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    PAS 1 Presentation of Financial Statements

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    lyzza joice javier
    PAS 1 establishes the guidelines for presenting general purpose financial statements. It prescribes the structure and minimum requirements for financial statements to ensure comparability. The three key types of comparability are intra-period comparability, inter-period comparability, and dimensional or inter-company comparability. General purpose financial statements include the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of cash flows. Notes to the financial statements also provide important disclosures.

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    PAS 1 Presentation of Financial Statements

    Uploaded by

    lyzza joice javier
    39 views18 pages
    PAS 1 establishes the guidelines for presenting general purpose financial statements. It prescribes the structure and minimum requirements for financial statements to ensure comparability. The three key types of comparability are intra-period comparability, inter-period comparability, and dimensional or inter-company comparability. General purpose financial statements include the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of cash flows. Notes to the financial statements also provide important disclosures.

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    PAS-1-Presentations-of-FS (1).pptx

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    PAS 1 establishes the guidelines for presenting general purpose financial statements. It prescribes the structure and minimum requirements for financial statements to ensure comparability. The three key types of comparability are intra-period comparability, inter-period comparability, and dimensional or inter-company comparability. General purpose financial statements include the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of cash flows. Notes to the financial statements also provide important disclosures.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    39 views18 pages

    PAS 1 Presentation of Financial Statements

    Uploaded by

    lyzza joice javier
    PAS 1 establishes the guidelines for presenting general purpose financial statements. It prescribes the structure and minimum requirements for financial statements to ensure comparability. The three key types of comparability are intra-period comparability, inter-period comparability, and dimensional or inter-company comparability. General purpose financial statements include the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, and statement of cash flows. Notes to the financial statements also provide important disclosures.

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    PAS 1 Presentation of

    Financial Statements
    Introduction

    PAS 1 prescribes the basis for presentation of


    general purpose financial statements, guidelines
    for their structure and the minimum requirement to
    ensure comparability.
    Types of comparability

    Intra
    Inter
    comparability
    comparability
    (horizontal or
    (dimensional) –
    inter period) –
    different financial
    same entity but 1
    statements
    period to another
    Question

    What is a general purpose financial statements?


    Status of Conceptual Framework
     The conceptual framework is not an standard.
     If there is a conflict between the standard and
    the conceptual framework standard will prevail.
    General Features of Financial
    Statements
    Fair presentation and
    compliance with PFRS
    Going concern

    Accrual basis

    Materiality and aggregation

    Offsetting

    Frequency of reporting period

    Comparative information

    Consistency of presentation
    STRUCTURE AND CONTENT OF
    FINANCIAL STATEMENTS
    1. HEADINGS OF FINANCIAL STATEMENTS
    2. MANAGEMENT RESPONSIBILITY
    3. STATEMENT OF FINANCIAL POSITION
    a. classified b. unclassified
    Refinancing Agreement
     long term obligation maturing within 12 months
    after reporting date is classified as current
     if the entity has the discretion to refinance on a
    long term basis under an existing loan facility it is
    non current
     if the refinancing is not at the discretion of the
    entity the liability is current.
    Liabilities payable on demand
     current
     long term obligation can be payable on demand
    as a result of breach of contract
     noncurrent if the lender provides by the end of
    the reporting period a grace period ending at
    least 12 months after the reporting period
    Statement of Profit or Loss and Other
    Comprehensive Income
     Single statement
     Two statement
    Items not included on profit or loss
    Correction of prior • direct adjustment to the balance of RE
    period error
    Change in accounting • same treatment as correction of prior period error
    policy
    Other comprehensive • Changes – other comprehensive income
    income • Cumulative balance – statement of financial position

    Transactions with • Recognized directly in equity


    owners
    PRESENTATION of Expenses

    Nature of Expense Method

    Function of Expense Method


    OTHER COMPREHENSIVE INCOME
    • Changes in revaluation surplus
    • Remeasurement of the net defined benefit liability
    • gains and losses on investment designated at FVOCI
    • gains and losses on translation of a foreign operation
    • changes in fv of financial liability designated at FVPL that are
    attributable to changes in credit risk
    • changes in time value of option
    • changes in the value of forward elements
    Question

    What is total comprehensive income?


    Total Comprehensive Income is the change in equity
    during a period resulting from transactions and other
    events, other than those changes resulting from
    transactions with owners in their capacity as owners

    The sum of profit or loss and other comprehensive


    income
    Statement of Changes in Equity

     effect of change in accounting policy


     total comprehensive income for the period
     a reconciliation between the beginning balance
    and ending balance of profit or loss, other
    comprehensive income and transaction with
    owners
    Statement of Cash Flow (PAS 7)
    Notes to Financial Statements

     General information on the reporting entity


     Statement of compliance with the PFRS and basis for
    preparation
     Summary of Significant Accounting Policies
     Disaggregation/Breakdown of the line items
     Other disclosures as required by PFRS
     Other disclosure not required by PFRS but the
    management deemed it relevant to the understanding of
    the FS

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