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What is IAS?
• An older set of standards stating how particular
types of transactions and other events should be
reflected in financial statements. In the past,
international accounting standards (IAS) were
issued by the Board of the International
Accounting Standard Committee (IASC).
IAS-1 Statement of Financial Position
• Current vs Noncurrent distinction
• Current Assets
-realized or consumed in normal course of the
operating cycle
-or held for sale
-or held for trading
-or realized within 12 months from the date of
balance sheet
-cash or cash equivalents
All other assets are noncurrent assets.
IAS-1 Statement of Financial Position
• Current liabilities – realized or settled
-in normal course of operating cycle
-or held for trading
-or 12 months from the balance sheet date
-or no unconditional right to defer payment for
more than 12 months on SFP date
deferred tax liabilities are always noncurrent
IAS-1 Statement of Financial Position
• Equity – on the face of balance sheet/notes
-no. of shares authorized, issued & fully
paid/issued but not fully paid
-reconciliation of opening & closing balances
-rights, preferences and restrictions
-treasury stock (self or by subsidiary)
-shares reserved for options and contracts for
sale
-nature and purpose of each reserve
IAS-1 Statement of Comprehensive Income
• All the items of income & expense unless a stand.
Or interp. Requires otherwise
-minimum items on statement of comprehensive income
-revenue
-finance costs
-equity method gains/losses
-pre tax gain/loss on disposal of assets or settlement
of liabilities of discontinued operations
-tax expense
-profit or loss
IAS-1 Statement of Comprehensive Income
used
-disclose information required by IFRS
-additional information for understanding
IAS-1 Notes to the Financial Statements
• Notes should normally presented in following order
-Statement of Compliance with IFRSs
-Summary of significant policies applied
-measurement basis used in preparing FS
-accounting policies
-Supporting information for items shown in Statement of
Financial Position, Statement of comprehensive income,
Statement of changes in equity & Statement of Cash Flows,
in order in which each statement & each line is shown.
-Other diclosures
-contingent liabilities & unrecognized contractual commitments
-non-financial disclosures
• Disclosure of judgments
• Disclosure of key sources of estimation uncertainty
-key assumptions about future ->uncertainty
-significant risk of causing material within next
financial year
• Additional disclosures
-dividend declared before authorization date,
the amount per share
-preference dividends not recognized
• If not disclosed elsewhere in information published with
Financial Statement
-domicile, legal form, country of incorporation
-address of registered office
-nature of operations
-if part of group, name of it’s parent & ultimate
parent of group
-if it is a limited life entity, information about
length of life
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