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IAS 1 - summary
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Summary of 1 pages for the course Financial Accounting 771 at SUN (IAS 1 Summary)
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IAS 1 considerations Deferred tax and liability always non-current.
Changes in accounting policy, retrospective restatement or reclassification
Provide third SFP -> beginning of preceding period. 2020, 2019 ,2018.
Non-current/current distinction done i.r.o par 66-76 UNLESS presentation
based on liquidity is more reliable and relevant.
Current assets – normal operation cycle or 12 months if unclear.
Non-current assets, everything else.
Current liabilities par 72 and 73 NB.
Liabilities par 74 and 75, implications if loan terms is breached.
Amounts included in current L/A but realisation/payment will not be within 12
months, needs to be disclosed.
Profit and loss amounts shown after tax except for equity profits from
associate, one tax line for all items.
OCI 3 options to present
Option 1 show OCI net of tax.
Note disclosure is required of tax per OCI item.
Option 2 OCI items before tax with one line item which gives tax on all the
OCI items.
Note disclosure same as option 1.
Option 3 show OCI item with tax effect on face of OCI statement.
Expenses presented according to function or nature.
Function is the default one, Cost of sales method and other expenses gets
grouped according to their function.
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