APC-403-REPROTING-Balladares-and-Eliab.pptx

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1. Statement of Financial Position IRISH LOVE BALLADARES BSA-3B

2. This section sets out the information that is to be presented in a statement of financial position and how to present it. The statement of financial position presents an entity’s assets, liabilities and equity as of a specific date—the end of the reporting period. Scope of this section

3. As a minimum, the statement of financial position shall include line items that present the following amounts: cash and cash equivalents; trade and other receivables; financial assets inventories ; property , plant and equipment; investment property carried at cost less accumulated depreciation and impairment ; Information to be presented in the statement of financial position

4. investment property carried at fair value through profit or loss; intangible assets; biological assets carried at cost less accumulated depreciation and impairment; biological assets carried at fair value through profit or loss; investments in associates; investments in jointly controlled entities; trade and other payables; financial liabilities (excluding amounts shown under trade and other payables and provisions; liabilities and assets for current tax; deferred tax liabilities and deferred tax assets (these shall always be classified as non-current); provisions; non-controlling interest, presented within equity separately from the equity attributable to the owners of the parent; and equity attributable to the owners of the parent

5. An SME shall present current and noncurrent assets and current and noncurrent liabilities, as separate classification in the statement of financial position, except when a presentation based on liquidity provides information that is reliable and relevant. Current and noncurrent distinction

6. An entity shall classify an asset as current when: it expects to realize the asset, or intends to sell or consume it, in the entity’s normal operating cycle; it holds the asset primarily for the purpose of trading; it expects to realize the asset within twelve months after the reporting date Current assets

7. An entity shall classify a liability as current when : it expects to settle the liability in the entity’s normal operating cycle; it holds the liability primarily for the purpose of trading; the liability is due to be settled within twelve months after the reporting date Current liabilities

8. line items are included when the size, nature or function of an item or aggregation of similar items the descriptions used and the sequencing of items or aggregation of similar items may be amended according to the nature of the entity and its transactions Sequencing of items and format of items in the statement of financial position

9. the amounts, nature and liquidity of assets ; the function of assets within the entity; and he amounts, nature and timing of liabilities. The judgment on whether additional items are presented separately is based on an assessment of all of the following:

10. An entity shall disclose, either in the statement of financial position or in the notes , the following sub classifications of the line items presented: property , plant and equipment in classifications appropriate to the entity ; trade and other receivables showing separately amounts due from related parties, amounts due from other parties and receivables arising from accrued income not yet billed; inventories , showing separately amounts of inventories : Information to be presented either in the statement of financial position or in the notes

11. held for sale in the ordinary course of business; trade and other payables, showing separately amounts payable to trade suppliers, payable to related parties, deferred income and accruals; provisions for employee benefits and other provisions; and classes of equity, such as paid-in capital, share premium, retained earnings and items of income and expense

12. for each class of share capital: a description of each reserve within equity An entity with share capital shall disclose the following, either in the statement of financial position or in the notes:

13. If, at the reporting date, an entity has a binding sale agreement for a major disposal of assets, or a group of assets and liabilities, the entity shall disclose the following information: a description of the asset(s) or the group of assets and liabilities; (b) a description of the facts and circumstances of the sale or plan; and (c) the carrying amount of the assets or, if the disposal involves a group of assets and liabilities, the carrying amounts of those assets and liabilities

14. Section 5: Statement of Comprehensive Income and Income Statement ELIAB, JESSA Y. BSA-3B

15. SCOPE This section requires an entity to present its total comprehensive income for a period in its financial performance for the period-in one or two financial statements. S ets out the information that is to be presented in those statements and how to present it.

16. Presentation of total comprehensive income In a single statement of comprehensive income In two statement Income statement Statement of comprehensive income

17. As a minimum, an entity shall include, in the statement of comprehensive income, line items that present the following amounts for the period: Revenue; Finance costs; Share of the profit or loss of investment in associate and jointly controlled entities accounted for using the equity method;

18. d) Tax expense excluding tax allocated to items (e), (g) and (h ); e) A single amount comprising the total of The post-tax profit or loss of a discontinued operation and The post-tax gain or loss recognized on the measurement to fair value less costs to sell or on the disposal of the net assets constituting the discontinued operation f) Profit or loss

19. g) Each item of other comprehensive income classified by nature (excluding amounts in (h)). h) Share of the other comprehensive income of associates and jointly controlled entities accounted for by the equity method i ) Total comprehensive income

20. An entity shall disclose separately the following items in the statement of comprehensive income as allocations of profit or loss for the period: Profit or loss for the period attributable to Non-controlling interest Owners of the parent Total comprehensive income for the period attributable to Non-controlling interest Owners of the parent

21. Requirements applicable to both approaches The corrections of errors and changes in accounting policies are presented retrospective adjustments Entity shall present additional line items, headings and subtotals in the statement of comprehensive income Entity shall not present or describe any items of income and expense as extraordinary items in the statement of comprehensive income

22. Analysis of Expenses Analysis by nature of expense Analysis by function of expense

23. Section 6: Statement of Changes in equity and Statement of Income and Retained earnings

24. SCOPE Sets out requirements for presenting the changes in an entity’s equity for a period, either in a statement of changes in equity or, if specified conditions are met and an entity chooses, in a statement of income and retained earnings.

25. Information to be presented in the statement of changes in equity An entity shall present a statement of changes in equity showing in the statement: Total comprehensive income for the period For each component of equity, the effects of retrospective application or retrospective restatement recognized in accordance with Section 10.

26. c) For each component of equity, a reconciliation between the carrying amount at the beginning and the end of the period, separately disclosing changes resulting from: Profit or loss Each item of other comprehensive income The amounts of investment by, and dividends and other distributions to owners

27. Information to be presented in the statement of income and retained earnings An entity shall present, in the statement of income and retained earnings, the following items in addition to the information required by Section 5 . Retained earnings at the beginning of the reporting period. Dividends declared and paid or payable during the period. Restatements of retained earnings for corrections of prior period errors.

28. d) Restatements of retained earnings for changes in accounting policy. e) Retained earnings at the end of the reporting period.