profit or loss and is recognised directly in equity e.g. revaluation surplus on property, plant and equipment; the total income and epenses for the period. This total must be analysed in the case of groups o attributable to equity holders of the parent; o attributable to minority interest; the effects of changes in accounting policies and correction of errors on each component of equity; The following must be shown either on the face of the statement or in the notes: transactions with equity holders including distributions to them; the balance of retained earnings at start and end of year and the changes during the year; for each class of contributed equity and each reserve - the opening balance - movements during the year - the closing balance 15
16 Eample - Statement of Changes in Equity for the year ended 31 December 2014 Balance at 31 December 2013 brought forward Change in Accounting Policy Restated Balance Share Capital Share Premium Revaluation Reserve Retained Earnings Total Changes in Equity for 2014 Total Comprehensive Income - Dividends () () Issue of Share - - Capital Balance at 31 December
17 Statement of Cash Flow - (the 4 th component of financial statements) See IAS 7. Notes to the Financial Statements - (the 5 th component of financial statements) They must (i) (ii) (iii) present information about the basis of preparation of the financial statements and the accounting policies used; disclose information required by any IFRS/IAS which has not been shown on the face of the accounts; disclose any information (not on face of accounts) which is relevant to their understanding. Other issues concerning Financial Statements (1) Fairness Financial statements must present fairly financial position, financial performance and cash flows. (2) Departure from any accounting standard only allowed in eceptional circumstances i.e. for fairer presentation. Disclosure must be given of: reason for departure title of standard involved financial effect of departure (3) Going Concern a. The going concern basis must be used unless management intends to liquidate or cease trading or has no alternative. 17
18 b. when the going concern basis is not used, this must be disclosed and justified along with the basis used. (4) Accruals Basis Must be used ecept in cash flow information. (5) Consistency The presentation and classification of items in financial statements should be retained from one period to another unless change is made for fairer presentations or an accounting standard requires change (6) Materiality Each material class of material items must be presented separately. Omissions or misstatements are material if they could influence the economic decisions of users. (7) Offsetting Income and epenses should not be offset unless required by IFRS. (8) Comparatives a. comparative information for the previous period must be disclosed for all amounts reported. b. when presentation or classification of items is changed in the reporting period, the comparative items must be changed also. Past Eam Questions Q3 (1) April 15 Q3 (4) (8) Aug 11 18
International Management Journals
International Management Journals www.managementjournals.com International Journal of Applied Finance for Non-Financial Managers Volume 2 Issue 1 International Accounting Standards Dr Philip E Dunn ISSN
More informationIAS 1 Presentation of Financial Statements - A Closer Look
MPRA Munich Personal RePEc Archive IAS 1 Presentation of Financial Statements - A Closer Look K S Muthupandian The Institute of Cost and Works Accountants of India 19 May 2008 Online at https://mpra.ub.uni-muenchen.de/41617/
More informationIAS 1. Presentation of financial statements.
IAS 1 Presentation of financial statements. Objectives and Scope of IAS 1 Usefulness of financial statements General features Components To prescribe the basis for presentation of general purpose financial
More informationThe Transition from SSAPs/FRSs to IASs/IFRSs. By: Dr. Ciaran Connolly, Phd, BSSc, MBA, FCA. Professional 2 AFA Examiner.
The Transition from SSAPs/FRSs to IASs/IFRSs By: Dr. Ciaran Connolly, Phd, BSSc, MBA, FCA. Professional 2 AFA Eaminer. Introduction The International Accounting Standards Board (IASB) publishes its Standards
More informationILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2012 International Financial Reporting Standards
ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2012 International Financial Reporting Standards A Layout (International) Group Plc Annual report and financial statements For the year ended 31
More informationSRI LANKA ACCOUNTING STANDARD
(REVISED 2005) SRI LANKA ACCOUNTING STANDARD PRESENTATION OF FINANCIAL STATEMENTS THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SRI LANKA (REVISED 2005) SRI LANKA ACCOUNTING STANDARD PRESENTATION OF FINANCIAL
More informationIFRS-compliant accounting principles
IFRS-compliant accounting principles Since 1 January 2005, Uponor Corporation has prepared its consolidated financial statements in compliance with the following accounting principles: Main functions Uponor
More informationClick to edit Master title style. Presentation of Financial Statements ( LKAS 1)
1 Click to edit Master title style Presentation of Financial Statements ( LKAS 1) 2 1 LKAS 1 Presentation of Financial Statements 3 LKAS 1: Overview Objective Scope Components of financial statements Overall
More informationCAMBODIAN ACCOUNTING STANDARDS (CAS)
CAMBODIAN ACCOUNTING STANDARDS (CAS) 1 - CAS 1 : Presentation of Financial Statements an Audit of Financial Statements 2 - CAS 2 : Inventories 3 - CAS 7 : Cash Flow Statements 4 - CAS 8 : Net profit or
More informationIFRS Training. IAS 1 Presentation of Financial Statements. Professional Training Services
IFRS Training IAS 1 Presentation of Financial Statements Table of Contents Section 1 Overview 2 Objectives 3 Scope 4 Purpose of Financial Statements 5 Frequency of Reporting and Period Covered 6 Components
More informationInternational Accounting Standard 29 Financial Reporting in Hyperinflationary Economies 1
International Accounting Standard 29 Financial Reporting in Hyperinflationary Economies 1 Scope 1 This Standard shall be applied to the financial statements, including the consolidated financial statements,
More informationImprovements to IFRSs PART I
Improvements to IFRSs PART I 1 Amendments to International Financial Reporting Standard 5 Non-current Assets Held for Sale and Discontinued Operations Paragraphs 8A, 36A and 44C are added. Classification
More informationTOPIC 31 - IAS 7 STATEMENT OF CASHFLOWS
TOPIC 31 - IAS 7 STATEMENT OF CASHFLOWS a) Overview Notes b) Statement of Cashflows V.S Statement of profit or loss c) Interpreting Statement of Cashflows d) Miscellaneous Points on Statement of Cashflows
More informationPresentation of Financial Statements
International Accounting Standard 1 Presentation of Financial Statements This version includes amendments resulting from IFRSs issued up to 31 December 2009. IAS 1 Presentation of Financial Statements
More informationFOR THE ACCOMPANYING DOCUMENT LISTED BELOW, SEE PART B OF THIS EDITION BASIS FOR CONCLUSIONS
NIIF-IFRS International Financial Report... Part A International Accounting Stand... IFRS 2014- IAS 29 FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES IAS 29 Financial Reporting in Hyperinflationary
More informationCOUNCIL FOR THE INDIAN SCHOOL CERTIFICATE EXAMINATIONS P-35, 36, Sector VI, Pushp Vihar, New Delhi NEW DELHI ISC ACCOUNTS
COUNCIL FOR THE INDIAN SCHOOL CERTIFICATE EXAMINATIONS P-35, 36, Sector VI, Pushp Vihar, New Delhi-110017 NEW DELHI ISC ACCOUNTS Guidelines pertaining to Companies Act 2013 Applicable for the Eamination
More informationInternational accounting standards for all students of the F pillar and all Case Studies
International accounting standards for all students of the F pillar and all Case Studies The CIMA syllabus for the F pillar (and BA3) makes numerous references to the International Accounting Standards.
More informationLKAS 01 PRESENTATION OF FINANCIAL STATEMENTS
CA BUSINESS SCHOOL POSTGRADUATE DIPLOMA IN BUSINESS AND FINANCE SEMESTER 2: Financial Statements Analysis LKAS 01 PRESENTATION OF FINANCIAL STATEMENTS M B G Wimalarathna (FCA, ACMA, ACIM, SAT, ACPM)(MBA
More informationFinancial Reporting in Hyperinflationary Economies
International Accounting Standard 29 Financial Reporting in Hyperinflationary Economies This version includes amendments resulting from IFRSs issued up to 31 December 2010. IAS 29 Financial Reporting in
More informationPRESS CORPORATION LIMITED AND ITS SUBSIDiARIES FINANCIAL STATEMENTS
FINANCIAL STATEMENTS 32 directors report The Directors have pleasure in presenting the audited financial statements of the Group and of the Company Press Corporation Limited. INCORPORATION AND REGISTERED
More informationICPAK Financial Reporting Workshop IAS 1- PRESENTATION OF FINANCIAL STATEMENTS December 2011 Presented by: Simon Fisher
ICPAK Financial Reporting Workshop IAS 1- PRESENTATION OF FINANCIAL STATEMENTS December 2011 Presented by: Simon Fisher This slide presentation has been prepared for general guidance only, and does not
More informationIAS 12 INCOME TAXES. Overview
IAS 12 INCOME TAXES Overview IAS 12 Income Taxes implements a so-called 'comprehensive balance sheet method' of accounting for income taxes which recognises both the current tax consequences of transactions
More informationIncome Statement. for the financial year ended 31 March 2011
Income Statement for the financial year ended 31 March Continuing operations Revenue 5 1,220,183 1,141,964 Other income 6 3,776 2,350 Share of net loss of associate accounted for using the equity method
More informationPresentation of Financial Statements
IAS 1 Presentation of Financial Statements In April 2001 the International Accounting Standards Board (Board) adopted IAS 1 Presentation of Financial Statements, which had originally been issued by the
More informationPresentation of Financial Statements
International Accounting Standard 1 Presentation of Financial Statements In April 2001 the International Accounting Standards Board (IASB) adopted Presentation of Financial Statements, which had originally
More informationPresentation of Financial Statements
Presentation of Financial Statements 2016 Deloitte & Touche 1 2015 Deloitte Touche Limited Index 1. Objective 2. Scope 3. Objective of Financial Statements 4. Components of Financial Statements 5. Fair
More informationPresentation of Financial Statements
Indian Accounting Standard (Ind AS) 1 Presentation of Financial Statements (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in
More informationILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2015 INTERNATIONAL FINANCIAL REPORTING STANDARDS
ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2015 INTERNATIONAL FINANCIAL REPORTING STANDARDS 2 A Layout (International) Group Ltd Annual report and financial statements For the year ended
More informationPresentation of Financial Statements
LEMBAGA PIAWAIAN PERAKAUNAN MALAYSIA MALAYSIAN ACCOUNTING STANDARDS BOARD MASB Standard 1 Presentation of Financial Statements Any correspondence regarding this Standard should be addressed to: The Chairman
More informationLAICO REGENCY HOTEL ANNUAL INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) WEEK PRESENTATION OF FINANCIAL STATEMENTS - IAS 1
ANNUAL INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) WEEK 24 th 28 th August 2015 LAICO REGENCY HOTEL PRESENTATION OF FINANCIAL STATEMENTS - IAS 1 BY, CPA NEBART AVUTSWA NAIROBI Credibility. Professionalism.
More informationIndian Accounting Standard 1 Presentation of Financial Statements
Indian Accounting Standard 1 Presentation of Financial Statements Objective This Standard prescribes the basis for presentation of general purpose financial statements to ensure comparability - both with
More informationBacking Precision. Audit Tax Advisory.
Backing Precision ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2015 New Zealand Equivalents to International Financial Reporting Standards Tier 1 For-Profit Reporters Audit Tax Advisory www.bdo.co.nz
More informationInd AS 1 Presentation of Financial Statements
Ind AS 1 Presentation of Financial Statements CA Rajkumar S Adukia B.Com (Hons), FCA, ACS, ACWA, LLB, DIPR, DLL &LP, IFRS(UK), MBA email id: rajkumarradukia@caaa.in Mob: 09820061049/09323061049 To receive
More information(a) Business combinations: those prior to the transition date have not been restated onto an IFRS basis.
Telecom plus PLC Adoption of International Financial Reporting Standards The purpose of this document is to provide guidance on the impact of International Financial Reporting Standards as adopted for
More informationIFRS for SMEs (proposals) Pocket Guide 2007
IFRS for SMEs (proposals) Pocket Guide 2007 PricewaterhouseCoopers (www.pwc.com) is the world s largest professional services organisation. Drawing on the knowledge and skills of 125,000 people in 142
More informationInternational GAAP Disclosure Checklist
IFRS Core Tools International GAAP Disclosure Checklist Based on International Financial Reporting Standards in issue at 31 August 2015 International GAAP Disclosure Checklist Updated: August 2015 For
More informationMODEL FINANCIAL STATEMENTS INTERNATIONAL GAAP HOLDINGS LIMITED
MODEL FINANCIAL STATEMENTS INTERNATIONAL GAAP HOLDINGS LIMITED MODEL FINANCIAL STATEMENTS INTERNATIONAL GAAP HOLDINGS LIMITED Financial Statements for the year ended 31 December 2001 The model financial
More informationDepreciation and amortisation expense (7,642) (8,323) (3,584) (4,013) Results from continuing operating activities (293,790) 42,438 (301,977) 26,050
Statement of Comprehensive Income For the year ended 30 June Continuing operations Operating revenue 4,5 1,131,847 1,336,813 583,062 763,990 Cost of sales (845,875) (1,038,146) (437,440) (611,423) Gross
More informationCPA Summary Notes. Statement of Cash Flow. Objective of IAS 7
CPA Summary Notes Statement of Cash Flow Objective of IAS 7 The objective of IAS 7 is to require the presentation of information about the historical changes in cash and cash equivalents of an entity by
More informationPresentation of Financial Statements
IAS Standard 1 Presentation of Financial Statements In April 2001 the International Accounting Standards Board (the Board) adopted IAS 1 Presentation of Financial Statements, which had originally been
More informationTHE ROYAL BANK OF SCOTLAND GROUP plc. APPENDIX 1 Reconciliations of pro forma to statutory income statements and balance sheets.
THE ROYAL BANK OF SCOTLAND GROUP plc APPENDIX 1 Reconciliations of pro forma to statutory income statements balance sheets Page 1 of 5 INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2008 Intangibles amortisation
More informationProfit/(Loss) before income tax 112, ,323. Income tax benefit/(expense) 11 (31,173) (37,501)
Income statement For the year ended 31 July Note 2013 2012 Continuing operations Revenue 2,277,292 2,181,551 Cost of sales (1,653,991) (1,570,657) Gross profit 623,301 610,894 Other income 7 20,677 10,124
More informationInternational GAAP Disclosure Checklist
EY IFRS Core Tools International GAAP Disclosure Checklist Based on International Financial Reporting Standards in issue at 28 February 2015 Effective for entities with a year-end of 30 June 2015 or thereafter
More informationPAO TMK Consolidated Financial Statements Year ended December 31, 2017
Consolidated Financial Statements Consolidated Financial Statements Contents Independent auditor s report...3 Consolidated Income Statement...8 Consolidated Statement of Comprehensive Income...9 Consolidated
More informationPearson plc IFRS Technical Analysis
Pearson plc IFRS Technical Analysis Contents A. Introduction B. Basis of presentation C. UK GAAP to IFRS adjustments D. Performance measures Schedules 1. Income statement Reconciliation UK GAAP to IFRS
More informationOAO GAZPROM IFRS CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2004
IFRS CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2004 ZAO PricewaterhouseCoopers Audit Kosmodamianskaya Nab. 52, Bld. 5 115054 Moscow Russia Telephone +7 (095) 967 6000 Facsimile +7 (095) 967 6001 AUDITORS
More informationBLUESCOPE STEEL LIMITED FINANCIAL REPORT 2011/2012
BLUESCOPE STEEL LIMITED FINANCIAL REPORT / ABN 16 000 011 058 Annual Financial Report - Page Financial statements Statement of comprehensive income 2 Statement of financial position 3 Statement of changes
More informationAccounting Policies. Key accounting policies
Accounting Policies Basis of accounting The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted for use in the European Union (EU) and
More informationILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2017 INTERNATIONAL FINANCIAL REPORTING STANDARDS
ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2017 INTERNATIONAL FINANCIAL REPORTING STANDARDS 2 A Layout (International) Group Ltd Annual report and financial statements For the year ended
More informationInternational GAAP Disclosure Checklist
IFRS Core Tools International GAAP Disclosure Checklist Based on International Financial Reporting Standards in issue at 28 February 2017 Effective for entities with a year-end of 30 June 2017 and any
More informationA7 Accounting policies
A7 Accounting policies Of the accounting policies outlined below, those deemed to be the most significant for the group are those that align with the critical accounting judgements and key sources of estimation
More informationP2 CORPORATE REPORTING
IAS 16 PROPERTY, PLANT & EQUIPMENT IAS 16 defines PPE as tangible items that: Are held for use in the production or supply of goods or services, for rental to others or for administrative purposes and
More informationPresentation of Financial Statements
Hong Kong Accounting Standard 1 (Revised) Presentation of Financial Statements (Relevant to ATE Paper 1 Financial Accounting & Paper 7 Advanced Accounting) Lisa Wong, City University of Hong Kong (SCOPE)
More informationANNUAL DISCLOSURES EPS CASH FLOWS EQUITY REVENUE ASSOCIATE IFRS JUDGEMENT MATERIALITY CGU CURRENT
IFRS Guide to annual financial statements Illustrative disclosures September 2013 kpmg.com/ifrs DISPOSAL IFRS ASSETS FAIR VALUE PRESENTATION ESTIMATES LEASES OFFSETTING ACCOUNTING POLICIES SHARE-BASED
More informationFinancial Reporting in Hyperinflationary Economies
Indian Accounting Standard (Ind AS) 29 Financial Reporting in Hyperinflationary Economies (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority.
More informationDictionary by label View
10/29/2003 5:21:37 AM 1 D T String ifrs-ci AbandonmentWithdrawalFromPlanPreviouslyReportedDiscontinuing IAS 35 36 Abandonment or Withdrawal from Plan Previously Reported as Discontinuing 2 D T String ifrs-ci
More informationIAS 1R- Presentation of Financial Statements. Introduction to IFRS / Ind AS
IAS 1R- Presentation of Financial Statements Introduction to IFRS / Ind AS IAS 1R- Presentation of financial statements Objective The objective of this Standard is to prescribe the basis for presentation
More informationFINANCIAL STATEMENTS. As at 29 April 2018
FINANCIAL STATEMENTS As at 29 April Directors Statement The Board of Directors are pleased to present the consolidated financial statements for Tegel Group Holdings Limited, and the auditors report, for
More informationPearson plc IFRS Technical Analysis
Pearson plc IFRS Technical Analysis Contents A. Introduction B. Basis of presentation C. Accounting Policies D. Critical Accounting Assumptions and Judgements Schedules 1. Income statement Reconciliation
More informationAttributable to: Equity shareholders of Alpha 38,540 Minority interest (working 4) 5,300 43,840
Answers 6D ENGIX Diploma in International Financial Reporting December 2006 Answers 6D ENGAA 1 (a) ALPHA Consolidated Income Statement for the Year Ended 30 September 2006 [all numbers in $ 000 unless
More informationPAO TMK Consolidated Financial Statements Year ended December 31, 2016
Consolidated Financial Statements Consolidated Financial Statements Contents Independent auditor s report...3 Consolidated Income Statement...8 Consolidated Statement of Comprehensive Income...9 Consolidated
More informationGood Construction Group (International) Limited
Good Construction Group (International) Limited International GAAP Illustrative financial statements for the year ended 31 December 2012 Based on International Financial Reporting Standards in issue at
More informationInternational Financial Reporting Standards (IFRS) : Group Financial Controller
International Financial Reporting Standards (IFRS) Andrew Fisher Andrew Lewis : Group Finance Director : Group Financial Controller IFRS presentation Background to IFRS Overview of status of EU standards
More informationIntroduction Consolidated statement of comprehensive income for the year ended 31 December 20XX... 6
PKF International Limited administers a network of legally independent member firms which carry on separate businesses under the PKF Name. PKF International Limited is not responsible for the acts or omissions
More information(All numbers in $ 000 unless otherwise stated) Marks
Answers Diploma in International Financial Reporting December 200 Answers (All numbers in $ 000 unless otherwise stated) (a) Consolidated statement of financial position of Alpha at 30 September 200 ASSETS
More informationMastering impairment testing and principles: Extract MASTERING IMPAIRMENT TESTING AND PRINCIPLES EXTRACT
Mastering impairment testing and principles: Extract MASTERING IMPAIRMENT TESTING AND PRINCIPLES EXTRACT CPA Australia Ltd 2014 1 Contents Course overview 1 Learning objectives 1 Knowledge assessment 1
More informationPresentation on Indian Accounting Standards
Presentation on Indian Accounting Standards By Bharat K Shetty Associate Director Walker, Chandiok & Co 1 Agenda Ind AS 1 Presentation of Financial Statements Ind AS 2 Inventories Ind AS 3 Statement of
More informationGross profit X X Other operating income X X. Distribution costs (X) (X) Administrative expenses (X) (X) Other operating expenses (X) (X)
Chapter 3 Free lectures available for - click here 7 PUBLISHED FINANCIAL STATEMENTS proforma financial statements following IAS1 (revised) YZ GROUP Statement of Profit or Loss and Other Comprehensive Income
More informationCOUNCIL FOR THE INDIAN SCHOOL CERTIFICATE EXAMINATIONS P-35,36, Sector VI, Pushp Vihar, New Delhi NEW DELHI ISC ACCOUNTS
COUNCIL FOR THE INDIAN SCHOOL CERTIFICATE EXAMINATIONS P-35,36, Sector VI, Pushp Vihar, New Delhi-110017 NEW DELHI ISC ACCOUNTS Guidelines pertaining to Revised Schedule VI of Part I & II of Companies
More informationSpecial purpose financial statements
Special purpose financial statements Illustrative guide to the disclosure requirements of: AASB 101 Presentation of Financial Statements AASB 107 Statement of Cash Flows AASB 108 Accounting Policies, Changes
More informationFLUIDRA, S.A. AND SUBSIDIARIES. Consolidated Financial Statements and Consolidated Management Report. 31 December 2017
FLUIDRA, S.A. AND SUBSIDIARIES Consolidated Financial Statements and Consolidated Management Report 31 December 2017 (Together with the Audit Report thereon) Translation of consolidated financial statements
More informationINTERIM FINANCIAL STATEMENTS IAS 34 explained (30 June 2017) (Including an illustrative example)
INTERIM FINANCIAL STATEMENTS IAS 34 explained (30 June 2017) (Including an illustrative example) This publication is presented in two parts. - Part I explains IAS 34 Interim Financial Reporting and provides
More informationDiploma in IFRS. Units with Learning Outcomes and Assessment Criteria
Diploma in IFRS Units with Learning Outcomes and Assessment Criteria Unit 1-IASB and regulatory framework Understand the need and role of the regulatory system Describe the impact of globalization Describe
More informationCHELLARAMS PLC RC 639
CHELLARAMS PLC RC 639 QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER, 2018 FRC/2013/IODN/00000005336 FRC/2013/IODN/00000005335 Page 1 CONTENTS COMPLIANCE CERTIFICATE 3-4 CONSOLIDATED
More informationInternational Accounting Standard 10 Events after the Reporting Period
International Accounting Standard 10 Events after the Reporting Period Objective 1 The objective of this Standard is to prescribe: when an entity should adjust its financial statements for events after
More informationGood Group (International) Limited
IFRS Core Tools Good Group (International) Limited Illustrative consolidated financial statements for the year ended 31 December 2015 International GAAP Contents Abbreviations and key... 2 Introduction...
More informationInsights into IFRS. KPMG's practical guide to International Financial Reporting Standards. 4th Edition 2007/8
Insights into IFRS KPMG's practical guide to International Financial Reporting Standards 4th Edition 2007/8 The KPMG International Financial Reporting Group THOIV1SON Overview of contents ", n. J, < Page
More informationInternational Financial Reporting Standards
Audit International Financial Reporting Standards Model financial statements 2005 Audit.Tax.Consulting.Corporate Finance. An IAS Plus guide Deloitte IFRS resources In addition to this publication, Deloitte
More informationAmendments to IFRS for SMEs
A C C O U N T I N G U P D A T E ( I F R S f o r S M E s ) s to IFRS for SMEs Introduction The International Accounting Standards Board (IASB) has published amendments to its 'International Financial Reporting
More information2005 Financial Statements. Consolidated Financial Statements of the Nestlé Group Annual Report of Nestlé S.A.
2005 Financial Statements Consolidated Financial Statements of the Nestlé Group Annual Report of Nestlé S.A. Consolidated Financial Statements of the Nestlé Group 3 Consolidated income statement for the
More information(Entity that already applies the International Financial Reporting Standards)... II-1
CONSOLIDATED FINANCIAL STATEMENTS December 31, 2016 (Entity that already applies the International Financial Reporting Standards)... I-1 Independent auditor's report... I-3 Consolidated statements of financial
More informationInternational Financial Reporting Standard (IFRS) for Small and Medium-sized Entities
International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities Section 1 Small and Medium-sized Entities Intended scope of this Standard 1.1 The IFRS for SMEs is intended for use
More informationVitafoam Nigeria Plc. Consolidated and Separate financial statements Year ended 30 September 2014
. Year ended 30 September 2014 Table of Contents Statement of Directors Responsibilities... i Report of the independent auditors... 1 & Statement of Profit or Loss and other Comprehensive Income... 2 &
More informationFRS 102. Complete set of Financial Statements
Complete set of Financial Statements 1. Statement of Financial Position (SOFP) 2. Statement of Comprehensive Income (Income Statement (Profit or Loss) & a statement of Other Comprehensive Income 3. Statement
More informationInternational Financial Reporting Standards (IFRS)
FACT SHEET April 2010 IAS 36 Impairment of Assets (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International Financial
More information+44 (0) International Accounting Standards (IAS) Guidance: Terminology and Presentation
internationalenquiries@ediplc.com +44 (0) 2476 518951 www.lcci.org.uk International Accounting Standards (IAS) Guidance: Terminology and Presentation Contents Introduction 3 1 First Level 4 1.1 Terminology
More informationand Marking Scheme 36 Total equity and liabilities 1,604,100
Answers Diploma in International Financial Reporting December 2015 Answers and Marking Scheme Marks 1 (a) Consolidated statement of financial position of Alpha at 30 September 2015 Assets Non-current assets:
More informationIAS 1 Presentation of Financial Statement
IAS 1 Presentation of Financial Statement 1 By : Mehul Shah mehul@raseshca.comcom 9723459572 IASB Structure 2 IASC Foundation appoints oversees funds reports SAC advises IASB interprets IFRIC creates IFRS
More informationSeprod Limited. Financial Statements 31 December 2015
Financial Statements Index Independent Auditor s Report to the Members Financial Statements Consolidated statement of comprehensive income 1 Consolidated statement of financial position 2 Consolidated
More informationJamaica Broilers Group Limited. Financial Statements 29 April 2006
Financial Statements Index Page Auditors Report to the Members Statutory Financial Statements Group profit and loss account 1 Group balance sheet 2 Group statement of changes in stockholders equity 3 Group
More informationWORKINGS DO NOT DOUBLE COUNT MARKS Working 1 Revenue $ 000 Alpha + Beta 390,000 ½ Intra-group sales to Beta (25,000)
Answers Diploma in International Financial Reporting December 0 Answers and Marking Scheme Marks Consolidated statement of comprehensive income of Alpha for the year ended 30 September 0 Revenue (W) 365,000
More informationIndependent Auditor s Report
Consolidated Independent Auditor s Report Independent Auditor s Report To the members of BBA Aviation plc Report on the audit of the financial statements In our opinion: the financial statements give a
More information01 Introduction to Financial Statements Acctg 102
Introduction to Financial s Describe the financial reporting environment and explain the accounting assumptions, principles, and qualitative characteristics underlying financial statements. Describe the
More informationB.COM UNIVERSITY OF CALICUT CORPORATE ACCOUNTING ( III SEMESTER ) (CORE COURSE : BC3B04) 2017 ADMISSION ONWARDS 329B SCHOOL OF DISTANCE EDUCATION
UNIVERSITY OF CALICUT SCHOOL OF DISTANCE EDUCATION B.COM ( III SEMESTER ) BA POLIICAL SCIENCE CORPORATE ACCOUNTING (CORE COURSE : BC3B04) 329B 2017 ADMISSION ONWARDS CORPORATE ACCOUNTING STUDY MATERIAL
More informationNOTES TO THE FINANCIAL STATEMENTS
PROGRAMMED ANNUAL REPORT 63 31 March 1. GENERAL NOTES 1.1 General Information Programmed Maintenance Services Limited (the Company) is a listed public company, incorporated in New South Wales and operating
More informationStatement of Comprehensive Income for year ended 31 March NOTE 000s 000s 000s 000s
Trust name North Bristol NHS Trust This year 2013-14 Last year 2012-13 This year ended 31 March 2014 Last year ended 31 March 2013 This year commencing: 1 April 2013 Last year commencing: 1 April 2012
More informationSingapore Illustrative Financial Statements 2017
Singapore Illustrative Financial Statements 2017 About KPMG KPMG is one of the world s leading networks of professional services firms. With more than 189,000 professionals in 152 countries, we work shoulder-to-shoulder
More informationUS DOLLAR SUPPLEMENT TO THE UNILEVER SECOND QUARTER AND HALF YEAR RESULTS 2006
US DOLLAR SUPPLEMENT TO THE UNILEVER SECOND QUARTER AND HALF YEAR RESULTS 2006 1 This document is a supplement to the Unilever second quarter half year results 2006 is prepared for reference purposes only,
More informationTier 2 For-Profit Reporters
ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2017 NEW ZEALAND EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING STANDARDS REDUCED DISCLOSURE REGIME Tier 2 For-Profit Reporters RDR Layout (New
More informationTOPIC 8 - IAS 12 Income Taxes
TOPIC 8 - IAS 12 Income Taxes IAS 12 prescribes the accounting treatment for income taxes. What is Current Tax? Current Tax is the amount of income taxes payable in respect of the taxable profit for a
More information