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Summary Financial Accounting - presentation of annual financial statements
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I have made this summary based on many past papers and have condensed the work into an easy to study summary.
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NicolaMarais
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PRESENTATION OF ANNUAL FINANCIAL STATEMENTS – IAS 1A complete set of annual financial statements consists of the following:
* a statement of financial position * a statement of cash flows
*a statement of P/L & OCI * accounting policies and explanatory notes
* a statement of changes in equity * Comparative info in respect of the preceding periods
* Statement of financial position at the beg. of the earliest comparative period when an entity applies an accounting
policy retrospectively or makes a retrospective restatement of items in its AFS or when it reclassifies items in AFS
STRUCTURE & CONTENT instruments and is:
1.Identification of AFS * a non-derivative for which the entity is obliged to deliver
- Name of the reporting entity the entity’s own equity instruments; or
- AFS for the individual entity or for a group of entities *derivative that is settled other than by the exchange of cash
- reporting date & currency or another financial A for a fixed number of the entity’s own
- level of rounding of the figures equity instruments.
2.Frequency of reporting Examples: Trade creditos, promissory notes payable, loans
- Reason for using longer/shorter period should be given & bonds payable
STATEMENT OF FINANCIAL POSITION
3. Share capital 8.Equity instruments
4. current/non-current distinction - Any contract that evidences a residual interest in the
5.Current assets A of an entity after deducting all of its L.
- expected to be realised in, or is intended for sale or - Not PPE,leased A, Inv., Goodwill, patents,trademarks or
consumption in, the entity’s normal operating cycle prepaid expenses
- held primarily for the purpose of being traded STATEMENT OF P/L & OCI
- To be realised within 12 months after the year-end date; NOTES TO AFS
- or cash or cash equivalent GENERAL FEATURES
6.current liabilities 1. Fair presentation and compliance with IFRS
- To be settled in the entity’s normal operating cycle *If compliance with a requirement in an IFRS statement
- held primarily for the purpose of being traded conflict with the objective of the AFS disclose:
- Settled within 12 months after the reporting period - complied with IFRS, except that it departed from a
- Entity doesn't have an unconditional right to defer particular requirement to achieve a fair presentation
settlement of liability for at least 12 months after y.e date - title of the IFRS from which the entity has departed
7. Financial instruments: - nature of the departure
- Contract that gives rise to both a financial asset - treatment the IFRS would require,
of one entity & a financial liability or equity instrument - reason the treatment would be misleading in the circ.
of another entity. - financial effect of the departure on each item in the AFS
Financial asset is any asset that is: 2.Going concern
* cash 3.Accrual basis of accounting
*Any equity instrument of another entity - AFS, except for cash flow, are prepared using the
* a contractual right: accrual basis of accounting.
– to receive cash or another financial A from another 4.Consistency of presentation
financial entity; or 5.Offsetting
– to exchange financial A or L with another entity under - Not allowed, unless specifically required in terms of
conditions that are potentially favourable to the entity; or a standard or an interpretation.
*Contract that is settled in the entity’s own equity 6.Comparative financial info.
instruments & is: SEPARATE DISCLOSURE OF INCOME & EXPENSE ITEMS:
– a non-derivative for which the entity is obliged to *PPE written down to recoverable amount & reversals
a number of the entity’s own equity instruments; or of these write-downs
– a derivative that is settled other than by the exchange of discontinued operations
a fixed amount of cash or another financial asset for a *Settlement of litigation
fixed number of the entity’s own equity instruments. *Other reversals of provisions
Examples : Cash, deposits at financial institutions, *Disposal of PPE
promissory notes receivable, loans receivable, bonds *Disposal of investments
receivable, investments in un/listed companies *Restructuring of the activities of an entity,&the reversal
or associates of any provisions for the cost of restructuring
Financial liability DIVIDENDS
any liability that is a contractual obligation: Interim Dividends - declared b4 end of year from either (a)
* to deliver cash/another financial asset to an entity, or profit carried over from py, or (b) profit which acc. during cy
*to exchange financial A or L with another entity under Annual final dividends
conditions that are potentially unfavourable to the entity;
*or a contract that is settled in the entity’s own equity
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