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NZ IAS 1 Presentation of Financial Statements - Coggle Diagram
NZ IAS 1
Presentation of Financial Statements
1. Objective
Presentation of financial statements, structure, minimum content requirements.
Scope
General purpose financial statements.
Definitions
10. Complete Set of Financial Statements
Statement of financial position (SFP)
Statement of profit or loss and other comprehensive income (SPLOCI)
Can present single SPLOCI with PL and OCI in two sections, or can present separate PL and OCI statements.
Statement of changes in equity
Statement of cash flows
Notes to financial statements
40A Change in Accounting Policy and Reclassification
Shall present a third SFP at beginning of preceding period in addition to minimum comparative financial statements if:
It applies an accounting policy retrospectivey or retrospectively restates or relcassifies items, AND
The retrospective restatement/classification has a material effect on info in SFP at beginning of preceding period
44. IAS 8 Treatment
IAS 8 sets out adjustments to comparative info required when entity changes accounting policy or corrects error.
45. Consistency of Presentation
Entity should retain presentation/classification of items in FS's between periods, unless:
Following a significant change in nature of operations or review of FS's, another presentation/classification more appropriate, having regard to criteria for selection of policies in IAS 8
an IFRS requires a change
54. Statement of Financial Position
Include line items for:
PPE
Investment Property
Intangible Assets
Financial Assets
Investments using equity method
Inventories
Trade and receivables
Trade and payables
Provisions
Liabilities and assets for current tax
Deferred tax liabilities and assets
NCI, presented within equity
Issued capital and reserves attributable to owners of parent
60. Current/Non-Current Distinction
Assets and liabilities shall be presented as separate classifications in SFP
66. Current Assets
Assets current when - expects to realize in normal operating cycle, held for purpose of trading, realize within 12 months after reporting period, is cash/cash equivalent
69. Current Liabilities
Current liability when - expects to settle in normal operating cycle, holds for purpose of trading, due to be settled within 12 months after reporting period, does not have the right at end of reporting period to defer settlement for at least 12 months after reporting perid