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  Statement of Financial Position

Introduction to Statement of financial position

IAS 1 does not set down the format (or layout) for this financial statement but does set out the minimum information which should be represented on the face of the statement of financial position. This involves the following:

  • property, plant and equipment
  • investment property
  • intangible assets
  • financial assets (like shares and loan notes of other companies held)
  • inventories
  • trade and other receivables
  • cash and cash equivalents
  • trade and other payables
  • provisions (a provision is a liability which is of uncertain timing or amount - like a possible obligation arising from a legal case against the company which has yet to be determined)
  • financial liabilities (not including payables and provisions shown above)
  • tax liabilities
  • issued share capital and reserves (equity).

Extra information should be also displayed where it is appropriate to an understanding of the financial position of the business.

The standard requires that a distinction is normally made on the statement of financial position between current assets and non-current assets and between current liabilities and non-current liabilities. Though, for specific types of business, like financial institutions, the standard accepts that it might be more suitable to order items as per to their liquidity (that is, their nearness to cash).

Some of the items displayed above might have to be sub-classified to comply with specific standards or due to their size or nature. So, sub-classifications are needed for assets like property, plant and equipment, receivables and inventories and for claims like provisions and reserves. Specific details that are relating to share capital, like the number of issued shares and their nominal value, must also be displayed. To prevent cluttering up the statement of financial position, though, this additional information can be described in the notes. In fact, most companies use notes for this aim.

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