Beruflich Dokumente
Kultur Dokumente
&
Presentation of Financial
Statements
The Institute of Chartered Accountants of India
(Set up by an Act of Parliament)
IFRS Comprises
International Accounting
Standards (IAS)
Standing Interpretations
Committee (SIC)
36 Impairment of assets
38 Intangible assets
40 Investment Property
41 Agriculture
IFRS
1 First time adoption of IFRS
3 Business Combination
4 Insurance Contracts
8 Operating Segments
9 Financial Instruments
IAS 1 : Presentation of
Financial Statements
Introduction
Issued in September 2007
To ensure comparability
With entity’s own statements of previous periods
To set
Overall requirements for the presentation of financial statements
Would be so misleading
the nature of the departure, including the treatment that the IFRS would
require
the reason why that treatment would be so misleading in the circumstances
that it would conflict with the objective of financial statements set out in the
Framework
the treatment adopted
for each period presented, the financial effect of the departure on each item
in the financial statements that would have been reported in complying with
the requirement.
Fair presentation and compliance
with IFRSs
Net basis (Gains less losses) arising from a group or similar transactions
unless material
Frequency
At least annually
The fact that amounts presented in financial statements are not entirely
comparable
Related notes
Comparative Information
Present
When an entity
Applies an accounting policy retrospectively
Related notes
Comparative Information
When change in presentation or classification of items in financial statements
Reclassify comparative amounts
Disclose
The nature of adjustments that would have been made if the amounts
had been reclassified
Consistency
Retain the presentation and classification of items in the financial statements
from one period to the next unless
No prescribed format
Minimum line items prescribed
Items listed are different in nature or function
Additional line items, headings and sub-totals may be presented if relevant
Classify as
Current assets and non-current assets
Time between the acquisition of assets for processing & their realization in
cash or cash equivalents
The entity does not have an unconditional right to defer settlement of the
liability for at least 12 months after the reporting period.
Disclose
or in notes
Requirements of IFRSs
in the notes
Par value per share or that the shares have no par value
Non-controlling interests
Owners of the parent
Non-controlling interests
Owners of the parent
Statement of Comprehensive Income
Also permitted
Additional line items, headings and sub-totals permitted
Not permitted
Offsetting of income and expense unless permitted by IFRSs
Reclassification adjustments
Effect of changes in accounting policies (IAS 8)
Changes in revaluation surplus (IAS 16)
Actuarial gains (losses) on defined benefit plans (IAS 19)
Gains (losses) on translation of the financial statements of a foreign
operation (IAS 21)
Gains (losses) on re-measuring available for sale financial assets (IAS
39)
The effective portion of gains (losses) on hedging instruments in a cash
flow hedge (IAS 39)
Statement of Comprehensive Income
Reclassification adjustments
May be presented
in notes
Presentation of expenses
Choice depends on
Historical and industry factors
Nature of entity
More relevant
Statement of changes in Equity
Equity includes
Retained earnings
Statement of changes in Equity
Changes in equity
The total amount of income and expense, including gains and losses,
generated by the entity’s activities of that period
Changes resulting from transactions with owners in their capacity as owners
such as
Equity contributions
Dividends
Total comprehensive income for the period, showing separately the total
amounts attributable
to owners of the parent and
to non-controlling interests
Contd…
Statement of changes in Equity
Show in the statement…contd
Dividends
IAS 7 sets out requirements for the presentation and disclosure of cash flow
information
Main differences with Indian GAAP
Each item in
Measurement bases
Accounting Policies
Required
Disclose
Their nature
The amounts
To evaluate
The entity’s
objectives,
policies and
processes
When the entity has not complied with such externally imposed capital
requirements, the consequences of such non-compliances
Thank You