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    Describe The Structure (Format) and Content of Financial Statements Under IFRS?

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    Hashir Aslam
    There are four main financial statements required under IFRS: the statement of financial position, the income statement, the statement of cash flows, and the statement of changes in equity. The statement of financial position provides a snapshot of assets, liabilities and equity on a given date. The income statement summarizes revenue, expenses and profits over a period. The statement of cash flows provides details of cash inflows and outflows from operating, investing and financing activities. The statement of changes in equity reconciles the opening and closing balances of equity accounts.

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    Describe The Structure (Format) and Content of Financial Statements Under IFRS?

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    Hashir Aslam
    27 views5 pages
    There are four main financial statements required under IFRS: the statement of financial position, the income statement, the statement of cash flows, and the statement of changes in equity. The statement of financial position provides a snapshot of assets, liabilities and equity on a given date. The income statement summarizes revenue, expenses and profits over a period. The statement of cash flows provides details of cash inflows and outflows from operating, investing and financing activities. The statement of changes in equity reconciles the opening and closing balances of equity accounts.

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    There are four main financial statements required under IFRS: the statement of financial position, the income statement, the statement of cash flows, and the statement of changes in equity. The statement of financial position provides a snapshot of assets, liabilities and equity on a given date. The income statement summarizes revenue, expenses and profits over a period. The statement of cash flows provides details of cash inflows and outflows from operating, investing and financing activities. The statement of changes in equity reconciles the opening and closing balances of equity accounts.

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    27 views5 pages

    Describe The Structure (Format) and Content of Financial Statements Under IFRS?

    Uploaded by

    Hashir Aslam
    There are four main financial statements required under IFRS: the statement of financial position, the income statement, the statement of cash flows, and the statement of changes in equity. The statement of financial position provides a snapshot of assets, liabilities and equity on a given date. The income statement summarizes revenue, expenses and profits over a period. The statement of cash flows provides details of cash inflows and outflows from operating, investing and financing activities. The statement of changes in equity reconciles the opening and closing balances of equity accounts.

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    Download as docx, pdf, or txt
    of 5

    Task 2.

    9
    Describe the structure (format) and content of financial
    statements under IFRS?

    There are four types of financial under IFRS which are:

     Statement of cash flow


     Statement of financial position
     Income Statement
     Statement of Changes in Equity

    Statement of Cash flow


    $ $
    Cash flows from operating activities:
    Net profit before tax X

    Adjustments for:

    Financial costs X

    Investment Income (X)

    Depreciation X

    Profit on sale of non-current assets (X)

    Provisions increase/decrease X/(X)

    Government grant amortization (X)

    Increase/decrease in prepayments (X)/X

    Increase/decrease in accruals X/(X)

    Operating profit before working capital changes X

    Increase/decrease in inventories (X)/X

    Increase/decrease in trade receivables (X)/X

    Increase/decrease in accruals X/(X)

    Cash generated from operations X


    Finance costs paid (X)

    Income taxes paid (X)

    Net cash from operating activities X

    $ $
    Cash flows from investing activities:
    Purchases of property, plant & equipment (X)

    Proceeds of sale of property, plant & equipment X

    Proceeds from government grants X

    Interest received X

    Dividends received X

    Net cash received from investing activities (X)

    Cash flows from financing activities:


    Proceeds from issue of share X

    Proceeds from long-term borrowings X

    Payments of finance lease liabilities (X)

    Dividends paid (X)

    Net cash used in financing activities (X)

    Net increases in cash and cash equivalents X

    Cash and cash equivalents at the beginning of the period X

    Cash and cash equivalents at the end of the period X


    Statement of Financial Position
    Assets $

    Non-Current Assets

    Property, Plant and Equipment X

    Goodwill X

    Intangible assets X

    Current Assets

    Inventories X

    Cash and cash equivalents X

    Trade receivables X

    Total Assets X

    Equity and Liabilities

    Equity

    Share Capital X

    Retained Earnings X

    Revaluation Reserve X

    Total Equity X

    Non-Current Liabilities

    Long-term borrowings X

    Current liabilities

    Payables X

    Short-term borrowings X

    Current portion of long term borrowings X

    Current tax payables X

    Total Liabilities X

    Total Equity and Liabilities X


    Income Statement
    $

    Sales Revenue X

    Cost of Sales (X)

    Gross Profit X

    Other Income X

    Distribution Cost (X)

    Administrative Expenses (X)

    Other Expenses (X)

    Finance Charges (X)

    Profit before tax X

    Income tax (X)

    Net Profit X
    Statement of Changes in Equity

    Share Retained Revaluation Total


    Capital Earnings Surplus Equity

    $ $ $ $

    Balance at Start X X X X

    Changes in accounting
    X X X X
    policy
    Correction of prior
    X X X X
    period error

    Restated balance X X X X

    Changes in equity for


    the year

    Issue of share capital X X X X


    Income for the year X X X X
    Revaluation gain X X X X
    Dividends (X) (X) (X) (X)

    Balance at the end of the


    X X X X
    year

    http://accounting-simplified.com/financial/statements/statement-of-financial-
    position.html

    http://accounting-simplified.com/financial/statements/income-statement-profit-
    and-loss.html

    http://accounting-simplified.com/financial/statements/statement-of-changes-in-
    equity.html

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