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Certain items must be disclosed separately either in * An analysis of other comprehensive income by item
the statement of comprehensive income or in the is required to be presented either in the statement or in
notes, if material, including: [IAS 1.98] the notes. [IAS 1.106A]
write-downs of inventories to net realisable The following amounts may also be presented on the
value or of property, plant and equipment to face of the statement of changes in equity, or they may
recoverable amount, as well as reversals of be presented in the notes: [IAS 1.107]
such write-downs
restructurings of the activities of an entity and amount of dividends recognised as
reversals of any provisions for the costs of distributions
restructuring the related amount per share.
disposals of items of property, plant and
equipment Notes to the financial statements
disposals of investments
discontinuing operations The notes must: [IAS 1.112]
litigation settlements
other reversals of provisions present information about the basis of
preparation of the financial statements and the
Statement of cash flows specific accounting policies used
disclose any information required by IFRSs
Rather than setting out separate requirements for that is not presented elsewhere in the financial
presentation of the statement of cash flows, IAS 1.111 statements and
refers to IAS 7 Statement of Cash Flows. provide additional information that is not
presented elsewhere in the financial statements
Statement of changes in equity but is relevant to an understanding of any of
them
IAS 1 requires an entity to present a separate statement
of changes in equity. The statement must show: [IAS Notes are presented in a systematic manner and cross-
1.106] referenced from the face of the financial statements to
the relevant note. [IAS 1.113]
total comprehensive income for the period,
showing separately amounts attributable to IAS 1.114 suggests that the notes should normally be
owners of the parent and to non-controlling presented in the following order:*
interests
the effects of any retrospective application of a statement of compliance with IFRSs
accounting policies or restatements made in a summary of significant accounting policies
accordance with IAS 8, separately for each applied, including: [IAS 1.117]
component of other comprehensive income o the measurement basis (or bases) used
reconciliations between the carrying amounts in preparing the financial statements
at the beginning and the end of the period for o the other accounting policies used that
each component of equity, separately are relevant to an understanding of the
disclosing: financial statements
o profit or loss supporting information for items presented on
o other comprehensive income* the face of the statement of financial position
o transactions with owners, showing (balance sheet), statement(s) of profit or loss
separately contributions by and and other comprehensive income, statement of
distributions to owners and changes in changes in equity and statement of cash flows,
when substantially all the significant risks and Puttable financial instruments
rewards of ownership of financial assets and
lease assets are transferred to other entities IAS 1.136A requires the following additional
whether, in substance, particular sales of disclosures if an entity has a puttable instrument that
goods are financing arrangements and is classified as an equity instrument:
therefore do not give rise to revenue.
summary quantitative data about the amount
An entity must also disclose, in the notes, information classified as equity
about the key assumptions concerning the future, and the entity's objectives, policies and processes
other key sources of estimation uncertainty at the end for managing its obligation to repurchase or
of the reporting period, that have a significant risk of redeem the instruments when required to do so
causing a material adjustment to the carrying amounts by the instrument holders, including any
of assets and liabilities within the next financial year. changes from the previous period
[IAS 1.125] These disclosures do not involve the expected cash outflow on redemption or
disclosing budgets or forecasts. [IAS 1.130] repurchase of that class of financial
instruments and
Dividends
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information about how the expected cash recognised in the
outflow on redemption or repurchase was recognised in profit or loss
income statement
determined. recognised [directly]
recognised in other
in equity (only for OCI
Other information comprehensive income
components)
recognised [directly]
The following other note disclosures are required by
in equity (for recognised outside profit or
IAS 1 if not disclosed elsewhere in information
recognition both in loss (either in OCI or equity)
published with the financial statements: [IAS 1.138]
OCI and equity)
domicile and legal form of the entity removed from equity
reclassified from equity to
country of incorporation and recognised in
profit or loss as a
address of registered office or principal place profit or loss
reclassification adjustment
of business ('recycling')
description of the entity's operations and Standard or/and
IFRSs
principal activities Interpretation
if it is part of a group, the name of its parent on the face of in
and the ultimate parent of the group owners (exception for
if it is a limited life entity, information equity holders
'ordinary equity holders')
regarding the length of the life
balance sheet date end of the reporting period
Terminology reporting date end of the reporting period
after the balance sheet
after the reporting period
The 2007 comprehensive revision to IAS 1 introduced date
some new terminology. Consequential amendments
were made at that time to all of the other existing
IFRSs, and the new terminology has been used in
subsequent IFRSs including amendments. IAS 1.8
states: "Although this Standard uses the terms 'other
comprehensive income', 'profit or loss' and 'total
comprehensive income', an entity may use other terms
to describe the totals as long as the meaning is clear.
For example, an entity may use the term 'net income'
to describe profit or loss." Also, IAS 1.57(b) states:
"The descriptions used and the ordering of items or
aggregation of similar items may be amended
according to the nature of the entity and its
transactions, to provide information that is relevant to
an understanding of the entity's financial position."
IFRIC 20 Stripping Costs in the Production The standard does apply to property, plant, and
Phase of a Surface Mine equipment used to develop or maintain the last three
SIC-6 Costs of Modifying Existing Software. categories of assets. [IAS 16.3]
SIC-6 was superseded by and incorporated
into IAS 16 (2003). The cost model in IAS 16 also applies to investment
SIC-14 Property, Plant and Equipment – property accounted for using the cost model under
Compensation for the Impairment or Loss of IAS 40 Investment Property. [IAS 16.5]
Items. SIC-14 was superseded by and
incorporated into IAS 16 (2003). The standard does apply to bearer plants but it does
SIC-23 Property, Plant and Equipment - not apply to the produce on bearer plants. [IAS 16.3]
Major Inspection or Overhaul Costs. SIC-23
was superseded by and incorporated into Note: Bearer plants were brought into the scope of
IAS 16 (2003). IAS 16 by Agriculture: Bearer Plants (Amendments
to IAS 16 and IAS 41), which applies to annual
Amendments under consideration by the IASB periods beginning on or after 1 January 2016.
The following disclosures are also required: [IAS A revised version of IAS 2 was issued in December
16.74] 2003 and applies to annual periods beginning on or
after 1 January 2005.
restrictions on title and items pledged as
security for liabilities Related Interpretations
expenditures to construct property, plant, and
equipment during the period IFRIC 20 Stripping Costs in the Production
contractual commitments to acquire property, Phase of a Surface Mine
plant, and equipment SIC-1 Consistency - Different Cost Formulas
compensation from third parties for items of for Inventories. SIC-1 was superseded by
property, plant, and equipment that were and incorporated into IAS 2 (Revised
impaired, lost or given up that is included in 2003).
profit or loss.
Summary of IAS 2
IAS 16 also encourages, but does not require, a
number of additional disclosures. [IAS 16.79] Objective of IAS 2
Revalued property, plant and equipment The objective of IAS 2 is to prescribe the accounting
treatment for inventories. It provides guidance for
If property, plant, and equipment is stated at revalued determining the cost of inventories and for
amounts, certain additional disclosures are required: subsequently recognising an expense, including any
[IAS 16.77] write-down to net realisable value. It also provides
guidance on the cost formulas that are used to assign
the effective date of the revaluation costs to inventories.
whether an independent valuer was involved
for each revalued class of property, the Scope
carrying amount that would have been
recognised had the assets been carried under Inventories include assets held for sale in the
the cost model ordinary course of business (finished goods), assets
the revaluation surplus, including changes in the production process for sale in the ordinary
during the period and any restrictions on the course of business (work in process), and materials
distribution of the balance to shareholders. and supplies that are consumed in production (raw
materials). [IAS 2.6]
Fundamental principle of IAS 2 The same cost formula should be used for all
inventories with similar characteristics as to their
Inventories are required to be stated at the lower of nature and use to the entity. For groups of inventories
cost and net realisable value (NRV). [IAS 2.9] that have different characteristics, different cost
formulas may be justified. [IAS 2.25]
Measurement of inventories
Write-down to net realisable value
Cost should include all: [IAS 2.10]
NRV is the estimated selling price in the ordinary
costs of purchase (including taxes, transport, course of business, less the estimated cost of
and handling) net of trade discounts received completion and the estimated costs necessary to
costs of conversion (including fixed and make the sale. [IAS 2.6] Any write-down to NRV
variable manufacturing overheads) and should be recognised as an expense in the period in
other costs incurred in bringing the which the write-down occurs. Any reversal should be
inventories to their present location and recognised in the income statement in the period in
condition which the reversal occurs. [IAS 2.34]
Expense recognition
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IAS 18 Revenue addresses revenue recognition for
the sale of goods. When inventories are sold and
revenue is recognised, the carrying amount of those
inventories is recognised as an expense (often called
cost-of-goods-sold). Any write-down to NRV and
any inventory losses are also recognised as an
expense when they occur. [IAS 2.34]
Disclosure