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Line Items - Statements of Financial Position

The document outlines the minimum line items that must be included in a statement of financial position according to PAS 1, including cash and cash equivalents, trade and other receivables, property, plant and equipment, and share capital and reserves. It also describes the two customary forms for presenting the statement of financial position - the report form, which lists assets, liabilities and equity in sections, and the account form, which lists assets on the left and liabilities and equity on the right.

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EJ Eduque
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1K views1 page

Line Items - Statements of Financial Position

The document outlines the minimum line items that must be included in a statement of financial position according to PAS 1, including cash and cash equivalents, trade and other receivables, property, plant and equipment, and share capital and reserves. It also describes the two customary forms for presenting the statement of financial position - the report form, which lists assets, liabilities and equity in sections, and the account form, which lists assets on the left and liabilities and equity on the right.

Uploaded by

EJ Eduque
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Line items - Statement of Financial Position

PAS 1, paragraph 54, states that as a minimum, the statement of financial position shall include the
following line items:

1. Cash and cash equivalents

2. Financial assets (other 1,3 and 6)

3. Trade and other receivables

4. Inventories

5. Property, plant and equipment

6. Investment in associates using the equity method

7. Intangible assets

8. Investment property

9. Biological assets

10. Total of assets classified as held for sale and assets included in disposal group classified as
held for sale

11. Trade and other payables

12. Current tax asset and liability

13. Deferred tax asset and deferred tax liability

14. Provision

15. Financial liabilities (other than 11 and 14)

16. Liabilities included in disposal group held for sale

17. Noncontrolling interest

18. Share capital and reserves

Forms of statement of financial position

The format of a statement of financial position is not specified in PAS 1.

In practice, there are two customary forms in presenting the statement of financial position, namely:

a. Report form

This form stets forth the three major sections in a downward sequence of assets, liabilities
and equity.

b. Account form

As the title suggests, the presentation follows that of an account, meaning, the assets are
shown on the left side and the liabilities and equity on the right side of the statement of
financial position.

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