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  • Far 01 - Financial Statements

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    Marie Gonzales
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    The document discusses different types of financial statements and accounting methods. It explains that the functional presentation method classifies expenses according to their function as part of cost of sales, selling activities, administrative activities, and other activities. At a minimum, an entity discloses its cost of sales separately from other expenses under this method. The statement of comprehensive income includes revenue, gains, expenses, and other comprehensive income - income and expenses not directly reported in profit or loss, such as changes in revaluation surplus.

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    FAR 01 - FINANCIAL STATEMENTS

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    The document discusses different types of financial statements and accounting methods. It explains that the functional presentation method classifies expenses according to their function as part of cost of sales, selling activities, administrative activities, and other activities. At a minimum, an entity discloses its cost of sales separately from other expenses under this method. The statement of comprehensive income includes revenue, gains, expenses, and other comprehensive income - income and expenses not directly reported in profit or loss, such as changes in revaluation surplus.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    16 views3 pages

    Far 01 - Financial Statements

    Uploaded by

    Marie Gonzales
    The document discusses different types of financial statements and accounting methods. It explains that the functional presentation method classifies expenses according to their function as part of cost of sales, selling activities, administrative activities, and other activities. At a minimum, an entity discloses its cost of sales separately from other expenses under this method. The statement of comprehensive income includes revenue, gains, expenses, and other comprehensive income - income and expenses not directly reported in profit or loss, such as changes in revaluation surplus.

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    © All Rights Reserved
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    of 3

    Thursday, June 17, 2021

    FA R 0 1 : F I N A N C I A L
    STATEMENTS FUNCTIONAL PRESENTATION

    - also known as cost of sales method.

    S TAT E M E N T OF - This form classi es expenses


    COMPREHENSIVE INCOME according to their function as part of
    cost of sales, selling activities,
    Revenue administrative activities and other
    activities.

    - Income arising from the ordinary


    course of business and/or from normal - At a minimum, an entity discloses its
    operation.
    cost of sales under this method
    separately from other expenses.

    GAIN
    - incidental or peripheral.
    OTHER COMPREHENSIVE
    FUNCTIONAL EXPENSE INCOME - INCOME AND
    E X P E N S E N O T D I R E C T LY
    NATURAL EXPENSE
    REPORTED IN Profit/Loss

    • Changes in Revaluation Surplus

    • Changes in Fair Value of Investment


    @FVOCI

    • Actuarial gain/loss on de ned bene t


    plan

    • Gain or loss on translating the FS of a


    foreign operation

    NOTE: contributions from and • E ective gain or loss from CASH FLOW
    distributions to the owner are not HEDGING

    included in computing for the total


    comprehensive income.
    PROBLEM 25:

    1
    ff
    fi
    fi
    fi
    Thursday, June 17, 2021

    PROBLEM 29:

    GO BACK TO 50:00


    PROBLEM 30:

    PROBLEM 31:

    PROBLEM 27:

    Due to - liability

    2
    Thursday, June 17, 2021

    Due from - asset

    PROBLEM 35:

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