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14 Presentation of published financial statements (2)
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- Topic list Syllabus reference
- Introduction IAS 8
- Intellectual level A1
- FAST FORWARD 11AS 8 Accounting Policies, Changes in Accounting Estimates and Errors
Workings
$'000 $'000 WISLON CO STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 20X7
Note, that the total comprehensive income is analysed into its components. Chapter Roundup IAS 1 covers the form and content of financial statements. The main components are: Statement of financial position Statement of profit or loss and other comprehensive income Statement of changes in equity Statement of cash flows Notes to the financial statements IAS 1 suggests a format for the statement of financial position. Certain items are specified for disclosure on the face of the financial statements. You should appreciate the distinction between current and non-current assets and liabilities and their different treatments. IAS 1 offers two possible formats for the statement of profit or loss or separate profit or loss section - by function or by nature. Classification by function is more common. The Study Guide requires you to be able to prepare a basic set of company accounts IAS 1 requires a statement of changes in equity. This shows the movement in the equity section of the statement of financial position. A full set of financial statements includes a statement of changes in equity. Some items need to be disclosed by way of note. Quick Quiz
True False
Answers to Quick Quiz
Answers (d) & (e) must be shown on the face of the primary statement not included within a Note to the Financial Statements Now try the question below from the Practice Question Bank
300 16: Presentation of published financial statements Financial Reporting BPP LEARNING MEDIA
Introduction IAS 8 deals with accounting policies. It also looks at certain circumstances and transactions which require different treatment to normal profit or loss items. IFRS 5 on assets held for sale and discontinued operations is an important standard which gives users additional information regarding the sources of the entity's profit and losses. IAS 21 on foreign currency is a relatively new addition to the Financial Reporting syllabus but will only be tested at a basic level. Study guide
FAST FORWARD 11AS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 8 deals with changes in accounting estimates, changes in accounting policies and errors.
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