IAS 1 Presentation of Financial Statements Flashcards
From the Consolidated statement of financial position,
which things are added for Parent and Subsidary?
Intangible Assets
PPE
Inventories
Trade and other receivables
Cash and cash equivalents
Long term borrowings
Long term provisions
Trade and other payables
Short term borrowings
From the Consolidated statement of financial position,
which things are included from the Parent only?
Equity Share Capital
Other components of equity e.g. –Share Premium
From the Consolidated statement of financial position,
which things require a separate working?
Goodwill (w3)
Group Retained earnings (w5)
NCI (w4)
On the Consolidated statement of profit and loss and other comprehensive section, what is the main thing that is different from a single entity’s statement?
The profit for the year and total comprehensive income are broken down/Split to show:
the income/profit attributable to Group and Non controlling interest
If a subsidiary was acquired part way through the year, how is it considered when you are creating CSPL
100% Parent + (100%Subsidiary x Months)
On the Consolidated statement of profit and loss and other comprehensive section,
how are is revenue shown?
100% of P + S
-/Minus
Inter company sales
On the Consolidated statement of profit and loss and other comprehensive section,
how are is Cost of sales shown?
100% of P + S
-/Minus
Inter company purchases
+ PURP (w5)
On the Consolidated statement of profit and loss and other comprehensive section,
where does impairment of good will in the subsidiary go?
on the operating expense as a + increasing the cost
On the Consolidated statement of profit and loss and other comprehensive section,
how are investment income shown?
100% of P + S
-/Minus
Inter company interest i.e. Dividends from Subsidiary
On the Consolidated statement of profit and loss and other comprehensive section,
how are Finance cost shown?
100% of P + S
-/Minus
Inter company interest e.g. . interest from loan between S+P
On the Consolidated statement of profit and loss and other comprehensive section,
WHEN/HOW is revaluation gain shown of the subsidiary ?
Gain would happen in a point in time therefore it must be realised in the period it happened and therefore
DO NOT PRORATE
On the Consolidated statement of profit and loss and other comprehensive section, how are the associates shown?
A a separate line
'’Share of profit/loss of an associated company’’
A Parent’s % ownership of the associates profit after tax since acquisition
- Minus
PURP if A sells to P
what is the objective of IAS 1
The objective of this Standard is to outline the basis for presentation of general purpose financial statements, to ensure comparability both with the entity’s financial statements of previous periods and with the financial
statements of all other entities.
IAS 1 sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content.
What does the complete set of financial statements comprise of? list them
▪ a statement of financial position ▪ a comprehensive income statement ▪ a statement showing changes in equity ▪ a statement of cash flows ▪ notes for accounting policies and other explanatory notes.
