Statement Layouts

Introduction to Statement Layouts

Now after we have looked at the categorization of assets and liabilities, we shall refer the layout of the statement of financial position. Even though there is an approximately infinite number of ways where similar information on assets and claims could be available, we shall refer two basic layouts.

In each category of asset (non-current and current) the items are listed in opposite order of liquidity (nearness to cash). So, the assets which are furthest from cash come first and the assets which are closest to cash come in last. In the case of non-current assets, property is listed first because this asset is usually the most hard to turn into cash and motor vans are listed last because there is generally a ready market for them. In the case of current assets, we have already described that inventories are converted to trade receivables and then trade receivables are converted to cash.

Therefore, inventories are listed first, within the heading of current assets, and that are followed by trade receivables and at last cash itself. This ordering of assets is a general practice that is followed irrespective of the layout employed.

Note: In addition to a grand total for assets held, subtotals for non-current assets and current assets are displayed. Subtotals are also employed for non-current liabilities and current liabilities while more than one item appears under these categories. This layout is the most well-liked in practice in the UK.

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