PART D: STATEMENT OF FINANCIAL POSITION

Topic Notes IFRS Ref

Line items required See Table 2.3 IAS 1 94
p. 54
Basis of assessment of 1) the nature and liquidity of assets; 2) the function of assets within the IAS 1 95
p. 58
presenting additional line entity; 3) the amounts, nature and timing of liabilities
items
Use of different entity presents them as separate line items (i.e. different classes of IAS 1
p. 59
measurement bases property, plant and equipment can be carried at cost or at revalued
amounts)

2.12 Presentation of Assets and Liabilities

Presentation An entity must present current and non-current assets and current and non- IAS 1 95
p. 60
current liabilities as separate classifications in the statement of financial
position except if a presentation based on liquidity provides information
that is reliable and more relevant
Current Assets and If there is a clearly identifiable operating cycle that
Liabilities exceeds 12 months, the assets expected to be used and liabilities to be
settled during this cycle are classified as current
Financial liabilities due to Classified as current even if: 1) the original term was for a period longer IAS 1 96
p. 72
be settled within 12 than 12 months; 2) an agreement to refinance, or to reschedule payments,
months on a long-term basis is completed after the reporting period and before the
financial statements are authorised for issue
Discretion to refinance Discretion under an existing loan facility to refinance an obligation for at
least 12 months after the reporting period and expects that this will happen,
then liability shall be classified as non-current
Breach of loan covenants Breach of loan conditions that makes the loan obligation immediately
demandable - loan should be classified as current unless the lender agrees
not to demand repayment for at least 12 mos. After reporting period

2.13 Disclosures in the Notes to FS

See page 97 for disclosure of further subclassifications 97