Exam focus point
Which of the above methods is chosen by an entity will depend on historical and industry factors, and also the nature of the organisation. Under each method, there should be given an indication of costs which are likely to vary (directly or indirectly) with the level of sales or production. The choice of method should fairly reflect the main elements of the entity's performance (IAS 1: para.105). This is the method you should expect to see in your exam.
Note, that you get no marks for writing out the format for a financial statement. However, you must write out the format so that you can then fill in the numbers and earn the marks.
Dividends
IAS 1 also requires disclosure of the amount of dividends paid during the period covered by the financial statements. This is shown either in the statement of changes in equity or in the notes. (IAS 1: para. 107)
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11 ARi'. NG ::
Further points
All requirements previously set out in other Standards for the presentation of particular line items in the statement of financial position and statement of profit or loss and other comprehensive income are now dealt with in IAS 1. These line items are: biological assets; liabilities and assets for current tax and deferred tax; and pre-tax gain or loss recognised on the disposal of assets or settlement of liabilities attributable to discontinued operations.
An entity must disclose, in the summary of significant accounting policies and/or other notes, the judgements made by management in applying the accounting policies that have the most significant effect on the amounts of items recognised in the financial statements.
(IAS 1: para. 122)
An entity must disclose in the notes information regarding key assumptions about the future, and other sources of measurement uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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