You are on page 1of 3

IAS 1 suggested financial statements formats XYZ plc Statement of Financial Position as at 31 December 20X9 000 ASSETS Non-current

t assets Property, plan and equipment Intangibles Investments Current assets Inventories Trade and other receivables Investments Cash and cash equivalents Non-current assets held for sale Total assets EQUITY AND LIABILITIES Equity attributable to owners of the parent Ordinary share capital Preference share capital (irredeemable) Share premium account Revaluation surplus Retained earnings Non-controlling interest Non-current liabilities Preference share capital (redeemable) Finance lease liabilities Borrowings Current liabilities Trade and other payables Dividends payable Taxation Provisions Borrowings Finance lease liabilities Total equity and liabilities 000

X X X X X X X X X X X X

X X X X X X X X X X X X X X X X X X X X

The entity must present current and non-current assets and liabilities as separate classifications in the Statement of Financial Position. Reserves other than share capital and retained earnings may be grouped as other components of equity. Redeemable preference shares are accountable for as a liability, not as equity.

IAS 1 Presentation of Financial Statements

| mezbah.ahmed@bimsedu.com

Dividends on redeemable preference shares are treated as an expense and recognised in profit or loss (as finance cost). - If dividend on redeemable preference share is unpaid at the year end, they are shown under current liabilities as other payables. Dividends on ordinary and irredeemable preference shares are reflected in the Statement of Changes in Equity. - An unpaid dividend on irredeemable preference shares at the end of the reporting period is shown under current liabilities as a dividend payable. - An ordinary divided that has been declared in the period but is unpaid at the year end is not treated as a liability in the Statement of Financial Position.

XYZ plc - Income Statement for the year ended 31 December 20X9 Revenue Cost of sales Gross profit Other income Distribution costs Administrative expenses Other expenses Profit/ (loss) from operations Finance costs Share of profit/(loss) of associates Profit/ (loss) before tax Income tax expense Profit/ (loss) for the year from continuing operations Profit/ (loss) for the year form discontinued operations (single amount) Profit/(loss) for the year Profit/(loss) attributable to: Owners of the parent Non-controlling interests 000 X (X) X X (X) (X) (X) X/(X) (X) X/(X) X (X) X/(X) X/(X) X/(X)

X/(X) X/(X) X/(X)

Statement of Comprehensive Income for the year ended 31 December 20X9 Profit/(loss) for the year Other comprehensive income: Exchange differences on translating foreign operations Gain/(loss) on re-measuring available for sale financial assets Gain/(loss) from cash flow hedge Changes on revaluation Actuarial gain/(loss) on defined benefit pension plans Share of other comprehensive income of associates Income tax relating to components of other comprehensive income Other comprehensive income for the year, net of tax Total comprehensive income for the year Total comprehensive income attributable to: Owners of the parent Non-controlling interests X/(X) X/(X) X/(X) X/(X) X/(X) X/(X) X/(X) X/(X) X/(X) X/(X)

X/(X) X/(X) X/(X)

IAS 1 Presentation of Financial Statements

| mezbah.ahmed@bimsedu.com

IAS 1 allows Comprehensive Income to be presented in two ways: i. A single Statement of Comprehensive Income ii. Two separate statements as shown above: a separate Income Statement and a Statement of Comprehensive Income. - Profit attributable to and Total comprehensive income attributable to both needs to be presented in either format. Expenses can be classified by: - Function: more common in practice (as the above statement) - Nature (e.g. purchase of materials, depreciation, wages and salaries, transport costs) Entities can present individual components of Other Comprehensive Income net of related tax (i.e. after tax individually); or, present individually before tax and show an aggregate amount of income tax (i.e. single amount of tax) relating to those components.

XYZ plc - Statement of Changes in Equity for the year ended 31 December 20X9
Ordinary share capital 000 Preference share capital (irredeemable) 000 Share premium 000 Retained earnings 000 Revaluation surplus 000 Translation of foreign operations 000 Available for sale financial assets 000 Result from cash flow hedges 000 Total 000 NCI 000 Total equity 000

Balance at 01 Jan 20X9 Issue of share capital

Dividend Total comprehensive income for the year Transfer to retained earnings Balance at 31 Dec 20X9 X X X

(X)

(X)

(X)

(X)

IAS 16 (PPE) permits and it is best practice to make a transfer between reserves of the excess depreciation arising as a result of revaluation. When an asset carrying using revaluation model is disposed, any remaining revaluation reserve relating to that asset is translated directly to retained earnings.

Entities must present a set of previous years statements for comparison purposes.

IAS 1 Presentation of Financial Statements

| mezbah.ahmed@bimsedu.com