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Statement of Financial Position
• The Statement of Financial Position presents a
company's financial position at the end of a
specified date.
• Because the Statement of Financial Position
informs the reader of a company's financial
position as of one moment in time, it allows
someone—like a creditor—to see what a
company owns as well as what it owes to other
parties as of the date indicated in the heading.
Statement of Financial Position
• This is valuable information to the banker who
wants to determine whether or not a company
qualifies for additional credit or loans.
• Others who would be interested in the
Statement of Financial Position include current
investors, potential investors, company
management, suppliers, some customers,
competitors, government agencies, and labor
Accounting elements

•The three major elements of

the Statement of Financial
Position are assets, liabilities and
owners' equity.
Recognition of Assets
•Asset is a resource controlled by the
entity as a result of past events and from
which future economic benefits are
expected to flow to the entity (IASB
Recognition of Assets
•The primary criterion for asset
recognition is that the expenditure will
result in economic benefits flowing to the
owner in future reporting periods.
•Another criterion used for asset
recognition is that there must be an
objective way to measure the asset.
Recognition of Assets
•Yet another criterion for asset recognition
is the materiality of the expenditure
Recognition of Liabilities
•A liability is a present obligation of the
enterprise arising from past events, the
settlement of which is expected to result
in an outflow from the enterprise of
resources embodying economic benefits
(IASB Framework).
Recognition of Liabilities
•First criterion, the outflow of resources
embodying economic benefits (such as
cash) from the entity is probable.
•The other criterion, the cost / value of the
obligation can be measured reliably.
Line Items on the SFP (PAS 1.54)
1. property, plant and equipment 13. financial liabilities (excluding
2. investment property amounts shown under (k) and
3. intangible assets (l))
4. financial assets (excluding 14. current tax liabilities and current
amounts shown under (e), (h), tax assets, as defined in PAS 12
and (i)) 15. deferred tax liabilities and
5. investments accounted for deferred tax assets, as defined
using the equity method in PAS 12
6. biological assets 16. liabilities included in disposal
7. inventories groups
17. non-controlling interests,
8. trade and other receivables presented within equity
9. cash and cash equivalents 18. issued capital and reserves
10. assets held for sale attributable to owners of the
11. trade and other payables parent.
12. provisions
The Assets
•An entity must normally present a
classified statement of financial position,
separating current and non-current assets
and liabilities, unless presentation based
on liquidity provides information that is
reliable. [PAS 1.60].
The Assets
•In either case, if an asset (liability)
category combines amounts that will be
received (settled) after 12 months with
assets (liabilities) that will be received
(settled) within 12 months, note
disclosure is required that separates the
longer-term amounts from the 12-month
amounts. [PAS 1.61]
Current Assets
Current assetsare assets that are: [PAS 1.66]
•expected to be realised in the entity's normal
operating cycle
• held primarily for the purpose of trading
• expected to be realised within 12 months
after the reporting period
• cash and cash equivalents (unless
Non-Current Assets
•All other assets are non-current. [PAS
• Current liabilities are those: [PAS 1.69]
• expected to be settled within the entity's normal
operating cycle
• held for purpose of trading
• due to be settled within 12 months
• for which the entity does not have an
unconditional right to defer settlement beyond 12
months (settlement by the issue of equity
instruments does not impact classification).
• Other liabilities are non-current.
•Owner's equity represents the owner's
investment in the business minus
the owner's draws or withdrawals from
the business plus the net income (or
minus the net loss) since the business
Events after SFP date
•IAS 10 Events After The Reporting
Period contains requirements for when
events after the end of the reporting
period should be adjusted in the financial
Events after SFP date
•Adjusting events are those providing
evidence of conditions existing at the end
of the reporting period, whereas non-
adjusting events are indicative of
conditions arising after the reporting
period (the latter being disclosed where