Contents

INTERNATIONAL ACCOUNTING STANDARD 1 PRESENTATION OF FINANCIAL STATEMENTS
OBJECTIVE1
SCOPE2
DEFINITIONS7
FINANCIAL STATEMENTS9
Purpose of financial statements9
Complete set of financial statements10
General features15
STRUCTURE AND CONTENT47
Introduction47
Identification of the financial statements49
Statement of financial position54
Statement of profit or loss and other comprehensive income81A
Statement of changes in equity106
Statement of cash flows111
Notes112
TRANSITION AND EFFECTIVE DATE139
WITHDRAWAL OF IAS 1 (REVISED 2003)140
APPENDIX
Amendments to other pronouncements
APPROVAL BY THE BOARD OF IAS 1 ISSUED IN SEPTEMBER 2007
APPROVAL BY THE BOARD OF AMENDMENTS TO IAS 1:
Puttable Financial Instruments and Obligations Arising on Liquidation (Amendments to IAS 32 and IAS 1) issued in February 2008
Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) issued in June 2011
Disclosure Initiative (Amendments to IAS 1) issued in December 2014
Definition of Material (Amendments to IAS 1 and IAS 8) issued in October 2018
Classification of Liabilities as Current or Non-current issued in January 2020
Classification of Liabilities as Current or Non-current—Deferral of Effective Date issued in July 2020
Disclosure of Accounting Policies issued in February 2021
Non-current Liabilities with Covenants issued in October 2022
FOR THE ACCOMPANYING GUIDANCE LISTED BELOW, SEE PART B OF THIS EDITION
IMPLEMENTATION GUIDANCE
APPENDIX
Amendments to guidance on other IFRSs
TABLE OF CONCORDANCE
FOR THE BASIS FOR CONCLUSIONS, SEE PART C OF THIS EDITION
BASIS FOR CONCLUSIONS
APPENDIX TO THE BASIS FOR CONCLUSIONS
Amendments to the Basis for Conclusions on other IFRSs
DISSENTING OPINIONS

International Accounting Standard 1 Presentation of Financial Statements (IAS 1) is set out in paragraphs 1⁠–⁠140 and the Appendix. All the paragraphs have equal authority. IAS 1 should be read in the context of its objective and the Basis for Conclusions, the Preface to IFRS Standards and the Conceptual Framework for Financial ReportingIAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance. [Refer:IAS 8 paragraphs 10⁠–⁠12]

International Accounting Standard 1Presentation of Financial Statements

Objective

1

This Standard prescribes the basis for presentation of general purpose financial statements to ensure comparability [Refer:Conceptual Framework paragraphs 2.24⁠–⁠2.29] both with the entity’s financial statements of previous periods and with the financial statements of other entities. It sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content.

Scope

2

An entity shall apply this Standard in preparing and presenting general purpose financial statements in accordance with International Financial Reporting Standards (IFRSs).

3

Other IFRSs set out the recognition, measurement and disclosure requirements for specific transactions and other events.

4

This Standard does not apply to the structure and content of condensed interim financial statements [Refer:IAS 34 paragraph 4] prepared in accordance with IAS 34 Interim Financial Reporting. However, paragraphs 15⁠–⁠35 apply to such financial statements. This Standard applies equally to all entities, including those that present consolidated financial statements in accordance with IFRS 10 Consolidated Financial Statements [Refer:IFRS 10 Appendix A (definition of consolidated financial statements)] and those that present separate financial statements in accordance with IAS 27 Separate Financial Statements [Refer:IAS 27 paragraph 4 (definition of separate financial statements)].

5

This Standard uses terminology that is suitable for profit‑oriented entities, including public sector business entities. If entities with not‑for‑profit activities in the private sector or the public sector apply this Standard, they may need to amend the descriptions used for particular line items in the financial statements and for the financial statements themselves.

6

Similarly, entities that do not have equity [Refer:IAS 32 paragraph 16] as defined in IAS 32 Financial Instruments: Presentation (eg some mutual funds) and entities whose share capital is not equity (eg some co‑operative entities) may need to adapt the financial statement presentation of members’ or unitholders’ interests.

Definitions

7

The following terms are used in this Standard with the meanings specified:

Other comprehensive income, before tax, cash flow hedges Disclosure MonetaryDuration, Credit IAS 1.91 b Disclosure 420000
Other comprehensive income, before tax, change in fair value of financial liability attributable to change in credit risk of liability Disclosure MonetaryDuration, Credit IAS 1.91 b Disclosure 420000
Other comprehensive income, before tax, change in value of foreign currency basis spreads Disclosure MonetaryDuration, Credit IAS 1.91 b Disclosure 420000
Other comprehensive income, before tax, change in value of forward elements of forward contracts Disclosure MonetaryDuration, Credit IAS 1.91 b Disclosure 420000
Other comprehensive income, before tax, change in value of time value of options Disclosure MonetaryDuration, Credit IAS 1.91 b Disclosure 420000
Other comprehensive income, before tax, exchange differences on translation of foreign operations Disclosure MonetaryDuration, Credit IAS 1.91 b Disclosure 420000, 800200
Other comprehensive income, before tax, finance income (expenses) from reinsurance contracts held excluded from profit or loss Disclosure MonetaryDuration, Credit IAS 1.91 b Disclosure
IFRS 17.82 Disclosure
IFRS 17.90 Disclosure
420000
Other comprehensive income, before tax, financial assets measured at fair value through other comprehensive income Disclosure MonetaryDuration, Credit IAS 1.91 b Disclosure
IFRS 7.20 a (viii) Disclosure
420000, 822390
Other comprehensive income, before tax, gains (losses) from investments in equity instruments Disclosure MonetaryDuration, Credit IAS 1.91 b Disclosure
IFRS 7.20 a (vii) Disclosure
420000, 822390
Other comprehensive income, before tax, gains (losses) on hedging instruments that hedge investments in equity instruments Disclosure MonetaryDuration, Credit IAS 1.91 b Disclosure 420000
Other comprehensive income, before tax, gains (losses) on remeasurements of defined benefit plans Disclosure MonetaryDuration, Credit IAS 1.91 b Disclosure
IAS 19.135 b Common practice
420000, 834480
Other comprehensive income, before tax, gains (losses) on revaluation of property, plant and equipment, right-of-use assets and intangible assets Disclosure MonetaryDuration, Credit IAS 1.91 b Disclosure 420000
Other comprehensive income, before tax, insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will be reclassified to profit or loss Disclosure MonetaryDuration, Credit IAS 1.91 b Disclosure
IFRS 17.90 Disclosure
420000
Other comprehensive income, before tax, insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will not be reclassified to profit or loss Disclosure MonetaryDuration, Credit IAS 1.91 b Disclosure
IFRS 17.90 Disclosure
420000
Other comprehensive income, net of tax, cash flow hedges Disclosure MonetaryDuration, Credit IAS 1.91 a Disclosure 410000, 861000
Other comprehensive income, net of tax, change in fair value of financial liability attributable to change in credit risk of liability Disclosure MonetaryDuration, Credit IAS 1.91 a Disclosure 410000, 861000
Other comprehensive income, net of tax, change in value of foreign currency basis spreads Disclosure MonetaryDuration, Credit IAS 1.91 a Disclosure 410000, 861000
Other comprehensive income, net of tax, change in value of forward elements of forward contracts Disclosure MonetaryDuration, Credit IAS 1.91 a Disclosure 410000, 861000
Other comprehensive income, net of tax, change in value of time value of options Disclosure MonetaryDuration, Credit IAS 1.91 a Disclosure 410000, 861000
Other comprehensive income, net of tax, exchange differences on translation of foreign operations Disclosure MonetaryDuration, Credit IAS 1.91 a Disclosure 410000, 800200, 861000
Other comprehensive income, net of tax, finance income (expenses) from reinsurance contracts held excluded from profit or loss Disclosure MonetaryDuration, Credit IAS 1.91 a Disclosure
IFRS 17.82 Disclosure
IFRS 17.90 Disclosure
410000, 861000
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income Disclosure MonetaryDuration, Credit IAS 1.91 a Disclosure 410000, 861000
Other comprehensive income, net of tax, gains (losses) from investments in equity instruments Disclosure MonetaryDuration, Credit IAS 1.91 a Disclosure 410000, 861000
Other comprehensive income, net of tax, gains (losses) on hedging instruments that hedge investments in equity instruments Disclosure MonetaryDuration, Credit IAS 1.91 a Disclosure 410000, 861000
Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans Disclosure MonetaryDuration, Credit IAS 1.91 a Disclosure
IAS 19.135 b Common practice
410000, 834480, 861000
Other comprehensive income, net of tax, gains (losses) on revaluation of property, plant and equipment, right-of-use assets and intangible assets Disclosure MonetaryDuration, Credit IAS 1.91 a Disclosure 410000, 861000
Other comprehensive income, net of tax, insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will be reclassified to profit or loss Disclosure MonetaryDuration, Credit IAS 1.91 a Disclosure
IFRS 17.90 Disclosure
410000, 861000
Other comprehensive income, net of tax, insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will not be reclassified to profit or loss Disclosure MonetaryDuration, Credit IAS 1.91 a Disclosure
IFRS 17.90 Disclosure
410000, 861000

Accounting policies are defined in paragraph 5 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, and the term is used in this Standard with the same meaning.

General purpose financial statements (referred to as ‘financial statements’) are those intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information needs.

[Refer:

Basis for Conclusions paragraphs BC11⁠–⁠BC13

paragraphs 10⁠–⁠11 for a complete set of financial statements]

Impracticable Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so.

International Financial Reporting Standards (IFRSs) are Standards and Interpretations issued by the International Accounting Standards Board (IASB). They comprise:

(a)

International Financial Reporting Standards;

(b)

International Accounting Standards;

(c)

IFRIC Interpretations; and

(d)

SIC Interpretations.1

Material:

Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.

[Note:IFRS Practice Statement 2 Making Materiality Judgements (Practice Statement) provides reporting entities with guidance on making materiality judgements when preparing general purpose financial statements in accordance with IFRS Standards. The Practice Statement is non-mandatory guidance developed by the International Accounting Standards Board (Board). It is not a Standard. Therefore, its application is not required to state compliance with IFRS Standards]

Materiality depends on the nature or magnitude of information, or both. An entity assesses whether information, either individually or in combination with other information, is material in the context of its financial statements taken as a whole.

Information is obscured if it is communicated in a way that would have a similar effect for primary users of financial statements to omitting or misstating that information. The following are examples of circumstances that may result in material information being obscured:

(a)

information regarding a material item, transaction or other event is disclosed in the financial statements but the language used is vague or unclear;

(b)

information regarding a material item, transaction or other event is scattered throughout the financial statements;

(c)

dissimilar items, transactions or other events are inappropriately aggregated;

(d)

similar items, transactions or other events are inappropriately disaggregated; and

(e)

the understandability of the financial statements is reduced as a result of material information being hidden by immaterial information to the extent that a primary user is unable to determine what information is material.

Assessing whether information could reasonably be expected to influence decisions made by the primary users of a specific reporting entity’s general purpose financial statements requires an entity to consider the characteristics of those users while also considering the entity’s own circumstances.

Many existing and potential investors, lenders and other creditors cannot require reporting entities to provide information directly to them and must rely on general purpose financial statements for much of the financial information they need. Consequently, they are the primary users to whom general purpose financial statements are directed. Financial statements are prepared for users who have a reasonable knowledge of business and economic activities and who review and analyse the information diligently. At times, even well-informed and diligent users may need to seek the aid of an adviser to understand information about complex economic phenomena.

Notes [Refer:paragraphs 112⁠–⁠138] contain information in addition to that presented in the statement of financial position [Refer:paragraphs 54⁠–⁠80A], statement(s) of profit or loss and other comprehensive income [Refer:paragraphs 81⁠–⁠105], statement of changes in equity [Refer:paragraphs 106⁠–⁠110] and statement of cash flows [Refer:paragraph 111]. Notes provide narrative descriptions or disaggregations of items presented in those statements and information about items that do not qualify for recognition in those statements.

Other comprehensive income comprises items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs. [Refer:paragraphs 90⁠–⁠96]

The components of other comprehensive income include:

(a)

changes in revaluation surplus (see IAS 16  Property, Plant and Equipment and IAS 38  Intangible Assets); [Refer:IAS 16 paragraphs 39⁠–⁠42]

(b)

remeasurements of defined benefit plans (see IAS 19  Employee Benefits);

(c)

gains and losses arising from translating the financial statements of a foreign operation (see IAS 21  The Effects of Changes in Foreign Exchange Rates); [Refer:IAS 21 paragraphs 32, 37 and 38⁠–⁠49]

(d)

gains and losses from investments in equity instruments designated at fair value through other comprehensive income in accordance with paragraph 5.7.5 of IFRS 9  Financial Instruments;

(da)

gains and losses on financial assets measured at fair value through other comprehensive income in accordance with paragraph 4.1.2A of IFRS 9.

(e)

the effective portion of gains and losses on hedging instruments in a cash flow hedge and the gains and losses on hedging instruments that hedge investments in equity instruments measured at fair value through other comprehensive income in accordance with paragraph 5.7.5 of IFRS 9 (see Chapter 6 of IFRS 9);

(f)

for particular liabilities designated as at fair value through profit or loss, the amount of the change in fair value that is attributable to changes in the liability’s credit risk (see paragraph 5.7.7 of IFRS 9);

(g)

changes in the value of the time value of options when separating the intrinsic value and time value of an option contract and designating as the hedging instrument only the changes in the intrinsic value (see Chapter 6 of IFRS 9); [Refer:IFRS 9 paragraph 6.2.4(a)]

(h)

changes in the value of the forward elements of forward contracts when separating the forward element and spot element of a forward contract and designating as the hedging instrument only the changes in the spot element, and changes in the value of the foreign currency basis spread of a financial instrument when excluding it from the designation of that financial instrument as the hedging instrument (see Chapter 6 of IFRS 9); [Refer:IFRS 9 paragraph 6.2.4(b)]

(i)

insurance finance income and expenses from contracts issued within the scope of IFRS 17 Insurance Contracts excluded from profit or loss when total insurance finance income or expenses is disaggregated to include in profit or loss an amount determined by a systematic allocation applying paragraph 88(b) of IFRS 17, or by an amount that eliminates accounting mismatches with the finance income or expenses arising on the underlying items, applying paragraph 89(b) of IFRS 17; and

(j)

finance income and expenses from reinsurance contracts held excluded from profit or loss when total reinsurance finance income or expenses is disaggregated to include in profit or loss an amount determined by a systematic allocation applying paragraph 88(b) of IFRS 17.

Owners are holders of instruments classified as equity.

Profit or loss is the total of income less expenses, excluding the components of other comprehensive income.

Reclassification adjustments are amounts reclassified to profit or loss in the current period that were recognised in other comprehensive income in the current or previous periods.

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.

Total comprehensive income comprises all components of ‘profit or loss’ and of ‘other comprehensive income’.

8

Although this Standard uses the terms ‘other comprehensive income’, ‘profit or loss’ and ‘total comprehensive income’, an entity may use other terms to describe the totals as long as the meaning is clear. For example, an entity may use the term ‘net income’ to describe profit or loss.

8A

The following terms are described in IAS 32 Financial Instruments: Presentation and are used in this Standard with the meaning specified in IAS 32:

(a)

puttable financial instrument classified as an equity instrument (described in paragraphs 16A and 16B of IAS 32)

(b)

an instrument that imposes on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and is classified as an equity instrument (described in paragraphs 16C and 16D of IAS 32).

Financial statements

Purpose of financial statements

9

Financial statements are a structured representation of the financial position [Refer:Conceptual Framework paragraphs 1.12⁠–⁠1.14] and financial performance [Refer:Conceptual Framework paragraph 1.15⁠–⁠1.19] of an entity. The objective of financial statements [Refer:Conceptual Framework paragraph 3.2 and Conceptual Framework Basis for Conclusions paragraphs BC3.3 and BC3.4] is to provide information about the financial position, financial performance and cash flows [Refer:IAS 7 paragraph 6] of an entity that is useful [Refer:Conceptual Framework paragraph 2.4] to a wide range of users [Refer:Conceptual Framework paragraphs 1.2⁠–⁠1.10 and 2.36] in making economic decisions. Financial statements also show the results of the management’s stewardship of the resources entrusted to it. [Refer:Conceptual Framework paragraphs 1.22 and 1.23 and Conceptual Framework Basis for Conclusions paragraphs BC1.32 and BC1.40] To meet this objective, financial statements provide information about an entity’s:

(a)

assets;

(b)

liabilities;

(c)

equity; [Refer:IAS 32 paragraph 16]

(d)

income and expenses, including gains and losses;

(e)

contributions by and distributions to owners in their capacity as owners; [Refer:Conceptual Framework paragraph 1.21] and

(f)

cash flows. [Refer:Conceptual Framework paragraph 1.20]

This information, along with other information in the notes, assists users of financial statements in predicting the entity’s future cash flows and, in particular, their timing and certainty.

Complete set of financial statementsE1

E1

[IFRIC® Update, May 2014, Agenda Decision, ‘IAS 1 Presentation of Financial Statements—issues related to the application of IAS 1’

The Interpretations Committee received a request to clarify the application of some of the presentation requirements in IAS 1. The submitter expressed a concern that the absence of definitions in IAS 1 and the lack of implementation guidance give significant flexibility that may impair the comparability and understandability of financial statements. The submitter provided examples in the following areas:

(a)

presentation of expenses by function;

(b)

presentation of additional lines, headings and subtotals;

(c)

presentation of additional statements or columns in the primary statements; and

(d)

application of the materiality and aggregation requirements.

The Interpretations Committee observed that a complete set of financial statements is comprised of items recognised and measured in accordance with IFRS.

The Interpretations Committee noted that IAS 1 addresses the overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. It also noted that while IAS 1 does permit flexibility in presentation, it also includes various principles for the presentation and content of financial statements as well as more detailed requirements. These principles and more detailed requirements are intended to limit the flexibility such that financial statements present information that is relevant, reliable, comparable and understandable.

The Interpretations Committee observed that securities regulators, as well as some members of the Interpretations Committee, were concerned about the presentation of information in the financial statements that is not determined in accordance with IFRS. They were particularly concerned when such information is presented on the face of the primary statements. The Interpretations Committee noted that it would be beneficial if the IASB’s Disclosure Initiative considered what guidance should be given for the presentation of information beyond what is required in accordance with IFRS.

Consequently, the Interpretations Committee determined that it should not propose an Interpretation nor an amendment to a Standard and consequently decided not to add this issue to its agenda.]

10

A complete set of financial statements comprises:

(a)

a statement of financial position as at the end of the period;

(b)

a statement of profit or loss and other comprehensive income for the period;

(c)

a statement of changes in equity for the period;

(d)

a statement of cash flows for the period;

(e)

notes, comprising material accounting policy information and other explanatory information;

Disclosure of accounting judgements and estimates [text block] Common practice Text block 800500
Disclosure of accrued expenses and other liabilities [text block] Common practice Text block 800500
Disclosure of allowance for credit losses [text block] Common practice Text block 800500
Disclosure of auditors' remuneration [text block] Common practice Text block 800500
Disclosure of authorisation of financial statements [text block] Common practice Text block 800500
Disclosure of basis of consolidation [text block] Common practice Text block 800500
Disclosure of basis of preparation of financial statements [text block] Common practice Text block 800500
Disclosure of borrowings [text block] Common practice Text block 800500
Disclosure of cash and bank balances at central banks [text block] Common practice Text block 800500
Disclosure of cash and cash equivalents [text block] Common practice Text block 800500
Disclosure of changes in accounting policies [text block] Common practice Text block 800500
Disclosure of claims and benefits paid [text block] Common practice Text block 800500
Disclosure of collateral [text block] Common practice Text block 800500
Disclosure of commitments [text block] Common practice Text block 800500
Disclosure of commitments and contingent liabilities [text block] Common practice Text block 800500
Disclosure of cost of sales [text block] Common practice Text block 800500
Disclosure of credit risk [text block] Common practice Text block IFRS 7 - Credit risk Disclosure 800500, 822390
Disclosure of debt instruments [text block] Common practice Text block 800500
Disclosure of deferred acquisition costs arising from insurance contracts [text block] Common practice Text block 800500
Disclosure of deferred income [text block] Common practice Text block 800500
Disclosure of deferred taxes [text block] Common practice Text block 800500
Disclosure of deposits from banks [text block] Common practice Text block 800500
Disclosure of deposits from customers [text block] Common practice Text block 800500
Disclosure of depreciation and amortisation expense [text block] Common practice Text block 800500
Disclosure of derivative financial instruments [text block] Common practice Text block 800500
Disclosure of discontinued operations [text block] Common practice Text block 800500
Disclosure of dividends [text block] Common practice Text block 800500
Disclosure of expenses [text block] Common practice Text block 800500
Disclosure of expenses by nature [text block] Common practice Text block 800500
Disclosure of fair value of financial instruments [text block] Common practice Text block 800500
Disclosure of fee and commission income (expense) [text block] Common practice Text block 800500
Disclosure of finance cost [text block] Common practice Text block 800500
Disclosure of finance income (cost) [text block] Common practice Text block 800500
Disclosure of finance income [text block] Common practice Text block 800500
Disclosure of financial assets held for trading [text block] Common practice Text block 800500
Disclosure of financial instruments at fair value through profit or loss [text block] Common practice Text block 800500
Disclosure of financial instruments designated at fair value through profit or loss [text block] Common practice Text block 800500
Disclosure of financial instruments held for trading [text block] Common practice Text block 800500
Disclosure of financial liabilities held for trading [text block] Common practice Text block 800500
Disclosure of financial risk management [text block] Common practice Text block 800500
Disclosure of general and administrative expense [text block] Common practice Text block 800500
Disclosure of going concern [text block] Common practice Text block 800500
Disclosure of goodwill [text block] Common practice Text block 800500
Disclosure of information about employees [text block] Common practice Text block 800500
Disclosure of information about key management personnel [text block] Common practice Text block 800500
Disclosure of insurance premium revenue [text block] Common practice Text block 800500
Disclosure of intangible assets and goodwill [text block] Common practice Text block 800500
Disclosure of interest expense [text block] Common practice Text block 800500
Disclosure of interest income (expense) [text block] Common practice Text block 800500
Disclosure of interest income [text block] Common practice Text block 800500
Disclosure of investment contracts liabilities [text block] Common practice Text block 800500
Disclosure of investments accounted for using equity method [text block] Common practice Text block 800500
Disclosure of investments other than investments accounted for using equity method [text block] Common practice Text block 800500
Disclosure of issued capital [text block] Common practice Text block 800500
Disclosure of lease prepayments [text block] Common practice Text block 800500
Disclosure of liquidity risk [text block] Common practice Text block 800500
Disclosure of loans and advances to banks [text block] Common practice Text block 800500
Disclosure of loans and advances to customers [text block] Common practice Text block 800500
Disclosure of market risk [text block] Common practice Text block 800500
Disclosure of net asset value attributable to unit-holders [text block] Common practice Text block 800500
Disclosure of non-controlling interests [text block] Common practice Text block 800500
Disclosure of non-current assets or disposal groups classified as held for sale [text block] Common practice Text block 800500
Disclosure of other assets [text block] Common practice Text block 800500
Disclosure of other current assets [text block] Common practice Text block 800500
Disclosure of other current liabilities [text block] Common practice Text block 800500
Disclosure of other liabilities [text block] Common practice Text block 800500
Disclosure of other non-current assets [text block] Common practice Text block 800500
Disclosure of other non-current liabilities [text block] Common practice Text block 800500
Disclosure of other operating expense [text block] Common practice Text block 800500
Disclosure of other operating income (expense) [text block] Common practice Text block 800500
Disclosure of other operating income [text block] Common practice Text block 800500
Disclosure of prepayments and other assets [text block] Common practice Text block 800500
Disclosure of profit (loss) from operating activities [text block] Common practice Text block 800500
Disclosure of provisions [text block] Common practice Text block 800500
Disclosure of reclassification of financial instruments [text block] Common practice Text block 800500
Disclosure of reinsurance [text block] Common practice Text block 800500
Disclosure of repurchase and reverse repurchase agreements [text block] Common practice Text block 800500
Disclosure of research and development expense [text block] Common practice Text block 800500
Disclosure of restricted cash and cash equivalents [text block] Common practice Text block 800500
Disclosure of revenue [text block] Common practice Text block 800500
Disclosure of subordinated liabilities [text block] Common practice Text block 800500
Disclosure of tax receivables and payables [text block] Common practice Text block 800500
Disclosure of trade and other payables [text block] Common practice Text block 800500
Disclosure of trade and other receivables [text block] Common practice Text block 800500
Disclosure of trading income (expense) [text block] Common practice Text block 800500
Disclosure of treasury shares [text block] Common practice Text block 800500

(ea)

comparative information in respect of the preceding period as specified in paragraphs 38 and 38A; and

(f)

a statement of financial position [Refer:paragraphs 54⁠–⁠80A] as at the beginning of the preceding period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements in accordance with paragraphs 40A⁠–⁠40D.

An entity may use titles for the statements other than those used in this Standard. For example, an entity may use the title ‘statement of comprehensive income’ instead of ‘statement of profit or loss and other comprehensive income’.

10A

An entity may present a single statement of profit or loss and other comprehensive income, with profit or loss and other comprehensive income presented in two sections. The sections shall be presented together, with the profit or loss section presented first followed directly by the other comprehensive income section. An entity may present the profit or loss section in a separate statement of profit or loss. If so, the separate statement of profit or loss shall immediately precede the statement presenting comprehensive income, which shall begin with profit or loss.

11

An entity shall present with equal prominence [Refer:Basis for Conclusions paragraph BC22] all of the financial statements in a complete set of financial statements [Refer:paragraph 10].

12

[Deleted]

13

Many entities present, outside the financial statements, [Refer:paragraph 10] a financial review by management that describes and explains the main features of the entity’s financial performance and financial position, and the principal uncertainties it faces. Such a report may include a review of:

(a)

the main factors and influences determining financial performance, including changes in the environment in which the entity operates, the entity’s response to those changes and their effect, and the entity’s policy for investment to maintain and enhance financial performance, including its dividend policy;

(b)

the entity’s sources of funding and its targeted ratio of liabilities to equity; and

(c)

the entity’s resources not recognised in the statement of financial position in accordance with IFRSs.

[Note:IFRS Practice Statement Management Commentary provides a broad, non‑binding framework for the presentation of management commentary that relates to financial statements that have been prepared in accordance with IFRSs.]

14

Many entities also present, outside the financial statements [Refer:paragraph 10], reports and statements such as environmental reports and value added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group. Reports and statements presented outside financial statements are outside the scope of IFRSs.

General features

Fair presentation and compliance with IFRSs

15

Financial statements shall present fairly the financial position, [Refer:Conceptual Framework paragraphs 1.12⁠–⁠1.14] financial performance [Refer:Conceptual Framework paragraphs 1.15⁠–⁠1.19] and cash flows [Refer:Conceptual Framework paragraph 1.20 and IAS 7 paragraph 6] of an entity. Fair presentation requires the faithful representation [Refer:Conceptual Framework paragraphs 2.12 and 2.13 and Conceptual Framework Basis for Conclusions paragraph BC105J] of the effects of transactions, other events and conditions in accordance with the definitions [Refer:Conceptual Framework paragraphs 4.1 and 4.2] and recognition criteria [Refer:Conceptual Framework paragraphs 5.6⁠–⁠5.11] for assets, liabilities, income and expenses set out in the Conceptual Framework for Financial Reporting (Conceptual Framework). The application of IFRSs, with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation.

16

An entity whose financial statements comply with IFRSs shall make an explicit and unreserved statement of such compliance in the notes. An entity shall not describe financial statements as complying with IFRSs unless they comply with all the requirements of IFRSs. [Refer:IAS 34 paragraph 2]

Financial statements comply with IFRSs Disclosure True/False 810000
Statement of IFRS compliance [text block] Disclosure Text block 810000

17

In virtually all circumstances, an entity achieves a fair presentation by compliance with applicable IFRSs. A fair presentation also requires an entity:

(a)

to select and apply accounting policies in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors [Refer:IAS 8 paragraphs 7⁠–⁠12]. IAS 8 sets out a hierarchy of authoritative guidance [Refer:IAS 8 paragraphs 10⁠–⁠12] that management considers in the absence of an IFRS that specifically applies to an item.

(b)

to present information, including accounting policies, in a manner that provides relevant, [Refer:Conceptual Framework paragraphs 2.6⁠–⁠2.11] reliable,E2 comparable [Refer:Conceptual Framework paragraphs 2.24⁠–⁠2.29] and understandable [Refer:Conceptual Framework paragraphs 2.34⁠–⁠2.36] information.

(c)

to provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance.

E2

[The term ‘faithful representation’, which was used in the Conceptual Framework issued in 2010 and is also used in the revised version of the Conceptual Framework issued in 2018, encompasses the main characteristics that the Framework called ‘reliability' (refer Conceptual Framework paragraphs 2.12⁠–⁠2.19 and Basis for Conclusions paragraphs BC2.21⁠–⁠BC2.31 and IAS 1 Basis for Conclusions paragraph BC105J).]

18

An entity cannot rectify inappropriate accounting policies either by disclosure of the accounting policies used or by notes or explanatory material.

19

In the extremely rare circumstances in which management concludes that compliance with a requirement in an IFRS would be so misleading that it would conflict with the objective of financial statements set out in the Conceptual Framework, [Refer:paragraph 139SBasis for Conclusions paragraph BC105H(b) and Conceptual Framework paragraph 3.2] the entity shall depart from that requirement in the manner set out in paragraph 20 if the relevant regulatory framework requires, or otherwise does not prohibit, such a departure.

20

When an entity departs from a requirement of an IFRS in accordance with paragraph 19, it shall disclose:

(a)

that management has concluded that the financial statements present fairly the entity’s financial position, financial performance and cash flows;

Management conclusion on fair presentation as consequence of departure Disclosure Text 810000

(b)

that it has complied with applicable IFRSs, except that it has departed from a particular requirement to achieve a fair presentation;

Explanation of departure from IFRS Disclosure Text IAS 1.20 c Disclosure 810000

(c)

the title of the IFRS from which the entity has departed, the nature of the departure, including the treatment that the IFRS would require, the reason why that treatment would be so misleading in the circumstances that it would conflict with the objective of financial statements set out in the Conceptual Framework, [Refer:paragraph 139S, Basis for Conclusions paragraph BC105H(b) and Conceptual Framework paragraph 3.2] and the treatment adopted; and

Explanation of departure from IFRS Disclosure Text IAS 1.20 b Disclosure 810000

(d)

for each period presented, the financial effect of the departure on each item in the financial statements that would have been reported in complying with the requirement.

Departure from requirement of IFRS [axis] Disclosure 901100, 990000
Explanation of financial effect of departure from IFRS Disclosure Text 810000
Increase (decrease) due to departure from requirement of IFRS [member] Disclosure 901100
Currently stated [member] Common practice IAS 1.106 b Disclosure
IAS 8.28 f (i) Disclosure
IAS 8.29 c (i) Disclosure
IAS 8.49 b (i) Disclosure
IFRS 17.113 b Disclosure
610000, 836600, 901000, 901100, 990000
Reported if in compliance with requirement of IFRS [member] Common practice 901100

21

When an entity has departed from a requirement of an IFRS in a prior period, and that departure affects the amounts recognised in the financial statements for the current period, it shall make the disclosures set out in paragraph 20(c) and (d).

22

Paragraph 21 applies, for example, when an entity departed in a prior period from a requirement in an IFRS for the measurement of assets or liabilities and that departure affects the measurement of changes in assets and liabilities recognised in the current period’s financial statements.

23

In the extremely rare circumstances in which management concludes that compliance with a requirement in an IFRS would be so misleading that it would conflict with the objective of financial statements set out in the Conceptual Framework, [Refer:paragraph 139SBasis for Conclusions paragraph BC105H(b) and Conceptual Framework paragraph 3.2] but the relevant regulatory framework prohibits departure from the requirement, the entity shall, to the maximum extent possible, reduce the perceived misleading aspects of compliance by disclosing:

(a)

the title of the IFRS in question, the nature of the requirement, and the reason why management has concluded that complying with that requirement is so misleading in the circumstances that it conflicts with the objective of financial statements set out in the Conceptual Framework; and

Explanation of nature of requirement in IFRS and conclusion why requirement is in conflict with objective of financial statements set out in Framework Disclosure Text 810000

(b)

for each period presented, the adjustments to each item in the financial statements that management has concluded would be necessary to achieve a fair presentation.

Explanation of adjustments that would be necessary to achieve fair presentation Disclosure Text 810000

24

For the purpose of paragraphs 19⁠–⁠23, an item of information would conflict with the objective of financial statements [Refer:paragraph 139SBasis for Conclusions paragraph BC105H(b) and Conceptual Framework paragraph 3.2] when it does not represent faithfully [Refer:Conceptual Framework paragraphs 2.12 and 2.13] the transactions, other events and conditions that it either purports to represent or could reasonably be expected to represent and, consequently, it would be likely to influence economic decisions made by users of financial statements. [Refer:Conceptual Framework paragraphs 1.2⁠–⁠1.10 and 2.36] When assessing whether complying with a specific requirement in an IFRS would be so misleading that it would conflict with the objective of financial statements set out in the Conceptual Framework, management considers:

(a)

why the objective of financial statements is not achieved in the particular circumstances; and

(b)

how the entity’s circumstances differ from those of other entities that comply with the requirement. If other entities in similar circumstances comply with the requirement, there is a rebuttable presumption that the entity’s compliance with the requirement would not be so misleading that it would conflict with the objective of financial statements set out in the Conceptual Framework.

Going concern

25

When preparing financial statements, management shall make an assessment of an entity’s ability to continue as a going concern. [Refer:Conceptual Framework paragraph 3.9] An entity shall prepare financial statements on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so.E3 When management is aware, in making its assessment, of material uncertainties related to events or conditions that may cast significant doubt upon the entity’s ability to continue as a going concern, the entity shall disclose those uncertainties.E4,E5 When an entity does not prepare financial statements on a going concern basis, it shall disclose that fact, together with the basis on which it prepared the financial statements and the reason why the entity is not regarded as a going concern.

Disclosure of uncertainties of entity's ability to continue as going concern [text block] Disclosure Text block 810000
Entity has not prepared financial statements on going concern basis Disclosure True/False 810000
Explanation of fact and basis for preparation of financial statements when not going concern basis Disclosure Text 810000
Explanation of why entity not regarded as going concern Disclosure Text 810000
E3

[IFRIC® Update, June 2021, Agenda Decision, ‘IAS 10 Events after the Reporting Period—Preparation of Financial Statements when an Entity is No Longer a Going Concern’

The Committee received a request about the accounting applied by an entity that is no longer a going concern (as described in paragraph 25 of IAS 1 Presentation of Financial Statements). The request asked whether such an entity:

a.

can prepare financial statements for prior periods on a going concern basis if it was a going concern in those periods and has not previously prepared financial statements for those periods (Question I); and

b.

restates comparative information to reflect the basis of accounting used in preparing the current period’s financial statements if it had previously issued financial statements for the comparative period on a going concern basis (Question II).

...

For the reasons noted above, the Committee decided not to add a standard-setting project on these matters to the work plan.

[The full text of the agenda decision is reproduced after paragraph 14 of IAS 10.]]

E4

[IFRIC Update, July 2010, Agenda Decision, ‘Going concern disclosure’

The Committee received a request for guidance on the disclosure requirements in IAS 1 on uncertainties related to an entity’s ability to continue as a going concern.

How an entity applies the disclosure requirements in paragraph 25 of IAS 1 requires the exercise of professional judgement. The Committee noted that paragraph 25 requires that an entity shall disclose ‘material uncertainties related to events or conditions that may cast significant doubt upon the entity’s ability to continue as a going concern’. The Committee also noted that for this disclosure to be useful it must identify that the disclosed uncertainties may cast significant doubt upon the entity’s ability to continue as a going concern.

The Committee noted that IAS 1 provides sufficient guidance on the disclosure requirements on uncertainties related to an entity’s ability to continue as a going concern and that it does not expect diversity in practice. Therefore, the Committee decided not to add the issue to its agenda.]

E5

[IFRIC® Update, July 2014, Agenda Decision, ‘IAS 1 Presentation of Financial Statements—disclosure requirements relating to assessment of going concern’

The Interpretations Committee received a submission requesting clarification about the disclosures required in relation to material uncertainties related to events or conditions that may cast significant doubt upon the entity’s ability to continue as a going concern. 

The Interpretations Committee proposed to the IASB that it should make a narrow-scope amendment to change the disclosure requirements in IAS 1 in response to this issue. At its meeting in November 2013 the IASB discussed the issue and considered amendments proposed by the staff, but decided not to proceed with these amendments and removed this topic from its agenda. Consequently, the Interpretations Committee removed the topic from its agenda. 

The staff reported the results of the IASB’s discussion to the Interpretations Committee. When considering this feedback about the IASB’s decision, the Interpretations Committee discussed a situation in which management of an entity has considered events or conditions that may cast significant doubt upon the entity’s ability to continue as a going concern. Having considered all relevant information, including the feasibility and effectiveness of any planned mitigation, management concluded that there are no material uncertainties that require disclosure in accordance with paragraph 25 of IAS 1. However, reaching the conclusion that there was no material uncertainty involved significant judgement. 

The Interpretations Committee observed that paragraph 122 of IAS 1 requires disclosure of the judgements made in applying the entity’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. The Interpretations Committee also observed that in the circumstance discussed, the disclosure requirements of paragraph 122 of IAS 1 would apply to the judgements made in concluding that there remain no material uncertainties related to events or conditions that may cast significant doubt upon the entity’s ability to continue as a going concern.]

26

In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but is not limited to, twelve months from the end of the reporting period. [Refer:IAS 10 paragraphs 14⁠–⁠16] The degree of consideration depends on the facts in each case. When an entity has a history of profitable operations and ready access to financial resources, the entity may reach a conclusion that the going concern basis of accounting is appropriate without detailed analysis. In other cases, management may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules and potential sources of replacement financing before it can satisfy itself that the going concern basis is appropriate.

Accrual basis of accounting

27

An entity shall prepare its financial statements, except for cash flow information, using the accrual basis of accounting. [Refer:Conceptual Framework paragraphs 1.17-1.19]

28

When the accrual basis of accounting is used, an entity recognises items as assets, liabilities, equity, income and expenses (the elements of financial statements) when they satisfy the definitions [Refer:Conceptual Framework paragraphs 4.1 and 4.2] and recognition criteria [Refer:Conceptual Framework paragraphs 5.6⁠–⁠5.17] for those elements in the Conceptual Framework.

Materiality and aggregation

29

An entity shall present separately each material class of similar items. An entity shall present separately items of a dissimilar nature or function unless they are immaterial.

30

Financial statements result from processing large numbers of transactions or other events that are aggregated into classes according to their nature or function. The final stage in the process of aggregation and classification is the presentation of condensed and classified data, which form line items in the financial statements. If a line item is not individually material, it is aggregated with other items either in those statements or in the notes. An item that is not sufficiently material to warrant separate presentation in those statements may warrant separate presentation in the notes.

30A

When applying this and other IFRSs an entity shall decide, taking into consideration all relevant facts and circumstances, how it aggregates information in the financial statements, which include the notes. An entity shall not reduce the understandability of its financial statements by obscuring material information with immaterial information or by aggregating material items that have different natures or functions.

31

Some IFRSs specify information that is required to be included in the financial statements, which include the notes. An entity need not provide a specific disclosure required by an IFRS if the information resulting from that disclosure is not material. This is the case even if the IFRS contains a list of specific requirements or describes them as minimum requirements. An entity shall also consider whether to provide additional disclosures when compliance with the specific requirements in IFRS is insufficient to enable users of financial statements to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance.

Offsetting

32

An entity shall not offset assets and liabilities or income and expenses, unless required [Refer:for example, IAS 32 paragraph 42] or permitted by an IFRS.

33

An entity reports separately both assets and liabilities, and income and expenses. Offsetting in the statement(s) of profit or loss and other comprehensive income or financial position, except when offsetting reflects the substance of the transaction or other event, detracts from the ability of users [Refer:Conceptual Framework paragraphs 1.2-1.10 and 2.36] both to understand the transactions, other events and conditions that have occurred and to assess the entity’s future cash flows. Measuring assets net of valuation allowances—for example, obsolescence allowances on inventories and doubtful debts allowances on receivables—is not offsetting.

34

IFRS 15 Revenue from Contracts with Customers requires an entity to measure revenue from contracts with customers at the amount of consideration to which the entity expects to be entitled in exchange for transferring promised goods or services. [Refer:IFRS 15 paragraph 47] For example, the amount of revenue recognised reflects any trade discounts and volume rebates the entity allows. An entity undertakes, in the course of its ordinary activities, other transactions that do not generate revenue but are incidental to the main revenue‑generating activities. An entity presents the results of such transactions, when this presentation reflects the substance of the transaction or other event, by netting any income with related expenses arising on the same transaction. For example:

(a)

an entity presents gains and losses on the disposal of non‑current assets, including investments and operating assets, by deducting from the amount of consideration on disposal the carrying amount of the asset and related selling expenses; and

(b)

an entity may net expenditure related to a provision that is recognised in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets and reimbursed under a contractual arrangement with a third party (for example, a supplier’s warranty agreement) against the related reimbursement. [Refer:IAS 37 paragraph 54]

35

In addition, an entity presents on a net basis gains and losses arising from a group of similar transactions, for example, foreign exchange gains and losses or gains and losses arising on financial instruments held for trading. However, an entity presents such gains and losses separately if they are material. [Refer:paragraphs 29⁠–⁠31]

Foreign exchange gain Disclosure MonetaryDuration, Credit IAS 21.52 a Disclosure 842000
Foreign exchange gain (loss) Disclosure MonetaryDuration, Credit IAS 21.52 a Disclosure 842000
Foreign exchange loss Disclosure MonetaryDuration, Debit IAS 21.52 a Disclosure 842000
Net foreign exchange gain Common practice MonetaryDuration, Credit IAS 21.52 a Common practice 842000
Net foreign exchange loss Common practice MonetaryDuration, Debit IAS 21.52 a Common practice 842000

Frequency of reporting

36

An entity shall present a complete set of financial statements [Refer:paragraph 10] (including comparative information) at least annually. When an entity changes the end of its reporting period and presents financial statements for a period longer or shorter than one year, an entity shall disclose, in addition to the period covered by the financial statements:

(a)

the reason for using a longer or shorter period, and

Description of reason for using longer or shorter reporting period Disclosure Text 810000

(b)

the fact that amounts presented in the financial statements are not entirely comparable.

Amounts presented in financial statements are not entirely comparable Disclosure True/False 810000
Description of fact that amounts presented in financial statements are not entirely comparable Disclosure Text 810000

37

Normally, an entity consistently prepares financial statements for a one‑year period. However, for practical reasons, some entities prefer to report, for example, for a 52‑week period. This Standard does not preclude this practice.

Comparative information

Minimum comparative information

38

Except when IFRSs permit or require otherwise, [Refer:IFRS 1 paragraph 21] an entity shall present comparative information in respect of the preceding period for all amounts reported in the current period’s financial statements. An entity shall include comparative information for narrative and descriptive information if it is relevant [Refer:Conceptual Framework paragraphs 2.6-2.11] to understanding the current period’s financial statements.E6

E6

[IFRIC Update, June 2005, Agenda Decision, ‘IAS 1 Comparatives for prospectuses’

The IFRIC considered whether to amend requirements in paragraph 36 (now paragraph 38) of IAS 1 relating to comparative information, because of perceived practical problems in complying with EU requirements for prospectuses.

The IFRIC decided not to add the item to its agenda because it believed that the issue involved a difference of approach between IAS 1 and certain regulatory requirements that were not capable of being resolved merely by issuing an interpretation of IAS 1.]

38A

An entity shall present, as a minimum, two statements of financial position, two statements of profit or loss and other comprehensive income, two separate statements of profit or loss (if presented), two statements of cash flows and two statements of changes in equity, and related notes.

38B

In some cases, narrative information provided in the financial statements for the preceding period(s) continues to be relevant in the current period. For example, an entity discloses in the current period details of a legal dispute, the outcome of which was uncertain at the end of the preceding period and is yet to be resolved. Users may benefit from the disclosure of information that the uncertainty existed at the end of the preceding period and from the disclosure of information about the steps that have been taken during the period to resolve the uncertainty.

Additional comparative information

38C

An entity may present comparative information in addition to the minimum comparative financial statements required by IFRSs, as long as that information is prepared in accordance with IFRSs. This comparative information may consist of one or more statements referred to in paragraph 10, but need not comprise a complete set of financial statements. When this is the case, the entity shall present related note information for those additional statements.

38D

For example, an entity may present a third statement of profit or loss and other comprehensive income (thereby presenting the current period, the preceding period and one additional comparative period). However, the entity is not required to present a third statement of financial position, a third statement of cash flows or a third statement of changes in equity (ie an additional financial statement comparative). The entity is required to present, in the notes to the financial statements, the comparative information related to that additional statement of profit or loss and other comprehensive income.

39⁠–40

[Deleted]

Change in accounting policy, retrospective restatement or reclassification

40A

An entity shall present a third statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statements required in paragraph 38A if:

(a)

it applies an accounting policy retrospectively, makes a retrospective restatement of items in its financial statements or reclassifies items in its financial statements; and

(b)

the retrospective application, retrospective restatement or the reclassification has a material effect on the information in the statement of financial position at the beginning of the preceding period.

40B

In the circumstances described in paragraph 40A, an entity shall present three statements of financial position as at:

(a)

the end of the current period;

(b)

the end of the preceding period; and

(c)

the beginning of the preceding period.

40C

When an entity is required to present an additional statement of financial position in accordance with paragraph 40A, it must disclose the information required by paragraphs 41⁠–⁠44 and IAS 8. However, it need not present the related notes to the opening statement of financial position as at the beginning of the preceding period.

40D

The date of that opening statement of financial position shall be as at the beginning of the preceding period regardless of whether an entity’s financial statements present comparative information for earlier periods (as permitted in paragraph 38C).

41

If an entity changes the presentation or classification of items in its financial statements, it shall reclassify comparative amounts unless reclassification is impracticable. When an entity reclassifies comparative amounts, it shall disclose (including as at the beginning of the preceding period):

(a)

the nature of the reclassification;

Description of nature of reclassifications or changes in presentation Disclosure Text 810000

(b)

the amount of each item or class of items that is reclassified; and

Amount of reclassifications or changes in presentation Disclosure MonetaryDuration 810000

(c)

the reason for the reclassification.

Description of reason for reclassifications or changes in presentation Disclosure Text 810000
Disclosure of reclassifications or changes in presentation [table] Disclosure 810000
Disclosure of reclassifications or changes in presentation [text block] Disclosure Text block 810000
Reclassified items [axis] Disclosure 810000, 990000
Reclassified items [domain] Disclosure 810000, 990000

42

When it is impracticable to reclassify comparative amounts, an entity shall disclose:

(a)

the reason for not reclassifying the amounts, and

Description of reason why reclassification of comparative amounts is impracticable Disclosure Text 810000

(b)

the nature of the adjustments that would have been made if the amounts had been reclassified.

Description of nature of necessary adjustments to provide comparative information Disclosure Text 810000

43

Enhancing the inter‑period comparability of information assists users in making economic decisions, especially by allowing the assessment of trends in financial information for predictive purposes. In some circumstances, it is impracticable to reclassify comparative information for a particular prior period to achieve comparability with the current period. For example, an entity may not have collected data in the prior period(s) in a way that allows reclassification, and it may be impracticable to recreate the information.

44

IAS 8 sets out the adjustments to comparative information required when an entity changes an accounting policy [Refer:IAS 8 paragraphs 14⁠–⁠31 and 50⁠–⁠53] or corrects an error. [Refer:IAS 8 paragraphs 41⁠–⁠53]

Consistency of presentation

45

An entity shall retain the presentation and classification of items in the financial statements from one period to the next unless:

(a)

it is apparent, following a significant change in the nature of the entity’s operations or a review of its financial statements, that another presentation or classification would be more appropriate having regard to the criteria for the selection and application of accounting policies in IAS 8; [Refer:IAS 8 paragraphs 7⁠–⁠13] or

(b)

an IFRS requires a change in presentation.

46

For example, a significant acquisition or disposal, or a review of the presentation of the financial statements, might suggest that the financial statements need to be presented differently. An entity changes the presentation of its financial statements only if the changed presentation provides information that is reliableE7 and more relevant [Refer:Conceptual Framework paragraphs 2.6-2.11] to users [Refer:Conceptual Framework paragraphs 1.2-1.10 and 2.36] of the financial statements and the revised structure is likely to continue, so that comparability [Refer:Conceptual Framework paragraphs 2.24-2.29] is not impaired. When making such changes in presentation, an entity reclassifies its comparative information [Refer:paragraphs 38⁠–⁠41] in accordance with paragraphs 41 and 42.

E7

[The term ‘faithful representation’, which was used in the Conceptual Framework issued in 2010 and is also used in the revised version of the Conceptual Framework issued in 2018, encompasses the main characteristics that the Framework called ‘reliability’ (refer Conceptual Framework paragraphs 2.12⁠–⁠2.19 and Basis for Conclusions paragraphs BC2.21⁠–⁠BC2.31 and IAS 1 Basis for Conclusions paragraph BC105J).]

Structure and contentE8

E8

[IFRIC® Update, May 2014, Agenda Decision, ‘IAS 1 Presentation of Financial Statements—issues related to the application of IAS 1’

The Interpretations Committee received a request to clarify the application of some of the presentation requirements in IAS 1. The submitter expressed a concern that the absence of definitions in IAS 1 and the lack of implementation guidance give significant flexibility that may impair the comparability and understandability of financial statements. The submitter provided examples in the following areas:

(a)

presentation of expenses by function;

(b)

presentation of additional lines, headings and subtotals;

(c)

presentation of additional statements or columns in the primary statements; and

(d)

application of the materiality and aggregation requirements.

The Interpretations Committee observed that a complete set of financial statements is comprised of items recognised and measured in accordance with IFRS.

The Interpretations Committee noted that IAS 1 addresses the overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. It also noted that while IAS 1 does permit flexibility in presentation, it also includes various principles for the presentation and content of financial statements as well as more detailed requirements. These principles and more detailed requirements are intended to limit the flexibility such that financial statements present information that is relevant, reliable, comparable and understandable.

The Interpretations Committee observed that securities regulators, as well as some members of the Interpretations Committee, were concerned about the presentation of information in the financial statements that is not determined in accordance with IFRS. They were particularly concerned when such information is presented on the face of the primary statements. The Interpretations Committee noted that it would be beneficial if the IASB’s Disclosure Initiative considered what guidance should be given for the presentation of information beyond what is required in accordance with IFRS.

Consequently, the Interpretations Committee determined that it should not propose an Interpretation nor an amendment to a Standard and consequently decided not to add this issue to its agenda. [In December 2014 the Board issued ‘Disclosure Initiative—Amendments to IAS 1’ which made a number of changes to IAS 1, including adding paragraphs 30A, 55A, 85A and 85B to IAS 1]]

Introduction

47

This Standard requires particular disclosures in the statement of financial position or the statement(s) of profit or loss and other comprehensive income, or in the statement of changes in equity and requires disclosure of other line items either in those statements or in the notesIAS 7 Statement of Cash Flows sets out requirements for the presentation of cash flow information.

48

This Standard sometimes uses the term ‘disclosure’ in a broad sense, encompassing items presented in the financial statements. Disclosures are also required by other IFRSs. Unless specified to the contrary elsewhere in this Standard [Refer:for example, paragraphs 54 and 82] or in another IFRS, [Refer:for example, IAS 33 paragraph 66] such disclosures may be made in the financial statements.

Identification of the financial statements

49

An entity shall clearly identify the financial statements and distinguish them from other information in the same published document.

50

IFRSs apply only to financial statements, and not necessarily to other information presented in an annual report, a regulatory filing, or another document. Therefore, it is important that users can distinguish information that is prepared using IFRSs from other information that may be useful to users but is not the subject of those requirements.

51

An entity shall clearly identify each financial statement and the notes. In addition, an entity shall display the following information prominently, and repeat it when necessary for the information presented to be understandable:

(a)

the name of the reporting entity or other means of identification, and any change in that information from the end of the preceding reporting period;

Change in name of reporting entity or other means of identification from end of preceding reporting period Disclosure True/False 110000
Explanation of change in name of reporting entity or other means of identification from end of preceding reporting period Disclosure Text 110000
Name of reporting entity or other means of identification Disclosure Text 110000, 810000

(b)

whether the financial statements are of an individual entity or a group of entities;

Consolidated [member] Disclosure IAS 27.16 a Disclosure
IAS 27.17 a Disclosure
IAS 27.4 Disclosure
913000, 990000, 995000
Description of nature of financial statements Disclosure Text IAS 27.16 a Disclosure
IAS 27.17 a Disclosure
110000, 825480
Nature of financial statements Disclosure List IAS 27.16 a Disclosure
IAS 27.17 a Disclosure
110000, 825480
Nature of financial statements [domain] Disclosure IAS 27.16 a Disclosure
IAS 27.17 a Disclosure
995000
Separate [member] Disclosure IAS 27.16 a Disclosure
IAS 27.17 a Disclosure
IAS 27.4 Disclosure
913000, 995000

(c)

the date of the end of the reporting period or the period covered by the set of financial statements or notes;

Date of end of reporting period Disclosure Date 110000
Period covered by financial statements Disclosure Text 110000

(d)

the presentation currency, as defined in IAS 21; and

Description of presentation currency Disclosure Text IAS 21.53 Disclosure 110000, 842000

(e)

the level of rounding [Refer:paragraph 53] used in presenting amounts in the financial statements.

Level of rounding used in financial statements Disclosure Text 110000
Disclosure of general information about financial statements [text block] Disclosure Text block 110000, 800500

52

An entity meets the requirements in paragraph 51 by presenting appropriate headings for pages, statements, notes, columns and the like. Judgement is required in determining the best way of presenting such information. For example, when an entity presents the financial statements electronically, separate pages are not always used; an entity then presents the above items to ensure that the information included in the financial statements can be understood.

53

An entity often makes financial statements more understandable [Refer:Conceptual Framework paragraphs 2.34-2.36] by presenting information in thousands or millions of units of the presentation currency. This is acceptable as long as the entity discloses the level of rounding and does not omit material information.

Statement of financial position

Information to be presented in the statement of financial position

54

The statement of financial position shall include line items that present the following amounts:

(a)

property, plant and equipment;

Property, plant and equipment Disclosure MonetaryInstant, Debit IAS 16.73 e Disclosure 210000, 220000, 800100, 822100
Property, plant and equipment including right-of-use assets Common practice MonetaryInstant, Debit IAS 16.73 e Common practice
IFRS 16.47 a Disclosure
210000, 220000, 822100

(b)

investment property;

Investment property Disclosure MonetaryInstant, Debit IAS 40.76 Disclosure
IAS 40.79 d Disclosure
210000, 220000, 800100, 825100

(c)

intangible assets;

Goodwill Disclosure MonetaryInstant, Debit IAS 36.134 a Disclosure
IAS 36.135 a Disclosure
IFRS 3.B67 d Disclosure
210000, 220000, 800100, 817000, 832410
Intangible assets other than goodwill Disclosure MonetaryInstant, Debit IAS 38.118 e Disclosure 210000, 220000, 800100, 823180

(d)

financial assets (excluding amounts shown under (e), (h) and (i));

Other current financial assets Disclosure MonetaryInstant, Debit 210000
Other financial assets Disclosure MonetaryInstant, Debit 220000
Other non-current financial assets Disclosure MonetaryInstant, Debit 210000

(da)

portfolios of contracts within the scope of IFRS 17 that are assets, disaggregated as required by paragraph 78 of IFRS 17;

Insurance contracts issued that are assets Disclosure MonetaryInstant, Debit IFRS 17.78 a Disclosure 220000
Reinsurance contracts held that are assets Disclosure MonetaryInstant, Debit IFRS 17.78 c Disclosure 220000

(e)

investments accounted for using the equity method;

Investments accounted for using equity method Disclosure MonetaryInstant, Debit IFRS 12.B16 Disclosure
IFRS 8.24 a Disclosure
210000, 220000, 800100, 825700, 871100

(f)

biological assets within the scope of IAS 41 Agriculture;

Biological assets Disclosure MonetaryInstant, Debit IAS 41.43 Example
IAS 41.50 Disclosure
220000, 824180
Current biological assets Disclosure MonetaryInstant, Debit 210000
Non-current biological assets Disclosure MonetaryInstant, Debit 210000

(g)

inventories;

Current inventories Disclosure MonetaryInstant, Debit IAS 1.68 Example
IAS 2.36 b Disclosure
210000, 800100, 810000
Inventories Disclosure MonetaryInstant, Debit 220000
Non-current inventories Disclosure MonetaryInstant, Debit 210000

(h)

trade and other receivables;

Trade and other current receivables Disclosure MonetaryInstant, Debit IAS 1.78 b Disclosure 210000, 800100
Trade and other non-current receivables Disclosure MonetaryInstant, Debit IAS 1.78 b Disclosure 210000, 800100
Trade and other receivables Disclosure MonetaryInstant, Debit IAS 1.78 b Disclosure 220000, 800100

(i)

cash and cash equivalents;

Cash and cash equivalents Disclosure MonetaryInstant, Debit IAS 7.45 Disclosure
IFRS 12.B13 a Disclosure
210000, 220000, 510000, 520000, 800100, 825700, 851100

(j)

the total of assets classified as held for sale [Refer:IFRS 5 paragraphs 6⁠–⁠14] and assets included in disposal groups classified as held for sale in accordance with IFRS 5 Non‑current Assets Held for Sale and Discontinued Operations;

Non-current assets or disposal groups classified as held for sale or as held for distribution to owners Disclosure MonetaryInstant, Debit 210000, 220000, 800100

(k)

trade and other payables;

Trade and other current payables Disclosure MonetaryInstant, Credit 210000, 800100
Trade and other non-current payables Disclosure MonetaryInstant, Credit 210000, 800100
Trade and other payables Disclosure MonetaryInstant, Credit 220000, 800100

(l)

provisions;

Current provisions Disclosure MonetaryInstant, Credit 210000
Non-current provisions Disclosure MonetaryInstant, Credit 210000
Provisions Disclosure MonetaryInstant, Credit 220000

(m)

financial liabilities (excluding amounts shown under (k) and (l));

Other current financial liabilities Disclosure MonetaryInstant, Credit IFRS 12.B13 b Disclosure 210000, 825700
Other financial liabilities Disclosure MonetaryInstant, Credit 220000
Other non-current financial liabilities Disclosure MonetaryInstant, Credit IFRS 12.B13 c Disclosure 210000, 825700

(ma)

portfolios of contracts within the scope of IFRS 17 that are liabilities, disaggregated as required by paragraph 78 of IFRS 17;

Insurance contracts issued that are liabilities Disclosure MonetaryInstant, Credit IFRS 17.78 b Disclosure 220000
Reinsurance contracts held that are liabilities Disclosure MonetaryInstant, Credit IFRS 17.78 d Disclosure 220000

(n)

liabilities and assets for current tax, as defined in IAS 12 Income Taxes;E9

Current tax assets Disclosure MonetaryInstant, Debit 220000
Current tax assets, current Disclosure MonetaryInstant, Debit 210000
Current tax assets, non-current Disclosure MonetaryInstant, Debit 210000
Current tax liabilities Disclosure MonetaryInstant, Credit 220000
Current tax liabilities, current Disclosure MonetaryInstant, Credit 210000
Current tax liabilities, non-current Disclosure MonetaryInstant, Credit 210000

(o)

deferred tax liabilities and deferred tax assets, as defined in IAS 12;[Refer:footnote to paragraph 54(n)]

Deferred tax assets Disclosure MonetaryInstant, Debit IAS 1.56 Disclosure
IAS 12.81 g (i) Disclosure
210000, 220000, 835110
Deferred tax liabilities Disclosure MonetaryInstant, Credit IAS 1.56 Disclosure
IAS 12.81 g (i) Disclosure
210000, 220000, 835110

(p)

liabilities included in disposal groups classified as held for sale in accordance with IFRS 5;

Liabilities included in disposal groups classified as held for sale Disclosure MonetaryInstant, Credit IFRS 5.38 Disclosure 210000, 220000

(q)

non‑controlling interests, presented within equity; and

Non-controlling interests Disclosure MonetaryInstant, Credit IFRS 10.22 Disclosure
IFRS 12.12 f Disclosure
210000, 220000, 825700

(r)

issued capital and reserves attributable to owners of the parent.

Equity attributable to owners of parent Disclosure MonetaryInstant, Credit 210000, 220000
E9

[IFRIC® Update, September 2019, Agenda Decision, ‘IAS 1 Presentation of Financial Statements—Presentation of Liabilities or Assets Related to Uncertain Tax Treatments’

The Committee received a request about the presentation of liabilities or assets related to uncertain tax treatments recognised applying IFRIC 23 Uncertainty over Income Tax Treatments (uncertain tax liabilities or assets). The request asked whether, in its statement of financial position, an entity is required to present uncertain tax liabilities as current (or deferred) tax liabilities or, instead, can present such liabilities within another line item such as provisions. A similar question could arise regarding uncertain tax assets.

The definitions in IAS 12 of current tax and deferred tax liabilities or assets

When there is uncertainty over income tax treatments, paragraph 4 of IFRIC 23 requires an entity to ‘recognise and measure its current or deferred tax asset or liability applying the requirements in IAS 12 based on taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates determined applying IFRIC 23’. Paragraph 5 of IAS 12 Income Taxes defines:

a.

current tax as the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period; and

b.

deferred tax liabilities (or assets) as the amounts of income taxes payable (recoverable) in future periods in respect of taxable (deductible) temporary differences and, in the case of deferred tax assets, the carryforward of unused tax losses and credits.

Consequently, the Committee observed that uncertain tax liabilities or assets recognised applying IFRIC 23 are liabilities (or assets) for current tax as defined in IAS 12, or deferred tax liabilities or assets as defined in IAS 12.

Presentation of uncertain tax liabilities (or assets)

Neither IAS 12 nor IFRIC 23 contain requirements on the presentation of uncertain tax liabilities or assets. Therefore, the presentation requirements in IAS 1 apply. Paragraph 54 of IAS 1 states that ‘the statement of financial position shall include line items that present: …(n) liabilities and assets for current tax, as defined in IAS 12; (o) deferred tax liabilities and deferred tax assets, as defined in IAS 12…’.

Paragraph 57 of IAS 1 states that paragraph 54 ‘lists items that are sufficiently different in nature or function to warrant separate presentation in the statement of financial position’. Paragraph 29 requires an entity to ‘present separately items of a dissimilar nature or function unless they are immaterial’.

Accordingly, the Committee concluded that, applying IAS 1, an entity is required to present uncertain tax liabilities as current tax liabilities (paragraph 54(n)) or deferred tax liabilities (paragraph 54(o)); and uncertain tax assets as current tax assets (paragraph 54(n)) or deferred tax assets (paragraph 54(o)).

The Committee concluded that the principles and requirements in IFRS Standards provide an adequate basis for an entity to determine the presentation of uncertain tax liabilities and assets. Consequently, the Committee decided not to add the matter to its standard-setting agenda.]

55

An entity shall present additional line items (including by disaggregating the line items listed in paragraph 54), headings and subtotals in the statement of financial position when such presentation is relevant [Refer:Conceptual Framework paragraphs 2.6-2.11] to an understanding of the entity’s financial position.E10

Accruals and deferred income including contract liabilities Common practice MonetaryInstant, Credit IAS 1.78 Common practice 800100
Accrued income including contract assets Common practice MonetaryInstant, Debit IAS 1.78 Common practice 800100
Accrued income other than contract assets Common practice MonetaryInstant, Debit IAS 1.78 Common practice 800100
Accumulated other comprehensive income Common practice MonetaryInstant, Credit 800100
Additional paid-in capital Common practice MonetaryInstant, Credit 800100
Advances received, representing contract liabilities for performance obligations satisfied at point in time Common practice MonetaryInstant, Credit IAS 1.78 Common practice 800100
Assets less current liabilities Common practice MonetaryInstant, Debit 800100
Bank acceptance assets Common practice MonetaryInstant, Debit 800100
Bank acceptance liabilities Common practice MonetaryInstant, Credit 800100
Borrowings Common practice MonetaryInstant, Credit 800100, 822390
Capital redemption reserve Common practice MonetaryInstant, Credit 800100
Capital reserve Common practice MonetaryInstant, Credit 800100
Cash and bank balances at central banks Common practice MonetaryInstant, Debit 800100
Contract liabilities for performance obligations satisfied over time Common practice MonetaryInstant, Credit IAS 1.78 Common practice 800100
Credit card loans Common practice MonetaryInstant, Debit 800100
Current accruals and current deferred income including current contract liabilities Common practice MonetaryInstant, Credit IAS 1.78 Common practice 800100
Current accrued expenses and other current liabilities Common practice MonetaryInstant, Credit 800100
Current accrued income including current contract assets Common practice MonetaryInstant, Debit IAS 1.78 Common practice 800100
Current accrued income other than current contract assets Common practice MonetaryInstant, Debit IAS 1.78 Common practice 800100
Current advances received, representing current contract liabilities for performance obligations satisfied at point in time Common practice MonetaryInstant, Credit IAS 1.78 Common practice 800100
Current assets (liabilities) Common practice MonetaryInstant, Debit 800100
Current borrowings Common practice MonetaryInstant, Credit 800100
Current borrowings and current portion of non-current borrowings Common practice MonetaryInstant, Credit 800100
Current contract liabilities for performance obligations satisfied over time Common practice MonetaryInstant, Credit IAS 1.78 Common practice 800100
Current debt instruments issued Common practice MonetaryInstant, Credit 800100
Current deferred income including current contract liabilities Common practice MonetaryInstant, Credit IAS 1.78 Common practice 800100
Current deferred income other than current contract liabilities Common practice MonetaryInstant, Credit IAS 1.78 Common practice 800100
Current deposits from customers Common practice MonetaryInstant, Credit 800100
Current derivative financial assets Common practice MonetaryInstant, Debit 800100
Current derivative financial liabilities Common practice MonetaryInstant, Credit 800100
Current dividend payables Common practice MonetaryInstant, Credit 800100
Current finance lease receivables Common practice MonetaryInstant, Debit 800100
Current financial assets at fair value through profit or loss, classified as held for trading Common practice MonetaryInstant, Debit 800100
Current government grants Common practice MonetaryInstant, Credit 800100
Current investments Common practice MonetaryInstant, Debit 800100
Current net defined benefit asset Common practice MonetaryInstant, Debit 800100
Current net defined benefit liability Common practice MonetaryInstant, Credit 800100
Current portion of non-current borrowings Common practice MonetaryInstant, Credit 800100
Current prepayments and current accrued income including current contract assets Common practice MonetaryInstant, Debit IAS 1.78 Common practice 800100
Current prepayments and current accrued income other than current contract assets Common practice MonetaryInstant, Debit IAS 1.78 Common practice 800100
Current prepayments and other current assets Common practice MonetaryInstant, Debit 800100
Current programming assets Common practice MonetaryInstant, Debit 800100
Current restricted cash and cash equivalents Common practice MonetaryInstant, Debit 800100
Current warrant liability Common practice MonetaryInstant, Credit 800100
Debt instruments held Common practice MonetaryInstant, Debit 800100
Debt instruments held at amortised cost Common practice MonetaryInstant, Debit 800100
Debt instruments held at fair value through profit or loss, classified as held for trading Common practice MonetaryInstant, Debit 800100
Debt instruments held at fair value through profit or loss, mandatorily measured at fair value, other than those classified as held for trading Common practice MonetaryInstant, Debit 800100
Debt instruments held measured at fair value through other comprehensive income Common practice MonetaryInstant, Debit 800100
Debt instruments issued Common practice MonetaryInstant, Credit 800100
Debt instruments issued at amortised cost Common practice MonetaryInstant, Credit 800100
Debt instruments issued at fair value through profit or loss, designated upon initial recognition or subsequently Common practice MonetaryInstant, Credit 800100
Deferred income including contract liabilities Common practice MonetaryInstant, Credit IAS 1.78 Common practice 800100
Deferred income other than contract liabilities Common practice MonetaryInstant, Credit IAS 1.78 Common practice 800100
Deposit liabilities Common practice MonetaryInstant, Credit 800100
Deposits at amortised cost Common practice MonetaryInstant, Credit 800100
Deposits at fair value through profit or loss that meet definition of held for trading Common practice MonetaryInstant, Credit 800100
Deposits at fair value through profit or loss, designated upon initial recognition or subsequently Common practice MonetaryInstant, Credit 800100
Deposits from banks Common practice MonetaryInstant, Credit 800100
Deposits from banks at amortised cost Common practice MonetaryInstant, Credit 800100
Deposits from banks at fair value through profit or loss that meet definition of held for trading Common practice MonetaryInstant, Credit 800100
Deposits from banks at fair value through profit or loss, designated upon initial recognition or subsequently Common practice MonetaryInstant, Credit 800100
Deposits from customers Common practice MonetaryInstant, Credit 800100
Deposits from customers at amortised cost Common practice MonetaryInstant, Credit 800100
Deposits from customers at fair value through profit or loss that meet definition of held for trading Common practice MonetaryInstant, Credit 800100
Deposits from customers at fair value through profit or loss, designated upon initial recognition or subsequently Common practice MonetaryInstant, Credit 800100
Derivative financial assets Common practice MonetaryInstant, Debit 800100
Derivative financial assets held for hedging Common practice MonetaryInstant, Debit 800100
Derivative financial assets held for trading Common practice MonetaryInstant, Debit 800100
Derivative financial liabilities Common practice MonetaryInstant, Credit 800100
Derivative financial liabilities held for hedging Common practice MonetaryInstant, Credit 800100
Derivative financial liabilities held for trading Common practice MonetaryInstant, Credit 800100
Dividend payables Common practice MonetaryInstant, Credit 800100
Equity instruments held Common practice MonetaryInstant, Debit 800100
Equity instruments held at fair value through profit or loss, classified as held for trading Common practice MonetaryInstant, Debit 800100
Equity instruments held at fair value through profit or loss, mandatorily measured at fair value, other than those classified as held for trading Common practice MonetaryInstant, Debit 800100
Finance lease receivables Common practice MonetaryInstant, Debit 800100
Financial assets at fair value through profit or loss, classified as held for trading Common practice MonetaryInstant, Debit 800100
Financial assets at fair value through profit or loss, mandatorily measured at fair value, other than those classified as held for trading Common practice MonetaryInstant, Debit 800100
Government grants Common practice MonetaryInstant, Credit 800100
Intangible assets and goodwill Common practice MonetaryInstant, Debit 800100, 823180
Investment contracts liabilities Common practice MonetaryInstant, Credit 800100
Investments for risk of policyholders Common practice MonetaryInstant, Debit 800100
Investments in associates accounted for using equity method Common practice MonetaryInstant, Debit 800100
Investments in joint ventures accounted for using equity method Common practice MonetaryInstant, Debit 800100
Investments other than investments accounted for using equity method Common practice MonetaryInstant, Debit 800100
Items in course of collection from other banks Common practice MonetaryInstant, Debit 800100
Items in course of transmission to other banks Common practice MonetaryInstant, Credit 800100
Liabilities due to central banks Common practice MonetaryInstant, Credit 800100
Loans and advances Common practice MonetaryInstant, Debit 800100
Loans and advances at amortised cost Common practice MonetaryInstant, Debit 800100
Loans and advances at amortised cost, allowance for expected credit losses Common practice MonetaryInstant, Credit 800100
Loans and advances at amortised cost, gross carrying amount Common practice MonetaryInstant, Debit 800100
Loans and advances at fair value through profit or loss, classified as held for trading Common practice MonetaryInstant, Debit 800100
Loans and advances at fair value through profit or loss, mandatorily measured at fair value, other than those classified as held for trading Common practice MonetaryInstant, Debit 800100
Loans and advances measured at fair value through other comprehensive income Common practice MonetaryInstant, Debit 800100
Loans and advances to banks Common practice MonetaryInstant, Debit 800100
Loans and advances to banks at amortised cost Common practice MonetaryInstant, Debit 800100
Loans and advances to banks at fair value through profit or loss, classified as held for trading Common practice MonetaryInstant, Debit 800100
Loans and advances to banks at fair value through profit or loss, mandatorily measured at fair value, other than those classified as held for trading Common practice MonetaryInstant, Debit 800100
Loans and advances to banks measured at fair value through other comprehensive income Common practice MonetaryInstant, Debit 800100
Loans and advances to central banks Common practice MonetaryInstant, Debit 800100
Loans and advances to customers Common practice MonetaryInstant, Debit 800100
Loans and advances to customers at amortised cost Common practice MonetaryInstant, Debit 800100
Loans and advances to customers at fair value through profit or loss, classified as held for trading Common practice MonetaryInstant, Debit 800100
Loans and advances to customers at fair value through profit or loss, mandatorily measured at fair value, other than those classified as held for trading Common practice MonetaryInstant, Debit 800100
Loans and advances to customers measured at fair value through other comprehensive income Common practice MonetaryInstant, Debit 800100
Loans and advances to other credit institutions Common practice MonetaryInstant, Debit 800100
Loans to government Common practice MonetaryInstant, Debit 800100
Long-term deposits Common practice MonetaryInstant, Debit 800100
Merger reserve Common practice MonetaryInstant, Credit 800100
Mortgage loans Common practice MonetaryInstant, Debit 800100
Net defined benefit asset Common practice MonetaryInstant, Debit 800100
Net defined benefit liability Common practice MonetaryInstant, Credit 800100
Non-current accruals and non-current deferred income including non-current contract liabilities Common practice MonetaryInstant, Credit IAS 1.78 Common practice 800100
Non-current accrued income including non-current contract assets Common practice MonetaryInstant, Debit IAS 1.78 Common practice 800100
Non-current accrued income other than non-current contract assets Common practice MonetaryInstant, Debit IAS 1.78 Common practice 800100
Non-current advances received, representing non-current contract liabilities for performance obligations satisfied at point in time Common practice MonetaryInstant, Credit IAS 1.78 Common practice 800100
Non-current contract liabilities for performance obligations satisfied over time Common practice MonetaryInstant, Credit IAS 1.78 Common practice 800100
Non-current debt instruments issued Common practice MonetaryInstant, Credit 800100
Non-current deferred income including non-current contract liabilities Common practice MonetaryInstant, Credit IAS 1.78 Common practice 800100
Non-current deferred income other than non-current contract liabilities Common practice MonetaryInstant, Credit IAS 1.78 Common practice 800100
Non-current deposits from customers Common practice MonetaryInstant, Credit 800100
Non-current derivative financial assets Common practice MonetaryInstant, Debit 800100
Non-current derivative financial liabilities Common practice MonetaryInstant, Credit 800100
Non-current dividend payables Common practice MonetaryInstant, Credit 800100
Non-current finance lease receivables Common practice MonetaryInstant, Debit 800100
Non-current financial assets at fair value through profit or loss, classified as held for trading Common practice MonetaryInstant, Debit 800100
Non-current government grants Common practice MonetaryInstant, Credit 800100
Non-current investments other than investments accounted for using equity method Common practice MonetaryInstant, Debit 800100
Non-current lease prepayments Common practice MonetaryInstant, Debit 800100
Non-current net defined benefit asset Common practice MonetaryInstant, Debit 800100
Non-current net defined benefit liability Common practice MonetaryInstant, Credit 800100
Non-current portion of non-current borrowings Common practice MonetaryInstant, Credit 800100
Non-current prepayments and non-current accrued income including non-current contract assets Common practice MonetaryInstant, Debit IAS 1.78 Common practice 800100
Non-current prepayments and non-current accrued income other than non-current contract assets Common practice MonetaryInstant, Debit IAS 1.78 Common practice 800100
Non-current programming assets Common practice MonetaryInstant, Debit 800100
Non-current restricted cash and cash equivalents Common practice MonetaryInstant, Debit 800100
Non-current warrant liability Common practice MonetaryInstant, Credit 800100
Other assets Common practice MonetaryInstant, Debit 800100
Other current assets Common practice MonetaryInstant, Debit 800100
Other current liabilities Common practice MonetaryInstant, Credit 800100
Other current non-financial assets Common practice MonetaryInstant, Debit 210000
Other current non-financial liabilities Common practice MonetaryInstant, Credit 210000
Other current payables Common practice MonetaryInstant, Credit 800100
Other liabilities Common practice MonetaryInstant, Credit 800100
Other non-current assets Common practice MonetaryInstant, Debit 800100
Other non-current liabilities Common practice MonetaryInstant, Credit 800100
Other non-current non-financial assets Common practice MonetaryInstant, Debit 210000
Other non-current non-financial liabilities Common practice MonetaryInstant, Credit 210000
Other non-current payables Common practice MonetaryInstant, Credit 800100
Other non-financial assets Common practice MonetaryInstant, Debit 220000
Other non-financial liabilities Common practice MonetaryInstant, Credit 220000
Other payables Common practice MonetaryInstant, Credit 800100
Prepayments and accrued income including contract assets Common practice MonetaryInstant, Debit IAS 1.78 Common practice 800100
Prepayments and accrued income other than contract assets Common practice MonetaryInstant, Debit IAS 1.78 Common practice 800100
Programming assets Common practice MonetaryInstant, Debit 800100
Property intended for sale in ordinary course of business Common practice MonetaryInstant, Debit 800100
Repurchase agreements and cash collateral on securities lent Common practice MonetaryInstant, Credit 800100
Reserve of equity component of convertible instruments Common practice MonetaryInstant, Credit 800100
Restricted cash and cash equivalents Common practice MonetaryInstant, Debit 800100
Reverse repurchase agreements and cash collateral on securities borrowed Common practice MonetaryInstant, Debit 800100
Short-term deposits, not classified as cash equivalents Common practice MonetaryInstant, Debit 800100
Statutory reserve Common practice MonetaryInstant, Credit 800100
Subordinated liabilities Common practice MonetaryInstant, Credit 800100
Subordinated liabilities at amortised cost Common practice MonetaryInstant, Credit 800100
Warrant liability Common practice MonetaryInstant, Credit 800100
Assets Disclosure MonetaryInstant, Debit IFRS 13.93 a Disclosure
IFRS 13.93 b Disclosure
IFRS 13.93 e Disclosure
IFRS 8.23 Disclosure
IFRS 8.28 c Disclosure
210000, 220000, 800100, 823000, 871100
Equity Disclosure MonetaryInstant, Credit IAS 1.78 e Disclosure
IFRS 1.24 a Disclosure
IFRS 1.32 a (i) Disclosure
IFRS 13.93 a Disclosure
IFRS 13.93 b Disclosure
IFRS 13.93 e Disclosure
210000, 220000, 610000, 819100, 823000
Equity and liabilities Disclosure MonetaryInstant, Credit 210000, 220000
Liabilities Disclosure MonetaryInstant, Credit IFRS 13.93 a Disclosure
IFRS 13.93 b Disclosure
IFRS 13.93 e Disclosure
IFRS 8.23 Disclosure
IFRS 8.28 d Disclosure
210000, 220000, 800100, 823000, 871100
E10

[IFRIC® Update, December 2020, Agenda Decision, ‘Supply Chain Financing Arrangements—Reverse Factoring’

The Committee received a request about reverse factoring arrangements. Specifically, the request asked:

a.

how an entity presents liabilities to pay for goods or services received when the related invoices are part of a reverse factoring arrangement; and

b.

what information about reverse factoring arrangements an entity is required to disclose in its financial statements.

In a reverse factoring arrangement, a financial institution agrees to pay amounts an entity owes to the entity’s suppliers and the entity agrees to pay the financial institution at the same date as, or a date later than, suppliers are paid.

Presentation in the statement of financial position

IAS 1 Presentation of Financial Statements specifies how an entity is required to present its liabilities in the statement of financial position.

Paragraph 54 of IAS 1 requires an entity to present ‘trade and other payables’ separately from other financial liabilities. ‘Trade and other payables’ are sufficiently different in nature or function from other financial liabilities to warrant separate presentation (paragraph 57 of IAS 1). Paragraph 55 of IAS 1 requires an entity to present additional line items (including by disaggregating the line items listed in paragraph 54) when such presentation is relevant to an understanding of the entity’s financial position. Consequently, an entity is required to determine whether to present liabilities that are part of a reverse factoring arrangement:

a.

within trade and other payables;

b.

within other financial liabilities; or

c.

as a line item separate from other items in its statement of financial position.

Paragraph 11(a) of IAS 37 Provisions, Contingent Liabilities and Contingent Assets states that ‘trade payables are liabilities to pay for goods or services that have been received or supplied and have been invoiced or formally agreed with the supplier’. Paragraph 70 of IAS 1 explains that ‘some current liabilities, such as trade payables… are part of the working capital used in the entity’s normal operating cycle’. The Committee therefore concluded that an entity presents a financial liability as a trade payable only when it:

a.

represents a liability to pay for goods or services;

b.

is invoiced or formally agreed with the supplier; and

c.

is part of the working capital used in the entity’s normal operating cycle.

Paragraph 29 of IAS 1 requires an entity to ‘present separately items of a dissimilar nature or function unless they are immaterial’. Paragraph 57 specifies that line items are included in the statement of financial position when the size, nature or function of an item (or aggregation of similar items) is such that separate presentation is relevant to an understanding of the entity’s financial position. Accordingly, the Committee concluded that, applying IAS 1, an entity presents liabilities that are part of a reverse factoring arrangement:

a.

as part of ‘trade and other payables’ only when those liabilities have a similar nature and function to trade payables—for example, when those liabilities are part of the working capital used in the entity’s normal operating cycle.

b.

separately when the size, nature or function of those liabilities makes separate presentation relevant to an understanding of the entity’s financial position. In assessing whether it is required to present such liabilities separately (including whether to disaggregate trade and other payables), an entity considers the amounts, nature and timing of those liabilities (paragraphs 55 and 58 of IAS 1).

The Committee observed that an entity assessing whether to present liabilities that are part of a reverse factoring arrangement separately might consider factors including, for example:

a.

whether additional security is provided as part of the arrangement that would not be provided without the arrangement.

b.

the extent to which the terms of liabilities that are part of the arrangement differ from the terms of the entity’s trade payables that are not part of the arrangement.

Derecognition of a financial liability

An entity assesses whether and when to derecognise a liability that is (or becomes) part of a reverse factoring arrangement applying the derecognition requirements in IFRS 9 Financial Instruments.

An entity that derecognises a trade payable to a supplier and recognises a new financial liability to a financial institution applies IAS 1 in determining how to present that new liability in its statement of financial position (see ‘Presentation in the statement of financial position’).

...

Notes to the financial statements

...

An entity applies judgement in determining whether to provide additional disclosures in the notes about the effect of reverse factoring arrangements on its financial position, financial performance and cash flows. The Committee observed that:

a.

assessing how to present liabilities and cash flows related to reverse factoring arrangements may involve judgement. An entity discloses the judgements that management has made in this respect if they are among the judgements made that have the most significant effect on the amounts recognised in the financial statements (paragraph 122 of IAS 1).

b.

reverse factoring arrangements may have a material effect on an entity’s financial statements. An entity provides information about reverse factoring arrangements in its financial statements to the extent that such information is relevant to an understanding of any of those financial statements (paragraph 112 of IAS 1).

The Committee noted that making materiality judgements involves both quantitative and qualitative considerations.

...

The Committee concluded that the principles and requirements in IFRS Standards provide an adequate basis for an entity to determine the presentation of liabilities that are part of reverse factoring arrangements, the presentation of the related cash flows, and the information to disclose in the notes about, for example, liquidity risks that arise in such arrangements. Consequently, the Committee decided not to add a standard-setting project on these matters to the work plan.] 

55A

When an entity presents subtotals in accordance with paragraph 55, those subtotals shall:

(a)

be comprised of line items made up of amounts recognised and measured in accordance with IFRS;

(b)

be presented and labelled in a manner that makes the line items that constitute the subtotal clear and understandable;

(c)

be consistent from period to period, in accordance with paragraph 45; and

(d)

not be displayed with more prominence than the subtotals and totals required in IFRS for the statement of financial position.

56

When an entity presents current and non‑current assets, [Refer:paragraphs 60⁠–⁠68] and current and non‑current liabilities, [Refer:paragraphs 69⁠–⁠76] as separate classifications in its statement of financial position, it shall not classify deferred tax assets (liabilities) as current assets (liabilities).

Deferred tax assets Disclosure MonetaryInstant, Debit IAS 1.54 o Disclosure
IAS 12.81 g (i) Disclosure
210000, 220000, 835110
Deferred tax liabilities Disclosure MonetaryInstant, Credit IAS 1.54 o Disclosure
IAS 12.81 g (i) Disclosure
210000, 220000, 835110

57

This Standard does not prescribe the order or format in which an entity presents items. Paragraph 54 simply lists items that are sufficiently different in nature or function to warrant separate presentation in the statement of financial position. In addition:

(a)

line items are included when the size, nature or function of an item or aggregation of similar items is such that separate presentation is relevant to an understanding of the entity’s financial position; [Refer:Conceptual Framework paragraphs 1.12-1.14] and

(b)

the descriptions used and the ordering of items or aggregation of similar items may be amended according to the nature of the entity and its transactions, to provide information that is relevant to an understanding of the entity’s financial position. For example, a financial institution may amend the above descriptions to provide information that is relevant to the operations of a financial institution.

58

An entity makes the judgement about whether to present additional items separately on the basis of an assessment of:

(a)

the nature and liquidity of assets;

(b)

the function of assets within the entity; and

(c)

the amounts, nature and timing of liabilities.

59

The use of different measurement bases [Refer:Conceptual Framework paragraphs 6.4-6.22] for different classes of assets suggests that their nature or function differs and, therefore, that an entity presents them as separate line items. For example, different classes of property, plant and equipment [Refer:IAS 16 paragraph 37] can be carried at cost [Refer:IAS 16 paragraph 30] or at revalued amounts [Refer:IAS 16 paragraph 31] in accordance with IAS 16.

Current/non‑current distinction

60

An entity shall present current and non-current assets, and current and non-current liabilities, as separate classifications in its statement of financial position in accordance with paragraphs 66⁠–⁠76B except when a presentation based on liquidity provides information that is reliableE11 and more relevant. When that exception applies, an entity shall present all assets and liabilities in order of liquidity.

E11

[The term ‘faithful representation’, which was used in the Conceptual Framework issued in 2010 and is also used in the revised version of the Conceptual Framework issued in 2018, encompasses the main characteristics that the Framework called ‘reliability’ (refer Conceptual Framework paragraphs 2.12⁠–⁠2.19 and Basis for Conclusions paragraphs BC2.21⁠–⁠BC2.31 and IAS 1 Basis for Conclusions paragraph BC105J).]

61

Whichever method of presentation is adopted, an entity shall disclose the amount expected to be recovered or settled after more than twelve months for each asset and liability line item that combines amounts expected to be recovered or settled:

(a)

no more than twelve months after the reporting period, and

Not later than one year [member] Disclosure IFRS 16.94 Disclosure
IFRS 16.97 Disclosure
IFRS 17.132 b Disclosure
IFRS 7.B11 Example
IFRS 7.IG31A Example
810000, 822390, 832610, 836600

(b)

more than twelve months after the reporting period.

Later than one year [member] Disclosure 810000, 822390
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [table] Disclosure 810000
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [text block] Disclosure Text block 810000
Maturity [axis] Disclosure IAS 19.147 c Example
IFRS 15.120 b (i) Disclosure
IFRS 16.94 Disclosure
IFRS 16.97 Disclosure
IFRS 17.109 Disclosure
IFRS 17.109A Disclosure
IFRS 17.120 Disclosure
IFRS 17.132 b Disclosure
IFRS 7.23B a Disclosure
IFRS 7.42E e Disclosure
IFRS 7.B11 Example
810000, 822390, 831150, 832610, 834480, 836600, 880000, 990000
Maturity [domain] Disclosure IAS 19.147 c Example
IFRS 15.120 b (i) Disclosure
IFRS 16.94 Disclosure
IFRS 16.97 Disclosure
IFRS 17.109 Disclosure
IFRS 17.109A Disclosure
IFRS 17.120 Disclosure
IFRS 17.132 b Disclosure
IFRS 7.23B a Disclosure
IFRS 7.B11 Example
IFRS 7.B35 Example
810000, 822390, 831150, 832610, 834480, 836600, 880000, 990000

62

When an entity supplies goods or services within a clearly identifiable operating cycle, [Refer:paragraph 68] separate classification of current and non‑current assets and liabilities in the statement of financial position provides useful information by distinguishing the net assets that are continuously circulating as working capital from those used in the entity’s long‑term operations. It also highlights assets that are expected to be realised within the current operating cycle, and liabilities that are due for settlement within the same period.

63

For some entities, such as financial institutions, a presentation of assets and liabilities in increasing or decreasing order of liquidity provides information that is reliableE12 and more relevant [Refer:Conceptual Framework paragraphs 2.6-2.11] than a current/non‑current presentation because the entity does not supply goods or services within a clearly identifiable operating cycle [Refer:paragraph 68].

E12

[The term ‘faithful representation’, which was used in the Conceptual Framework issued in 2010 and is also used in the revised version of the Conceptual Framework issued in 2018, encompasses the main characteristics that the Framework called ‘reliability’ (refer Conceptual Framework paragraphs 2.12⁠–⁠2.19 and Basis for Conclusions paragraphs BC2.21⁠–⁠BC2.31 and IAS 1 Basis for Conclusions paragraph BC105J).]

64

In applying paragraph 60, an entity is permitted to present some of its assets and liabilities using a current/non‑current classification and others in order of liquidity when this provides information that is reliableE13 and more relevant. [Refer:Conceptual Framework paragraphs 2.6-2.11] The need for a mixed basis of presentation might arise when an entity has diverse operations.

E13

[The term ‘faithful representation’, which was used in the Conceptual Framework issued in 2010 and is also used in the revised version of the Conceptual Framework issued in 2018, encompasses the main characteristics that the Framework called ‘reliability’ (refer Conceptual Framework paragraphs 2.12⁠–⁠2.19 and Basis for Conclusions paragraphs BC2.21⁠–⁠BC2.31 and IAS 1 Basis for Conclusions paragraph BC105J).]

65

Information about expected dates of realisation of assets and liabilities is useful in assessing the liquidity and solvency of an entity. IFRS 7 Financial Instruments: Disclosures requires disclosure of the maturity dates of financial assets and financial liabilities. Financial assets include trade and other receivables, and financial liabilities include trade and other payables. Information on the expected date of recovery of non‑monetary assets such as inventories and expected date of settlement for liabilities such as provisions is also useful, whether assets and liabilities are classified as current or as non‑current. For example, an entity discloses the amount of inventories that are expected to be recovered more than twelve months after the reporting period.

Current assets

66

An entity shall classify an asset as current when:

(a)

it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle;E14

(b)

it holds the asset primarily for the purpose of trading;

(c)

it expects to realise the asset within twelve months after the reporting period; or

(d)

the asset is cash or a cash equivalent (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.E15

An entity shall classify all other assets as non‑current.

Current assets Disclosure MonetaryInstant, Debit IFRS 12.B10 b Example
IFRS 12.B12 b (i) Disclosure
210000, 800100, 825700, 842000
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners Disclosure MonetaryInstant, Debit 210000
Non-current assets Disclosure MonetaryInstant, Debit IFRS 12.B10 b Example
IFRS 12.B12 b (ii) Disclosure
210000, 825700, 842000
E14

[IFRIC® Update, June 2005, Agenda Decision, ‘IAS 1 Normal operating cycle’

The IFRIC considered an issue regarding the classification of current and non⁠–⁠current assets by reference to an entity's normal operating cycle. It was asked whether the guidance in paragraph 57(a) (now paragraph 66(a)) of IAS 1 was applicable only if an entity had a predominant operating cycle. This is particularly relevant to the inventories of conglomerates which, on a narrow reading of the wording, might always have to refer to the twelve⁠–⁠month criterion in paragraph 57(c) (now paragraph 66(c)) of IAS 1, rather than the operating cycle criterion.

The IFRIC decided not to consider the question further because, in its view, it was clear that the wording should be read in both the singular and the plural and that it was the nature of inventories in relation to the operating cycle that was relevant to classification. Furthermore, if inventories of different cycles were held, and it was material to readers' understanding of an entity's financial position, then the general requirement in paragraph 71 (now paragraph 57) of IAS 1 already required disclosure of further information.]

E15

[IFRIC® Update, March 2022, Agenda Decision, IAS 7 Statement of Cash Flows—Demand Deposits with Restrictions on Use arising from a Contract with a Third Party’

The Committee received a request about whether an entity includes a demand deposit as a component of cash and cash equivalents in its statements of cash flows and financial position when the demand deposit is subject to contractual restrictions on use agreed with a third party.

The Committee concluded that the principles and requirements in IFRS Accounting Standards provide an adequate basis for an entity to determine whether to include demand deposits subject to contractual restrictions on use agreed with a third party as a component of cash and cash equivalents in its statements of cash flows and financial position. Consequently, the Committee decided not to add a standard-setting project to the work plan.

[The full text of the agenda decision is reproduced after paragraph 6 of IAS 7.]]

67

This Standard uses the term ‘non‑current’ to include tangible, intangible and financial assets of a long‑term nature. It does not prohibit the use of alternative descriptions as long as the meaning is clear.

68

The operating cycle of an entity is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. When the entity’s normal operating cycle is not clearly identifiable, it is assumed to be twelve months. Current assets include assets (such as inventories and trade receivables) that are sold, consumed or realised as part of the normal operating cycle even when they are not expected to be realised within twelve months after the reporting period. Current assets also include assets held primarily for the purpose of trading (examples include some financial assets that meet the definition of held for trading in IFRS 9) and the current portion of non-current financial assets.

Current inventories Example MonetaryInstant, Debit IAS 1.54 g Disclosure
IAS 2.36 b Disclosure
210000, 800100, 810000
Current trade receivables Example MonetaryInstant, Debit IAS 1.78 b Example 800100, 810000

Current liabilities

69

An entity shall classify a liability as current when:

(a)

it expects to settle the liability in its normal operating cycle;

(b)

it holds the liability primarily for the purpose of trading;

(c)

the liability is due to be settled within twelve months after the reporting period; or

(d)

it does not have the right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period.

An entity shall classify all other liabilities as non‑current.

Current liabilities Disclosure MonetaryInstant, Credit IFRS 12.B10 b Example
IFRS 12.B12 b (iii) Disclosure
210000, 800100, 825700, 842000
Current liabilities other than liabilities included in disposal groups classified as held for sale Disclosure MonetaryInstant, Credit 210000
Non-current liabilities Disclosure MonetaryInstant, Credit IFRS 12.B10 b Example
IFRS 12.B12 b (iv) Disclosure
210000, 825700, 842000
Normal operating cycle (paragraph 69(a))

70

Some current liabilities, such as trade payables and some accruals for employee and other operating costs, are part of the working capital used in the entity’s normal operating cycle. An entity classifies such operating items as current liabilities even if they are due to be settled more than twelve months after the reporting period. The same normal operating cycle applies to the classification of an entity’s assets and liabilities. When the entity’s normal operating cycle is not clearly identifiable, it is assumed to be twelve months.

Current trade payables Example MonetaryInstant, Credit IAS 1.78 Common practice 800100, 810000
Held primarily for the purpose of trading (paragraph 69(b)) or due to be settled within twelve months (paragraph 69(c))

71

Other current liabilities are not settled as part of the normal operating cycle, but are due for settlement within twelve months after the reporting period or held primarily for the purpose of trading. Examples are some financial liabilities that meet the definition of held for trading in IFRS 9, bank overdrafts, and the current portion of non-current financial liabilities, dividends payable, income taxes and other non-trade payables. Financial liabilities that provide financing on a long-term basis (ie are not part of the working capital used in the entity’s normal operating cycle) and are not due for settlement within twelve months after the reporting period are non-current liabilities, subject to paragraphs 72A⁠–⁠75.

72

An entity classifies its financial liabilities as current when they are due to be settled within twelve months after the reporting period, even if:

(a)

the original term was for a period longer than twelve months, and

(b)

an agreement to refinance, or to reschedule payments, on a long‑term basis is completed after the reporting period and before the financial statements are authorised for issue.

Right to defer settlement for at least twelve months (paragraph 69(d))

72A

An entity’s right to defer settlement of a liability for at least twelve months after the reporting period must have substance and, as illustrated in paragraphs 72B⁠–⁠75, must exist at the end of the reporting period.

72B

An entity’s right to defer settlement of a liability arising from a loan arrangement for at least twelve months after the reporting period may be subject to the entity complying with conditions specified in that loan arrangement (hereafter referred to as ‘covenants’). For the purposes of applying paragraph 69(d), such covenants:

(a)

affect whether that right exists at the end of the reporting period—as illustrated in paragraphs 74⁠⁠–⁠75—if an entity is required to comply with the covenant on or before the end of the reporting period. Such a covenant affects whether the right exists at the end of the reporting period even if compliance with the covenant is assessed only after the reporting period (for example, a covenant based on the entity’s financial position at the end of the reporting period but assessed for compliance only after the reporting period).

(b)

do not affect whether that right exists at the end of the reporting period if an entity is required to comply with the covenant only after the reporting period (for example, a covenant based on the entity’s financial position six months after the end of the reporting period).

[Refer:paragraph 76ZA]

73

If an entity has the right, at the end of the reporting period, to roll over an obligation for at least twelve months after the reporting period under an existing loan facility, it classifies the obligation as non‑current, even if it would otherwise be due within a shorter period. If the entity has no such right, the entity does not consider the potential to refinance the obligation and classifies the obligation as current.

74

When an entity breaches a covenant of a long-term loan arrangement on or before the end of the reporting period with the effect that the liability becomes payable on demand, it classifies the liability as current, even if the lender agreed, after the reporting period and before the authorisation of the financial statements for issue,[Refer:IAS 10 paragraphs 3⁠–⁠7] not to demand payment as a consequence of the breach. An entity classifies the liability as current because, at the end of the reporting period, it does not have the right to defer its settlement for at least twelve months after that date.

75

However, an entity classifies the liability as non‑current if the lender agreed by the end of the reporting period to provide a period of grace ending at least twelve months after the reporting period, within which the entity can rectify the breach and during which the lender cannot demand immediate repayment.

75A

Classification of a liability is unaffected by the likelihood that the entity will exercise its right to defer settlement of the liability for at least twelve months after the reporting period. If a liability meets the criteria in paragraph 69 for classification as non-current, it is classified as non-current even if management intends or expects the entity to settle the liability within twelve months after the reporting period, or even if the entity settles the liability between the end of the reporting period and the date the financial statements are authorised for issue. However, in either of those circumstances, the entity may need to disclose information about the timing of settlement to enable users of its financial statements to understand the impact of the liability on the entity’s financial position (see paragraphs 17(c) and 76(d)).

76

If the following events occur between the end of the reporting period and the date the financial statements are authorised for issue, [Refer:IAS 10 paragraphs 3⁠–⁠7] those events are disclosed as non‑adjusting events in accordance with IAS 10 Events after the Reporting Period:

(a)

refinancing on a long‑term basis of a liability classified as current (see paragraph 72);

(b)

rectification of a breach of a long‑term loan arrangement classified as current (see paragraph 74);

(c)

the granting by the lender of a period of grace to rectify a breach of a long‑term loan arrangement classified as current (see paragraph 75); and

(d)

settlement of a liability classified as non-current (see paragraph 75A).

76ZA

In applying paragraphs 69⁠–⁠75, an entity might classify liabilities arising from loan arrangements as non-current when the entity’s right to defer settlement of those liabilities is subject to the entity complying with covenants within twelve months after the reporting period (see paragraph 72B(b)). In such situations, the entity shall disclose information in the notes that enables users of financial statements to understand the risk that the liabilities could become repayable within twelve months after the reporting period, including:

(a)

information about the covenants (including the nature of the covenants and when the entity is required to comply with them) and the carrying amount of related liabilities.

Carrying amount of non-current liabilities with covenants Disclosure MonetaryInstant, Credit 810000, 822390
Disclosure of information about covenants related to non-current liabilities including facts and circumstances indicating entity may have difficulty complying with covenants [text block] Disclosure Text block IAS 1.76ZA b Disclosure 810000, 822390

(b)

facts and circumstances, if any, that indicate the entity may have difficulty complying with the covenants—for example, the entity having acted during or after the reporting period to avoid or mitigate a potential breach. Such facts and circumstances could also include the fact that the entity would not have complied with the covenants if they were to be assessed for compliance based on the entity’s circumstances at the end of the reporting period.

Disclosure of information about covenants related to non-current liabilities including facts and circumstances indicating entity may have difficulty complying with covenants [text block] Disclosure Text block IAS 1.76ZA a Disclosure 810000, 822390
Entity may have difficulty complying with covenants related to non-current liabilities Disclosure True/False 810000

[Note:Paragraphs 81⁠–⁠83 of IFRS Practice Statement 2 Making Materiality Judgements provides non-mandatory guidance on assessing the materiality of information about covenants.]
Disclosure of information about non-current liabilities with covenants [table] Disclosure 810000, 822390
Disclosure of information about non-current liabilities with covenants [text block] Disclosure Text block 810000, 822390
Types of non-current liabilities with covenants [axis] Disclosure 810000, 822390, 990000
Types of non-current liabilities with covenants [domain] Disclosure 810000, 822390, 990000
Settlement (paragraphs 69(a), 69(c) and 69(d))

76A

For the purpose of classifying a liability as current or non-current, settlement refers to a transfer to the counterparty that results in the extinguishment of the liability. The transfer could be of:

(a)

cash or other economic resources—for example, goods or services; or

(b)

the entity’s own equity instruments, unless paragraph 76B applies.

76B

Terms of a liability that could, at the option of the counterparty, result in its settlement by the transfer of the entity’s own equity instruments do not affect its classification as current or non-current if, applying IAS 32 Financial Instruments: Presentation, the entity classifies the option as an equity instrument, recognising it separately from the liability as an equity component of a compound financial instrument. [Refer:IAS 32 paragraph 28]

Information to be presented either in the statement of financial position or in the notes

77

An entity shall disclose, either in the statement of financial position or in the notes, further subclassifications of the line items presented, classified in a manner appropriate to the entity’s operations.

78

The detail provided in subclassifications depends on the requirements of IFRSs and on the size, nature and function of the amounts involved. An entity also uses the factors set out in paragraph 58 to decide the basis of subclassification. The disclosures vary for each item, for example:

(a)

items of property, plant and equipment are disaggregated into classes in accordance with IAS 16;

(b)

receivables are disaggregated into amounts receivable from trade customers, receivables from related parties, prepayments and other amounts;

Current prepayments Example MonetaryInstant, Debit 800100
Current receivables due from related parties Example MonetaryInstant, Debit 800100
Current trade receivables Example MonetaryInstant, Debit IAS 1.68 Example 800100, 810000
Non-current prepayments Example MonetaryInstant, Debit 800100
Non-current receivables due from related parties Example MonetaryInstant, Debit 800100
Non-current trade receivables Example MonetaryInstant, Debit 800100
Other current receivables Example MonetaryInstant, Debit 800100
Other non-current receivables Example MonetaryInstant, Debit 800100
Other receivables Example MonetaryInstant, Debit 800100
Prepayments Example MonetaryInstant, Debit 800100
Receivables due from related parties Example MonetaryInstant, Debit 800100
Trade receivables Example MonetaryInstant, Debit 800100
Current receivables due from associates Common practice MonetaryInstant, Debit 800100
Current receivables due from joint ventures Common practice MonetaryInstant, Debit 800100
Current receivables from rental of properties Common practice MonetaryInstant, Debit 800100
Current receivables from sale of properties Common practice MonetaryInstant, Debit 800100
Current receivables from taxes other than income tax Common practice MonetaryInstant, Debit 800100
Current value added tax receivables Common practice MonetaryInstant, Debit 800100
Non-current receivables due from associates Common practice MonetaryInstant, Debit 800100
Non-current receivables due from joint ventures Common practice MonetaryInstant, Debit 800100
Non-current receivables from rental of properties Common practice MonetaryInstant, Debit 800100
Non-current receivables from sale of properties Common practice MonetaryInstant, Debit 800100
Non-current receivables from taxes other than income tax Common practice MonetaryInstant, Debit 800100
Non-current value added tax receivables Common practice MonetaryInstant, Debit 800100
Receivables due from associates Common practice MonetaryInstant, Debit 800100
Receivables due from joint ventures Common practice MonetaryInstant, Debit 800100
Receivables from rental of properties Common practice MonetaryInstant, Debit 800100
Receivables from sale of properties Common practice MonetaryInstant, Debit 800100
Receivables from taxes other than income tax Common practice MonetaryInstant, Debit 800100
Value added tax receivables Common practice MonetaryInstant, Debit 800100
Trade and other current receivables Disclosure MonetaryInstant, Debit IAS 1.54 h Disclosure 210000, 800100
Trade and other non-current receivables Disclosure MonetaryInstant, Debit IAS 1.54 h Disclosure 210000, 800100
Trade and other receivables Disclosure MonetaryInstant, Debit IAS 1.54 h Disclosure 220000, 800100

(c)

inventories are disaggregated, in accordance with IAS 2 Inventories, into classifications such as merchandise, production supplies, materials, work in progress and finished goods; [Refer:IAS 2 paragraph 37]

Current finished goods Example MonetaryInstant, Debit IAS 2.37 Common practice 800100
Current merchandise Example MonetaryInstant, Debit IAS 2.37 Common practice 800100
Current production supplies Example MonetaryInstant, Debit IAS 2.37 Common practice 800100
Current raw materials Example MonetaryInstant, Debit IAS 2.37 Common practice 800100
Current work in progress Example MonetaryInstant, Debit IAS 2.37 Common practice 800100

(d)

provisions are disaggregated into provisions for employee benefits and other items; and

Current provisions for employee benefits Disclosure MonetaryInstant, Credit 210000
Non-current provisions for employee benefits Disclosure MonetaryInstant, Credit 210000
Other current provisions Disclosure MonetaryInstant, Credit 210000, 800100
Other non-current provisions Disclosure MonetaryInstant, Credit 210000, 800100
Other provisions Disclosure MonetaryInstant, Credit IAS 37.84 a Disclosure 220000, 800100, 827570
Provisions for employee benefits Disclosure MonetaryInstant, Credit 220000
Current miscellaneous other provisions Common practice MonetaryInstant, Credit 800100
Miscellaneous other provisions Common practice MonetaryInstant, Credit 800100
Non-current miscellaneous other provisions Common practice MonetaryInstant, Credit 800100

(e)

equity capital and reserves are disaggregated into various classes, such as paid‑in capital, share premium and reserves.

Issued capital, ordinary shares Common practice MonetaryInstant, Credit 800100
Issued capital, preference shares Common practice MonetaryInstant, Credit 800100
Reserve of cash flow hedges Common practice MonetaryInstant, Credit IFRS 9.6.5.11 Disclosure 800100
Reserve of change in fair value of financial liability attributable to change in credit risk of liability Common practice MonetaryInstant, Credit 800100
Reserve of change in value of foreign currency basis spreads Common practice MonetaryInstant, Credit IFRS 9.6.5.16 Disclosure 800100
Reserve of change in value of forward elements of forward contracts Common practice MonetaryInstant, Credit IFRS 9.6.5.16 Disclosure 800100
Reserve of change in value of time value of options Common practice MonetaryInstant, Credit IFRS 9.6.5.15 Disclosure 800100
Reserve of finance income (expenses) from reinsurance contracts held excluded from profit or loss Common practice MonetaryInstant, Credit 800100
Reserve of gains and losses from investments in equity instruments Common practice MonetaryInstant, Credit 800100
Reserve of gains and losses on financial assets measured at fair value through other comprehensive income Common practice MonetaryInstant, Credit 800100
Reserve of gains and losses on hedging instruments that hedge investments in equity instruments Common practice MonetaryInstant, Credit 800100
Reserve of insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will be reclassified to profit or loss Common practice MonetaryInstant, Credit 800100
Reserve of insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will not be reclassified to profit or loss Common practice MonetaryInstant, Credit 800100
Reserve of remeasurements of defined benefit plans Common practice MonetaryInstant, Credit 800100
Reserve of share-based payments Common practice MonetaryInstant, Credit 800100
Retained earnings, excluding profit (loss) for reporting period Common practice MonetaryInstant, Credit 800100
Retained earnings, profit (loss) for reporting period Common practice MonetaryInstant, Credit 800100
Warrant reserve Common practice MonetaryInstant, Credit 800100
Issued capital Example MonetaryInstant, Credit 210000, 220000, 800100
Other equity interest Example MonetaryInstant, Credit 210000, 220000
Other reserves Example MonetaryInstant, Credit 210000, 220000
Retained earnings Example MonetaryInstant, Credit IAS 1.IG6 Example 210000, 220000, 800100
Share premium Example MonetaryInstant, Credit 210000, 220000
Treasury shares Example MonetaryInstant, Debit IAS 32.34 Disclosure 210000, 220000
Equity Disclosure MonetaryInstant, Credit IAS 1.55 Disclosure
IFRS 1.24 a Disclosure
IFRS 1.32 a (i) Disclosure
IFRS 13.93 a Disclosure
IFRS 13.93 b Disclosure
IFRS 13.93 e Disclosure
210000, 220000, 610000, 819100, 823000
Accruals Common practice MonetaryInstant, Credit 800100
Accruals and deferred income including contract liabilities Common practice MonetaryInstant, Credit IAS 1.55 Common practice 800100
Accruals classified as current Common practice MonetaryInstant, Credit 800100
Accruals classified as non-current Common practice MonetaryInstant, Credit 800100
Accrued income including contract assets Common practice MonetaryInstant, Debit IAS 1.55 Common practice 800100
Accrued income other than contract assets Common practice MonetaryInstant, Debit IAS 1.55 Common practice 800100
Advances received, representing contract liabilities for performance obligations satisfied at point in time Common practice MonetaryInstant, Credit IAS 1.55 Common practice 800100
Contract liabilities for performance obligations satisfied over time Common practice MonetaryInstant, Credit IAS 1.55 Common practice 800100
Current accruals and current deferred income including current contract liabilities Common practice MonetaryInstant, Credit IAS 1.55 Common practice 800100
Current accrued income including current contract assets Common practice MonetaryInstant, Debit IAS 1.55 Common practice 800100
Current accrued income other than current contract assets Common practice MonetaryInstant, Debit IAS 1.55 Common practice 800100
Current advances received, representing current contract liabilities for performance obligations satisfied at point in time Common practice MonetaryInstant, Credit IAS 1.55 Common practice 800100
Current contract liabilities for performance obligations satisfied over time Common practice MonetaryInstant, Credit IAS 1.55 Common practice 800100
Current deferred income including current contract liabilities Common practice MonetaryInstant, Credit IAS 1.55 Common practice 800100
Current deferred income other than current contract liabilities Common practice MonetaryInstant, Credit IAS 1.55 Common practice 800100
Current excise tax payables Common practice MonetaryInstant, Credit 800100
Current payables for purchase of energy Common practice MonetaryInstant, Credit 800100
Current payables for purchase of non-current assets Common practice MonetaryInstant, Credit 800100
Current payables on social security and taxes other than income tax Common practice MonetaryInstant, Credit 800100
Current payables to related parties Common practice MonetaryInstant, Credit 800100
Current prepayments and current accrued income including current contract assets Common practice MonetaryInstant, Debit IAS 1.55 Common practice 800100
Current prepayments and current accrued income other than current contract assets Common practice MonetaryInstant, Debit IAS 1.55 Common practice 800100
Current retention payables Common practice MonetaryInstant, Credit 800100
Current trade payables Common practice MonetaryInstant, Credit IAS 1.70 Example 800100, 810000
Current value added tax payables Common practice MonetaryInstant, Credit 800100
Deferred income including contract liabilities Common practice MonetaryInstant, Credit IAS 1.55 Common practice 800100
Deferred income other than contract liabilities Common practice MonetaryInstant, Credit IAS 1.55 Common practice 800100
Excise tax payables Common practice MonetaryInstant, Credit 800100
Non-current accruals and non-current deferred income including non-current contract liabilities Common practice MonetaryInstant, Credit IAS 1.55 Common practice 800100
Non-current accrued income including non-current contract assets Common practice MonetaryInstant, Debit IAS 1.55 Common practice 800100
Non-current accrued income other than non-current contract assets Common practice MonetaryInstant, Debit IAS 1.55 Common practice 800100
Non-current advances received, representing non-current contract liabilities for performance obligations satisfied at point in time Common practice MonetaryInstant, Credit IAS 1.55 Common practice 800100
Non-current contract liabilities for performance obligations satisfied over time Common practice MonetaryInstant, Credit IAS 1.55 Common practice 800100
Non-current deferred income including non-current contract liabilities Common practice MonetaryInstant, Credit IAS 1.55 Common practice 800100
Non-current deferred income other than non-current contract liabilities Common practice MonetaryInstant, Credit IAS 1.55 Common practice 800100
Non-current excise tax payables Common practice MonetaryInstant, Credit 800100
Non-current payables for purchase of energy Common practice MonetaryInstant, Credit 800100
Non-current payables for purchase of non-current assets Common practice MonetaryInstant, Credit 800100
Non-current payables on social security and taxes other than income tax Common practice MonetaryInstant, Credit 800100
Non-current payables to related parties Common practice MonetaryInstant, Credit 800100
Non-current prepayments and non-current accrued income including non-current contract assets Common practice MonetaryInstant, Debit IAS 1.55 Common practice 800100
Non-current prepayments and non-current accrued income other than non-current contract assets Common practice MonetaryInstant, Debit IAS 1.55 Common practice 800100
Non-current retention payables Common practice MonetaryInstant, Credit 800100
Non-current trade payables Common practice MonetaryInstant, Credit 800100
Non-current value added tax payables Common practice MonetaryInstant, Credit 800100
Payables for purchase of energy Common practice MonetaryInstant, Credit 800100
Payables for purchase of non-current assets Common practice MonetaryInstant, Credit 800100
Payables on social security and taxes other than income tax Common practice MonetaryInstant, Credit 800100
Payables to related parties Common practice MonetaryInstant, Credit 800100
Prepayments and accrued income including contract assets Common practice MonetaryInstant, Debit IAS 1.55 Common practice 800100
Prepayments and accrued income other than contract assets Common practice MonetaryInstant, Debit IAS 1.55 Common practice 800100
Rent deferred income Common practice MonetaryInstant, Credit 800100
Rent deferred income classified as current Common practice MonetaryInstant, Credit 800100
Rent deferred income classified as non-current Common practice MonetaryInstant, Credit 800100
Retention payables Common practice MonetaryInstant, Credit 800100
Short-term employee benefits accruals Common practice MonetaryInstant, Credit 800100
Trade payables Common practice MonetaryInstant, Credit 800100
Value added tax payables Common practice MonetaryInstant, Credit 800100

79

An entity shall disclose the following, either in the statement of financial position or the statement of changes in equity, or in the notes:

(a)

for each class of share capital:

(i)

the number of shares authorised;

Number of shares authorised Disclosure Shares 861200

(ii)

the number of shares issued and fully paid, and issued but not fully paid;

Number of shares issued and fully paid Disclosure Shares 861200
Number of shares issued but not fully paid Disclosure Shares 861200

(iii)

par value per share, or that the shares have no par value;

Explanation of fact that shares have no par value Disclosure Text 861200
Par value per share Disclosure Per share 861200
Shares have no par value Disclosure True/False 861200

(iv)

a reconciliation of the number of shares outstanding at the beginning and at the end of the period;

Increase (decrease) in number of shares outstanding Disclosure Shares 861200
Number of shares outstanding Disclosure Shares 861200

(v)

the rights, preferences and restrictions attaching to that class including restrictions on the distribution of dividends and the repayment of capital;

Rights, preferences and restrictions attaching to class of share capital Disclosure Text 861200

(vi)

shares in the entity held by the entity or by its subsidiaries or associates; and

Number of shares in entity held by entity or by its subsidiaries or associates Disclosure Shares 861200

(vii)

shares reserved for issue under options and contracts for the sale of shares, including terms and amounts; and

Description of terms of shares reserved for issue under options and contracts for sale of shares Disclosure Text 861200
Number of shares reserved for issue under options and contracts for sale of shares Disclosure Shares 861200
Classes of share capital [axis] Disclosure 610000, 861200, 990000
Classes of share capital [domain] Disclosure 610000, 861200, 990000
Disclosure of classes of share capital [table] Disclosure 861200
Disclosure of classes of share capital [text block] Disclosure Text block 861200
Ordinary shares [member] Common practice 610000, 861200
Preference shares [member] Common practice 610000, 861200

(b)

a description of the nature and purpose of each reserve within equity.

Description of nature and purpose of reserves within equity Disclosure Text 861200
Disclosure of reserves within equity [table] Disclosure 861200
Disclosure of reserves within equity [text block] Disclosure Text block 800500, 861200
Reserves within equity [axis] Disclosure 861200, 990000
Reserves within equity [domain] Disclosure 861200, 990000
Disclosure of share capital, reserves and other equity interest [text block] Disclosure Text block 800500, 861200

80

An entity without share capital, such as a partnership or trust, shall disclose information equivalent to that required by paragraph 79(a), showing changes during the period in each category of equity interest, and the rights, preferences and restrictions attaching to each category of equity interest.

Description of rights, preferences and restrictions attaching to category of equity interest by entity without share capital Disclosure Text 861200

80A

If an entity has reclassified

(a)

a puttable financial instrument classified as an equity instrument, or

(b)

an instrument that imposes on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and is classified as an equity instrument

between financial liabilities and equity, it shall disclose the amount reclassified into and out of each category (financial liabilities or equity), and the timing and reason for that reclassification.

Description of timing and reason of reclassification between financial liabilities and equity Disclosure Text 810000
Equity reclassified into financial liabilities Disclosure MonetaryDuration 810000
Financial liabilities reclassified into equity Disclosure MonetaryDuration 810000

Statement of profit or loss and other comprehensive income

81

[Deleted]

81A

The statement of profit or loss and other comprehensive income (statement of comprehensive income) shall present, in addition to the profit or loss and other comprehensive income sections:

(a)

profit or loss;

Profit (loss) Disclosure MonetaryDuration, Credit IAS 1.106 d (i) Disclosure
IAS 7.18 b Disclosure
IFRS 1.24 b Disclosure
IFRS 1.32 a (ii) Disclosure
IFRS 12.B10 b Example
IFRS 17.113 b Example
IFRS 8.23 Disclosure
IFRS 8.28 b Disclosure
310000, 320000, 410000, 420000, 520000, 610000, 819100, 825700, 836600, 842000, 871100
Profit (loss) from continuing operations Disclosure MonetaryDuration, Credit IFRS 12.B12 b (vi) Disclosure
IFRS 8.23 Disclosure
IFRS 8.28 b Disclosure
310000, 320000, 825700, 842000, 871100

(b)

total other comprehensive income;

Other comprehensive income Disclosure MonetaryDuration, Credit IAS 1.106 d (ii) Disclosure
IAS 1.91 a Disclosure
IFRS 12.B12 b (viii) Disclosure
410000, 420000, 610000, 825700, 842000

(c)

comprehensive income for the period, being the total of profit or loss and other comprehensive income.

Comprehensive income Disclosure MonetaryDuration, Credit IAS 1.106 a Disclosure
IFRS 1.24 b Disclosure
IFRS 1.32 a (ii) Disclosure
IFRS 12.B10 b Example
IFRS 12.B12 b (ix) Disclosure
410000, 420000, 610000, 800200, 819100, 825700, 842000

If an entity presents a separate statement of profit or loss it does not present the profit or loss section in the statement presenting comprehensive income.

81B

An entity shall present the following items, in addition to the profit or loss and other comprehensive income sections, as allocation of profit or loss and other comprehensive income for the period:

(a)

profit or loss for the period attributable to:

(i)

non‑controlling interests, and

Profit (loss), attributable to non-controlling interests Disclosure MonetaryDuration, Credit IFRS 12.12 e Disclosure 310000, 320000, 825700

(ii)

owners of the parent.

Profit (loss), attributable to owners of parent Disclosure MonetaryDuration, Credit 310000, 320000, 838000

(b)

comprehensive income for the period attributable to:

(i)

non‑controlling interests, and

Comprehensive income, attributable to non-controlling interests Disclosure MonetaryDuration, Credit IAS 1.106 a Disclosure 410000, 420000, 800200

(ii)

owners of the parent.

Comprehensive income, attributable to owners of parent Disclosure MonetaryDuration, Credit IAS 1.106 a Disclosure 410000, 420000, 800200

If an entity presents profit or loss in a separate statement it shall present (a) in that statement.

Information to be presented in the profit or loss section or the statement of profit or loss

82

In addition to items required by other IFRSs, the profit or loss section or the statement of profit or loss shall include line items that present the following amounts for the period:

(a)

revenue, presenting separately:E16

(i)

interest revenue calculated using the effective interest method; and

Interest revenue calculated using effective interest method Disclosure MonetaryDuration, Credit IAS 1.82 a Disclosure 310000, 320000

(ii)

insurance revenue (see IFRS 17);

Insurance revenue Disclosure MonetaryDuration, Credit IFRS 17.106 Disclosure
IFRS 17.80 a Disclosure
310000, 320000, 836600
Interest revenue calculated using effective interest method Disclosure MonetaryDuration, Credit IAS 1.82 a (i) Disclosure 310000, 320000
Revenue Disclosure MonetaryDuration, Credit IAS 1.102 Example
IAS 1.103 Example
IFRS 12.B10 b Example
IFRS 12.B12 b (v) Disclosure
IFRS 5.33 b (i) Disclosure
IFRS 8.23 a Disclosure
IFRS 8.28 a Disclosure
IFRS 8.32 Disclosure
IFRS 8.33 a Disclosure
IFRS 8.34 Disclosure
310000, 320000, 800200, 825700, 825900, 842000, 871100

(aa)

gains and losses arising from the derecognition of financial assets measured at amortised cost;

Gain (loss) arising from derecognition of financial assets measured at amortised cost Disclosure MonetaryDuration, Credit 310000, 320000, 822390

(ab)

insurance service expenses from contracts issued within the scope of IFRS 17 (see IFRS 17);

Insurance service expenses from insurance contracts issued Disclosure MonetaryDuration, Debit IFRS 17.80 a Disclosure 310000, 320000, 836600

(ac)

income or expenses from reinsurance contracts held (see IFRS 17);

Income (expenses) from reinsurance contracts held, other than finance income (expenses) Disclosure MonetaryDuration, Credit IFRS 17.86 Disclosure 310000, 320000, 836600

(b)

finance costs;

Finance costs Disclosure MonetaryDuration, Debit 310000, 320000

(ba)

impairment losses (including reversals of impairment losses or impairment gains) determined in accordance with Section 5.5 of IFRS 9;

Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 Disclosure MonetaryDuration, Debit 310000, 320000

(bb)

insurance finance income or expenses from contracts issued within the scope of IFRS 17 (see IFRS 17);

Insurance finance income (expenses) from insurance contracts issued recognised in profit or loss Disclosure MonetaryDuration, Credit IFRS 17.80 b Disclosure 310000, 320000

(bc)

finance income or expenses from reinsurance contracts held (see IFRS 17);

Finance income (expenses) from reinsurance contracts held recognised in profit or loss Disclosure MonetaryDuration, Credit IFRS 17.82 Disclosure 310000, 320000

(c)

share of the profit or loss of associates and joint ventures accounted for using the equity method;

Share of profit (loss) of associates and joint ventures accounted for using equity method Disclosure MonetaryDuration, Credit IFRS 8.23 g Disclosure
IFRS 8.28 e Disclosure
310000, 320000, 800200, 871100

(ca)

if a financial asset is reclassified out of the amortised cost measurement category so that it is measured at fair value through profit or loss, any gain or loss arising from a difference between the previous amortised cost of the financial asset and its fair value at the reclassification date (as defined in IFRS 9);

Gains (losses) arising from difference between previous amortised cost and fair value of financial assets reclassified out of amortised cost into fair value through profit or loss measurement category Disclosure MonetaryDuration, Credit 310000, 320000

(cb)

if a financial asset is reclassified out of the fair value through other comprehensive income measurement category so that it is measured at fair value through profit or loss, any cumulative gain or loss previously recognised in other comprehensive income that is reclassified to profit or loss;

Cumulative gain (loss) previously recognised in other comprehensive income arising from reclassification of financial assets out of fair value through other comprehensive income into fair value through profit or loss measurement category Disclosure MonetaryDuration, Credit 310000, 320000

(d)

tax expense;E17

Tax expense (income) Disclosure MonetaryDuration, Debit IAS 12.79 Disclosure
IAS 12.81 c (i) Disclosure
IAS 12.81 c (ii) Disclosure
IAS 26.35 b (viii) Disclosure
IFRS 12.B13 g Disclosure
IFRS 8.23 h Disclosure
310000, 320000, 710000, 825700, 835110, 871100

(e)

[deleted]

(ea)

a single amount for the total of discontinued operations (see IFRS 5). [Refer:IFRS 5 paragraph 33]

Profit (loss) from discontinued operations Disclosure MonetaryDuration, Credit IAS 1.98 e Disclosure
IFRS 12.B12 b (vii) Disclosure
IFRS 5.33 a Disclosure
310000, 320000, 825700, 825900, 842000

(f)⁠–⁠(i)

[deleted]

E16

[IFRIC® Update, March 2018, Agenda Decision, ‘Presentation of interest revenue for particular financial instruments (IFRS 9 Financial Instruments and IAS 1 Presentation of Financial Statements)’

The Committee received a request about the effect of the consequential amendment that IFRS 9 made to paragraph 82(a) of IAS 1. That consequential amendment requires an entity to present separately, in the profit or loss section of the statement of comprehensive income or in the statement of profit or loss, interest revenue calculated using the effective interest method. The request asked whether that requirement affects the presentation of fair value gains and losses on derivative instruments that are not part of a designated and effective hedging relationship (applying the hedge accounting requirements in IFRS 9 or IAS 39 Financial Instruments: Recognition and Measurement).

Appendix A to IFRS 9 defines the term ‘effective interest method’ and other related terms. Those interrelated terms pertain to the requirements in IFRS 9 for amortised cost measurement and the expected credit loss impairment model. In relation to financial assets, the Committee observed that the effective interest method is a measurement technique whose purpose is to calculate amortised cost and allocate interest revenue over the relevant time period. The Committee also observed that the expected credit loss impairment model in IFRS 9 is part of, and interlinked with, amortised cost accounting. 

The Committee noted that amortised cost accounting, including interest revenue calculated using the effective interest method and credit losses calculated using the expected credit loss impairment model, is applied only to financial assets that are subsequently measured at amortised cost or fair value through other comprehensive income. In contrast, amortised cost accounting is not applied to financial assets that are subsequently measured at fair value through profit or loss.

Consequently, the Committee concluded that the requirement in paragraph 82(a) of IAS 1 to present separately an interest revenue line item calculated using the effective interest method applies only to those assets that are subsequently measured at amortised cost or fair value through other comprehensive income (subject to any effect of a qualifying hedging relationship applying the hedge accounting requirements in IFRS 9 or IAS 39).

The Committee did not consider any other presentation requirements in IAS 1 or broader matters related to the presentation of other ‘interest’ amounts in the statement of comprehensive income. This is because the consequential amendment that IFRS 9 made to paragraph 82(a) of IAS 1 did not affect those matters. More specifically, the Committee did not consider whether an entity could present other interest amounts in the statement of comprehensive income, in addition to presenting the interest revenue line item required by paragraph 82(a) of IAS 1.

The Committee concluded that the principles and requirements in IFRS Standards provide an adequate basis for an entity to apply paragraph 82(a) of IAS 1 and present separately, in the profit or loss section of the statement of comprehensive income or in the statement of profit or loss, interest revenue calculated using the effective interest method. Consequently, the Committee decided not to add this matter to its standard-setting agenda.]

E17

[IFRIC® Update, July 2012, Agenda Decision, ‘IAS 1 Presentation of Financial Statements and IAS 12 Income Taxes—Presentation of payments on non-income taxes’

The IFRS Interpretations Committee received a request seeking clarification of whether production-based royalty payments payable to one taxation authority that are claimed as an allowance against taxable profit for the computation of income tax payable to another taxation authority should be presented as an operating expense or a tax expense in the statement of comprehensive income.

As the basis for this request, the submitter assumed that the production-based royalty payments are, in themselves, outside the scope of  IAS 12 Income Taxes while the income tax payable to the other taxation authority is within the scope of IAS 12. On the basis of this assumption, the submitter asks the Committee to clarify whether the production-based royalty payments can be viewed as prepayment of the income tax payable. The Committee used the same assumption when discussing the issue.

The Committee observed that the line item of ‘tax expense’ that is required by paragraph 82(d) of  IAS 1 Presentation of Financial Statements is intended to require an entity to present taxes that meet the definition of income taxes under IAS 12. The Committee also noted that it is the basis of calculation determined by the relevant tax rules that determines whether a tax meets the definition of an income tax. Neither the manner of settlement of a tax liability nor the factors relating to recipients of the tax is a determinant of whether an item meets that definition.

The Committee further noted that the production-based royalty payments should not be treated differently from other expenses that are outside the scope of IAS 12, all of which may reduce income tax payable. Accordingly, the Committee observed that it is inappropriate to consider the royalty payments to be prepayment of the income tax payables. Because the production-based royalties are not income taxes, the royalty payments should not be presented as an income tax expense in the statement of comprehensive income.

The Committee considered that, in the light of its analysis of the existing requirements of IAS 1 and IAS 12, an interpretation was not necessary and consequently decided not to add this issue to its agenda.]

Information to be presented in the other comprehensive income section

82A

The other comprehensive income section shall present line items for the amounts for the period of:

(a)

items of other comprehensive income (excluding amounts in paragraph (b)), classified by nature and grouped into those that, in accordance with other IFRSs:

(i)

will not be reclassified subsequently to profit or loss; and

(ii)

will be reclassified subsequently to profit or loss when specific conditions are met.

(b)

the share of the other comprehensive income of associates and joint ventures accounted for using the equity method, separated into the share of items that, in accordance with other IFRSs:

(i)

will not be reclassified subsequently to profit or loss; and

(ii)

will be reclassified subsequently to profit or loss when specific conditions are met.

Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, before tax Disclosure MonetaryDuration, Credit 420000, 800200
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax Disclosure MonetaryDuration, Credit 410000, 800200
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be reclassified to profit or loss, before tax Disclosure MonetaryDuration, Credit 420000, 800200
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be reclassified to profit or loss, net of tax Disclosure MonetaryDuration, Credit 410000, 800200
Other comprehensive income that will be reclassified to profit or loss, net of tax Example MonetaryDuration, Credit IAS 1.IG6 Example 410000
Other comprehensive income that will not be reclassified to profit or loss, net of tax Example MonetaryDuration, Credit IAS 1.IG6 Example 410000
Other comprehensive income that will be reclassified to profit or loss, before tax Common practice MonetaryDuration, Credit IAS 1.IG6 Common practice 420000
Other comprehensive income that will not be reclassified to profit or loss, before tax Common practice MonetaryDuration, Credit IAS 1.IG6 Common practice 420000

83⁠–84

[Deleted]

85

An entity shall present additional line items (including by disaggregating the line items listed in paragraph 82), headings and subtotals in the statement(s) presenting profit or loss and other comprehensive income when such presentation is relevant [Refer:Conceptual Framework paragraphs 2.6-2.11] to an understanding of the entity’s financial performance.E18

Cost of merchandise sold Common practice MonetaryDuration, Debit 800200
Cost of sales, food and beverage Common practice MonetaryDuration, Debit 800200
Cost of sales, hotel operations Common practice MonetaryDuration, Debit 800200
Cost of sales, room occupancy services Common practice MonetaryDuration, Debit 800200
Distribution and administrative expense Common practice MonetaryDuration, Debit 800200
Fee and commission expense Common practice MonetaryDuration, Debit 800200
Fee and commission income Common practice MonetaryDuration, Credit 800200
Fee and commission income (expense) Common practice MonetaryDuration, Credit 800200
Finance income Common practice MonetaryDuration, Credit 310000, 320000
Finance income (cost) Common practice MonetaryDuration, Credit 800200
Gain on recovery of loans and advances previously written off Common practice MonetaryDuration, Credit 800200
Gains (losses) on change in fair value of derivatives Common practice MonetaryDuration, Credit 800200
Gains on change in fair value of derivatives Common practice MonetaryDuration, Credit 800200
Impairment loss (reversal of impairment loss) recognised in profit or loss, loans and advances Common practice MonetaryDuration, Debit 800200
Impairment loss recognised in profit or loss, loans and advances Common practice MonetaryDuration 800200
Income tax relating to other components of other comprehensive income that will be reclassified to profit or loss Common practice MonetaryDuration, Debit 800200
Income tax relating to other components of other comprehensive income that will not be reclassified to profit or loss Common practice MonetaryDuration, Debit 800200
Increase (decrease) in accumulated deferred tax recognised in other comprehensive income due to change in tax rate Common practice MonetaryDuration, Debit 800200
Interest income (expense) Common practice MonetaryDuration, Credit IFRS 8.23 Disclosure
IFRS 8.28 e Disclosure
800200, 871100
Investment income Common practice MonetaryDuration, Credit IAS 26.35 b (iii) Disclosure 710000, 800200
Losses on change in fair value of derivatives Common practice MonetaryDuration, Debit 800200
Occupancy expense Common practice MonetaryDuration, Debit 800200
Operating expense Common practice MonetaryDuration, Debit 800200
Operating expense excluding cost of sales Common practice MonetaryDuration, Debit 800200
Other components of other comprehensive income that will be reclassified to profit or loss, before tax Common practice MonetaryDuration, Credit 800200
Other components of other comprehensive income that will be reclassified to profit or loss, net of tax Common practice MonetaryDuration, Credit 800200
Other components of other comprehensive income that will not be reclassified to profit or loss, before tax Common practice MonetaryDuration, Credit 800200
Other components of other comprehensive income that will not be reclassified to profit or loss, net of tax Common practice MonetaryDuration, Credit 800200
Other comprehensive income, attributable to non-controlling interests Common practice MonetaryDuration, Credit 800200
Other comprehensive income, attributable to owners of parent Common practice MonetaryDuration, Credit 800200
Other finance income (cost) Common practice MonetaryDuration, Credit 800200
Other income (expense) from subsidiaries, jointly controlled entities and associates Common practice MonetaryDuration, Credit 310000, 320000
Other operating income (expense) Common practice MonetaryDuration, Credit 800200
Other work performed by entity and capitalised Common practice MonetaryDuration, Credit IAS 1.IG6 Example 320000
Profit (loss) from operating activities Common practice MonetaryDuration, Credit IAS 32.IE33 Example 310000, 320000
Property development and project management expense Common practice MonetaryDuration, Debit 800200
Property development and project management income Common practice MonetaryDuration, Credit 800200
Property tax expense Common practice MonetaryDuration, Debit 800200
Rental expense Common practice MonetaryDuration, Debit 800200
Repairs and maintenance expense Common practice MonetaryDuration, Debit 800200
Revenue and other operating income Common practice MonetaryDuration, Credit 800200
Reversal of impairment loss recognised in profit or loss, loans and advances Common practice MonetaryDuration 800200
Royalty expense Common practice MonetaryDuration, Debit 800200
Sales and marketing expense Common practice MonetaryDuration, Debit 800200
Selling, general and administrative expense Common practice MonetaryDuration, Debit 800200
Services expense Common practice MonetaryDuration, Debit 800200
Share of profit (loss) of associates accounted for using equity method Common practice MonetaryDuration, Credit 800200
Share of profit (loss) of joint ventures accounted for using equity method Common practice MonetaryDuration, Credit 800200
Tax expense other than income tax expense Common practice MonetaryDuration, Debit 800200
Trading income (expense) Common practice MonetaryDuration, Credit 800200
E18

[IFRIC® Update, January 2015, Agenda Decision, ‘IAS 39 Financial Instruments: Recognition and Measurement and IAS 1 Presentation of Financial Statements—Income and expenses arising on financial instruments with a negative yield—presentation in the statement of comprehensive income’

The Interpretations Committee discussed the ramifications of the economic phenomenon of negative effective interest rates for the presentation of income and expenses in the statement of comprehensive income.

The Interpretations Committee noted that interest resulting from a negative effective interest rate on a financial asset does not meet the definition of interest revenue in IAS 18 Revenue [IAS 18 has been withdrawn. Paragraph 4.2 of the Conceptual Framework for Financial Reporting contains a definition of income], because it reflects a gross outflow, instead of a gross inflow, of economic benefits. Consequently, the expense arising on a financial asset because of a negative effective interest rate should not be presented as interest revenue, but in an appropriate expense classification. The Interpretations Committee noted that in accordance with paragraphs 85 and 112(c) of IAS 1 Presentation of Financial Statements, the entity is required to present additional information about such an amount if that is relevant to an understanding of the entity’s financial performance or to an understanding of this item.

The Interpretations Committee considered that in the light of the existing IFRS requirements an interpretation was not necessary and consequently decided not to add the issue to its agenda.]

85A

When an entity presents subtotals in accordance with paragraph 85, those subtotals shall:

(a)

be comprised of line items made up of amounts recognised and measured in accordance with IFRS;

(b)

be presented and labelled in a manner that makes the line items that constitute the subtotal clear and understandable;

(c)

be consistent from period to period, in accordance with paragraph 45; and

(d)

not be displayed with more prominence than the subtotals and totals required in IFRS for the statement(s) presenting profit or loss and other comprehensive income.

85B

An entity shall present the line items in the statement(s) presenting profit or loss and other comprehensive income that reconcile any subtotals presented in accordance with paragraph 85 with the subtotals or totals required in IFRS for such statement(s).

86

Because the effects of an entity’s various activities, transactions and other events differ in frequency, potential for gain or loss and predictability, disclosing the components of financial performance assists users in understanding the financial performance achieved and in making projections of future financial performance. An entity includes additional line items in the statement(s) presenting profit or loss and other comprehensive income and it amends the descriptions used and the ordering of items when this is necessary to explain the elements of financial performance. An entity considers factors including materiality [Refer:Conceptual Framework paragraph 2.11] and the nature and function of the items of income and expense. [Refer:Conceptual Framework paragraphs 4.68-4.72] For example, a financial institution may amend the descriptions to provide information that is relevant to the operations of a financial institution. An entity does not offset income and expense items unless the criteria in paragraph 32 are met.

87

An entity shall not present any items of income or expense [Refer:Conceptual Framework paragraphs 4.68-4.72] as extraordinary items, in the statement(s) presenting profit or loss and other comprehensive income or in the notes.

Profit or loss for the period

88

An entity shall recognise all items of income and expense in a period in profit or loss unless an IFRS requires or permits otherwise.

89

Some IFRSs specify circumstances when an entity recognises particular items outside profit or loss in the current period. IAS 8 specifies two such circumstances: the correction of errors [Refer:IAS 8 paragraphs 41⁠–⁠48] and the effect of changes in accounting policies. [Refer:IAS 8 paragraphs 14⁠–⁠31] Other IFRSs require or permit components of other comprehensive income that meet the Conceptual Framework’s definition of income or expense to be excluded from profit or loss (see paragraph 7).

Other comprehensive income for the period

90

An entity shall disclose the amount of income tax relating to each item of other comprehensive income, including reclassification adjustments, either in the statement of profit or loss and other comprehensive income [Refer:paragraphs 81⁠–⁠105] or in the notes. [Refer:paragraphs 112⁠–⁠138]

Income tax relating to cash flow hedges included in other comprehensive income Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure 420000, 835110
Income tax relating to change in value of foreign currency basis spreads included in other comprehensive income Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure 420000, 835110
Income tax relating to change in value of forward elements of forward contracts included in other comprehensive income Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure 420000, 835110
Income tax relating to change in value of time value of options included in other comprehensive income Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure 420000, 835110
Income tax relating to changes in fair value of financial liability attributable to change in credit risk of liability included in other comprehensive income Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure 420000, 835110
Income tax relating to changes in revaluation surplus of property, plant and equipment, right-of-use assets and intangible assets included in other comprehensive income Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure 420000, 835110
Income tax relating to components of other comprehensive income Disclosure MonetaryDuration IAS 12.81 ab Disclosure 800200, 835110
Income tax relating to exchange differences on translation of foreign operations included in other comprehensive income Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure 420000, 800200, 835110
Income tax relating to exchange differences on translation other than translation of foreign operations included in other comprehensive income Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure 420000, 835110
Income tax relating to finance income (expenses) from reinsurance contracts held included in other comprehensive income Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure
IFRS 17.82 Disclosure
IFRS 17.90 Disclosure
420000, 835110
Income tax relating to financial assets measured at fair value through other comprehensive income included in other comprehensive income Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure 420000, 835110
Income tax relating to hedges of investments in equity instruments included in other comprehensive income Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure 420000, 835110
Income tax relating to hedges of net investments in foreign operations included in other comprehensive income Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure 420000, 800200, 835110
Income tax relating to insurance finance income (expenses) from insurance contracts issued included in other comprehensive income that will be reclassified to profit or loss Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure
IFRS 17.90 Disclosure
420000, 835110
Income tax relating to insurance finance income (expenses) from insurance contracts issued included in other comprehensive income that will not be reclassified to profit or loss Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure
IFRS 17.90 Disclosure
420000, 835110
Income tax relating to investments in equity instruments included in other comprehensive income Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure 420000, 835110
Income tax relating to remeasurements of defined benefit plans included in other comprehensive income Disclosure MonetaryDuration, Debit IAS 12.81 ab Disclosure 420000, 835110
Income tax relating to share of other comprehensive income of associates and joint ventures accounted for using equity method Disclosure MonetaryDuration, Debit 800200, 835110
Income tax relating to exchange differences on translation of foreign operations and hedges of net investments in foreign operations included in other comprehensive income Common practice MonetaryDuration, Debit IAS 12.81 ab Common practice 800200

91

An entity may present items of other comprehensive income either:

(a)

net of related tax effects, or

Finance income (expenses) from reinsurance contracts held excluded from profit or loss, net of tax Disclosure MonetaryDuration, Credit IFRS 17.82 Disclosure
IFRS 17.90 Disclosure
410000
Gains (losses) on cash flow hedges, net of tax Disclosure MonetaryDuration, Credit IFRS 7.24C b (i) Disclosure
IFRS 7.24E a Disclosure
410000, 822390, 861000
Gains (losses) on change in value of foreign currency basis spreads, net of tax Disclosure MonetaryDuration, Credit 410000
Gains (losses) on change in value of forward elements of forward contracts, net of tax Disclosure MonetaryDuration, Credit 410000
Gains (losses) on change in value of time value of options, net of tax Disclosure MonetaryDuration, Credit 410000
Gains (losses) on exchange differences on translation of foreign operations, net of tax Disclosure MonetaryDuration, Credit 410000
Gains (losses) on financial assets measured at fair value through other comprehensive income, net of tax Disclosure MonetaryDuration, Credit 410000
Gains (losses) on hedges of net investments in foreign operations, net of tax Disclosure MonetaryDuration, Credit IAS 39.102 a Disclosure
IFRS 7.24C b (i) Disclosure
IFRS 7.24E a Disclosure
IFRS 9.6.5.13 a Disclosure
410000, 822390, 861000
Insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will be reclassified to profit or loss, net of tax Disclosure MonetaryDuration, Credit IFRS 17.80 b Disclosure
IFRS 17.90 Disclosure
410000
Other comprehensive income Disclosure MonetaryDuration, Credit IAS 1.106 d (ii) Disclosure
IAS 1.81A b Disclosure
IFRS 12.B12 b (viii) Disclosure
410000, 420000, 610000, 825700, 842000
Other comprehensive income, net of tax, cash flow hedges Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 410000, 861000
Other comprehensive income, net of tax, change in fair value of financial liability attributable to change in credit risk of liability Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 410000, 861000
Other comprehensive income, net of tax, change in value of foreign currency basis spreads Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 410000, 861000
Other comprehensive income, net of tax, change in value of forward elements of forward contracts Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 410000, 861000
Other comprehensive income, net of tax, change in value of time value of options Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 410000, 861000
Other comprehensive income, net of tax, exchange differences on translation of foreign operations Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 410000, 800200, 861000
Other comprehensive income, net of tax, exchange differences on translation, other than translation of foreign operations Disclosure MonetaryDuration, Credit 410000, 861000
Other comprehensive income, net of tax, finance income (expenses) from reinsurance contracts held excluded from profit or loss Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure
IFRS 17.82 Disclosure
IFRS 17.90 Disclosure
410000, 861000
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 410000, 861000
Other comprehensive income, net of tax, gains (losses) from investments in equity instruments Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 410000, 861000
Other comprehensive income, net of tax, gains (losses) on hedging instruments that hedge investments in equity instruments Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 410000, 861000
Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure
IAS 19.135 b Common practice
410000, 834480, 861000
Other comprehensive income, net of tax, gains (losses) on revaluation of property, plant and equipment, right-of-use assets and intangible assets Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 410000, 861000
Other comprehensive income, net of tax, hedges of net investments in foreign operations Disclosure MonetaryDuration, Credit IAS 39.102 a Disclosure
IFRS 9.6.5.13 a Disclosure
410000, 800200, 861000
Other comprehensive income, net of tax, insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will be reclassified to profit or loss Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure
IFRS 17.90 Disclosure
410000, 861000
Other comprehensive income, net of tax, insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will not be reclassified to profit or loss Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure
IFRS 17.90 Disclosure
410000, 861000
Share of other comprehensive income of associates and joint ventures accounted for using equity method, net of tax Disclosure MonetaryDuration, Credit IFRS 12.B16 c Disclosure 800200, 825700, 861000
Other comprehensive income, net of tax, exchange differences on translation of foreign operations and hedges of net investments in foreign operations Common practice MonetaryDuration, Credit 800200

(b)

before related tax effects with one amount shown for the aggregate amount of income tax relating to those items.

Finance income (expenses) from reinsurance contracts held excluded from profit or loss, before tax Disclosure MonetaryDuration, Credit IFRS 17.82 Disclosure
IFRS 17.90 Disclosure
420000
Gains (losses) on cash flow hedges, before tax Disclosure MonetaryDuration, Credit 420000
Gains (losses) on change in value of foreign currency basis spreads, before tax Disclosure MonetaryDuration, Credit 420000
Gains (losses) on change in value of forward elements of forward contracts, before tax Disclosure MonetaryDuration, Credit 420000
Gains (losses) on change in value of time value of options, before tax Disclosure MonetaryDuration, Credit 420000
Gains (losses) on exchange differences on translation of foreign operations, before tax Disclosure MonetaryDuration, Credit 420000
Gains (losses) on financial assets measured at fair value through other comprehensive income, before tax Disclosure MonetaryDuration, Credit IFRS 7.20 a (viii) Disclosure 420000, 822390
Gains (losses) on hedges of net investments in foreign operations, before tax Disclosure MonetaryDuration, Credit IAS 39.102 a Disclosure
IFRS 9.6.5.13 a Disclosure
420000
Insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will be reclassified to profit or loss, before tax Disclosure MonetaryDuration, Credit IFRS 17.80 b Disclosure
IFRS 17.90 Disclosure
420000
Other comprehensive income, before tax Disclosure MonetaryDuration, Credit 420000
Other comprehensive income, before tax, cash flow hedges Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 420000
Other comprehensive income, before tax, change in fair value of financial liability attributable to change in credit risk of liability Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 420000
Other comprehensive income, before tax, change in value of foreign currency basis spreads Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 420000
Other comprehensive income, before tax, change in value of forward elements of forward contracts Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 420000
Other comprehensive income, before tax, change in value of time value of options Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 420000
Other comprehensive income, before tax, exchange differences on translation of foreign operations Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 420000, 800200
Other comprehensive income, before tax, exchange differences on translation, other than translation of foreign operations Disclosure MonetaryDuration, Credit 420000
Other comprehensive income, before tax, finance income (expenses) from reinsurance contracts held excluded from profit or loss Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure
IFRS 17.82 Disclosure
IFRS 17.90 Disclosure
420000
Other comprehensive income, before tax, financial assets measured at fair value through other comprehensive income Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure
IFRS 7.20 a (viii) Disclosure
420000, 822390
Other comprehensive income, before tax, gains (losses) from investments in equity instruments Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure
IFRS 7.20 a (vii) Disclosure
420000, 822390
Other comprehensive income, before tax, gains (losses) on hedging instruments that hedge investments in equity instruments Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 420000
Other comprehensive income, before tax, gains (losses) on remeasurements of defined benefit plans Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure
IAS 19.135 b Common practice
420000, 834480
Other comprehensive income, before tax, gains (losses) on revaluation of property, plant and equipment, right-of-use assets and intangible assets Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure 420000
Other comprehensive income, before tax, hedges of net investments in foreign operations Disclosure MonetaryDuration, Credit IAS 39.102 a Disclosure
IFRS 9.6.5.13 a Disclosure
420000, 800200
Other comprehensive income, before tax, insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will be reclassified to profit or loss Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure
IFRS 17.90 Disclosure
420000
Other comprehensive income, before tax, insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will not be reclassified to profit or loss Disclosure MonetaryDuration, Credit IAS 1.7 Disclosure
IFRS 17.90 Disclosure
420000
Share of other comprehensive income of associates and joint ventures accounted for using equity method, before tax Disclosure MonetaryDuration, Credit 800200
Other comprehensive income, before tax, exchange differences on translation of foreign operations and hedges of net investments in foreign operations Common practice MonetaryDuration, Credit 800200

If an entity elects alternative (b), it shall allocate the tax between the items that might be reclassified subsequently to the profit or loss section and those that will not be reclassified subsequently to the profit or loss section.

Income tax relating to components of other comprehensive income that will be reclassified to profit or loss Disclosure MonetaryDuration, Debit 420000, 800200
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss Disclosure MonetaryDuration, Debit 420000, 800200
Income tax relating to share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss Disclosure MonetaryDuration, Debit 420000, 800200
Income tax relating to share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be reclassified to profit or loss Disclosure MonetaryDuration, Debit 420000, 800200

92

An entity shall disclose reclassification adjustments relating to components of other comprehensive income.

Reclassification adjustments on cash flow hedges, before tax Disclosure MonetaryDuration, Debit 420000
Reclassification adjustments on cash flow hedges, net of tax Disclosure MonetaryDuration, Debit IFRS 7.24C b (iv) Disclosure
IFRS 7.24E a Disclosure
410000, 822390, 861000
Reclassification adjustments on change in value of foreign currency basis spreads, before tax Disclosure MonetaryDuration, Debit 420000
Reclassification adjustments on change in value of foreign currency basis spreads, net of tax Disclosure MonetaryDuration, Debit 410000
Reclassification adjustments on change in value of forward elements of forward contracts, before tax Disclosure MonetaryDuration, Debit 420000
Reclassification adjustments on change in value of forward elements of forward contracts, net of tax Disclosure MonetaryDuration, Debit 410000
Reclassification adjustments on change in value of time value of options, before tax Disclosure MonetaryDuration, Debit 420000
Reclassification adjustments on change in value of time value of options, net of tax Disclosure MonetaryDuration, Debit 410000
Reclassification adjustments on exchange differences on translation of foreign operations, before tax Disclosure MonetaryDuration, Debit IAS 21.48 Disclosure 420000
Reclassification adjustments on exchange differences on translation of foreign operations, net of tax Disclosure MonetaryDuration, Debit IAS 21.48 Disclosure 410000
Reclassification adjustments on finance income (expenses) from reinsurance contracts held excluded from profit or loss, before tax Disclosure MonetaryDuration, Debit IFRS 17.82 Disclosure
IFRS 17.91 a Disclosure
IFRS 17.B135 a Disclosure
420000
Reclassification adjustments on finance income (expenses) from reinsurance contracts held excluded from profit or loss, net of tax Disclosure MonetaryDuration, Debit IFRS 17.82 Disclosure
IFRS 17.91 a Disclosure
IFRS 17.B135 a Disclosure
410000
Reclassification adjustments on financial assets measured at fair value through other comprehensive income, before tax Disclosure MonetaryDuration, Debit IFRS 7.20 a (viii) Disclosure 420000, 822390
Reclassification adjustments on financial assets measured at fair value through other comprehensive income, net of tax Disclosure MonetaryDuration, Debit 410000
Reclassification adjustments on hedges of net investments in foreign operations, before tax Disclosure MonetaryDuration, Debit IAS 39.102 Disclosure
IFRS 9.6.5.14 Disclosure
420000
Reclassification adjustments on hedges of net investments in foreign operations, net of tax Disclosure MonetaryDuration, Debit IAS 39.102 Disclosure
IFRS 7.24C b (iv) Disclosure
IFRS 7.24E a Disclosure
IFRS 9.6.5.14 Disclosure
410000, 822390, 861000
Reclassification adjustments on insurance finance income (expenses) from insurance contracts issued excluded from profit or loss, before tax Disclosure MonetaryDuration, Debit IFRS 17.91 a Disclosure
IFRS 17.B135 a Disclosure
420000
Reclassification adjustments on insurance finance income (expenses) from insurance contracts issued excluded from profit or loss, net of tax Disclosure MonetaryDuration, Debit IFRS 17.91 a Disclosure
IFRS 17.B135 a Disclosure
410000

93

Other IFRSs specify whether and when amounts previously recognised in other comprehensive income are reclassified to profit or loss. Such reclassifications are referred to in this Standard as reclassification adjustments. A reclassification adjustment is included with the related component of other comprehensive income in the period that the adjustment is reclassified to profit or loss. These amounts may have been recognised in other comprehensive income as unrealised gains in the current or previous periods. Those unrealised gains must be deducted from other comprehensive income in the period in which the realised gains are reclassified to profit or loss to avoid including them in total comprehensive income twice.

94

An entity may present reclassification adjustments in the statement(s) of profit or loss and other comprehensive income or in the notes. [Refer:paragraphs 112⁠–⁠138] An entity presenting reclassification adjustments in the notes presents the items of other comprehensive income after any related reclassification adjustments.

95

Reclassification adjustments arise, for example, on disposal of a foreign operation (see IAS 21) and when some hedged forecast cash flows affect profit or loss (see paragraph 6.5.11(d) of IFRS 9 in relation to cash flow hedges).

96

Reclassification adjustments do not arise on changes in revaluation surplus recognised in accordance with IAS 16 or IAS 38 or on remeasurements of defined benefit plans recognised in accordance with IAS 19. These components are recognised in other comprehensive income and are not reclassified to profit or loss in subsequent periods. Changes in revaluation surplus [Refer:IAS 16 paragraphs 39⁠–⁠42] may be transferred to retained earnings in subsequent periods as the asset is used or when it is derecognised (see IAS 16 and IAS 38). In accordance with IFRS 9, reclassification adjustments do not arise if a cash flow hedge or the accounting for the time value of an option (or the forward element of a forward contract or the foreign currency basis spread of a financial instrument) result in amounts that are removed from the cash flow hedge reserve or a separate component of equity, respectively, and included directly in the initial cost or other carrying amount of an asset or a liability. These amounts are directly transferred to assets or liabilities. [Refer:IFRS 9 paragraph 6.5.11(d)(i)]

Information to be presented in the statement(s) of profit or loss and other comprehensive income or in the notes

97

When items of income or expense are [Refer:Conceptual Framework paragraphs 4.68-4.72] material, an entity shall disclose their nature and amount separately.

98

Circumstances that would give rise to the separate disclosure of items of income and expense include:

(a)

write‑downs of inventories to net realisable value or of property, plant and equipment to recoverable amount, as well as reversals of such write‑downs;

Impairment loss recognised in profit or loss, property, plant and equipment Disclosure MonetaryDuration IAS 16.73 e (v) Disclosure 800200, 822100
Inventory write-down Disclosure MonetaryDuration IAS 2.36 e Disclosure 800200, 826380
Reversal of impairment loss recognised in profit or loss, property, plant and equipment Disclosure MonetaryDuration IAS 16.73 e (vi) Disclosure 800200, 822100
Reversal of inventory write-down Disclosure MonetaryDuration IAS 2.36 f Disclosure 800200, 826380
Write-downs (reversals of write-downs) of inventories Disclosure MonetaryDuration, Debit 800200
Write-downs (reversals of write-downs) of property, plant and equipment Disclosure MonetaryDuration 800200

(b)

restructurings of the activities of an entity and reversals of any provisions for the costs of restructuring;

Expense of restructuring activities Disclosure MonetaryDuration, Debit 800200
Reversal of provisions for cost of restructuring Disclosure MonetaryDuration, Credit 800200

(c)

disposals of items of property, plant and equipment;

Gains (losses) on disposals of property, plant and equipment Disclosure MonetaryDuration, Credit 800200
Gains on disposals of property, plant and equipment Disclosure MonetaryDuration, Credit 800200
Losses on disposals of property, plant and equipment Disclosure MonetaryDuration, Debit 800200

(d)

disposals of investments;

Gains (losses) on disposals of investments Disclosure MonetaryDuration, Credit 800200
Gains on disposals of investments Disclosure MonetaryDuration, Credit 800200
Losses on disposals of investments Disclosure MonetaryDuration, Debit 800200

(e)

discontinued operations;

Profit (loss) from discontinued operations Disclosure MonetaryDuration, Credit IAS 1.82 ea Disclosure
IFRS 12.B12 b (vii) Disclosure
IFRS 5.33 a Disclosure
310000, 320000, 825700, 825900, 842000

(f)

litigation settlements; and

Gains (losses) on litigation settlements Disclosure MonetaryDuration, Credit 800200
Gains on litigation settlements Disclosure MonetaryDuration, Credit 800200
Losses on litigation settlements Disclosure MonetaryDuration, Debit 800200

(g)

other reversals of provisions.

Other reversals of provisions Disclosure MonetaryDuration, Credit 800200
Gains (losses) on disposals of other non-current assets Disclosure MonetaryDuration, Credit 800200

99

An entity shall present an analysis of expenses recognised in profit or loss using a classification based on either their nature or their function within the entity, whichever provides information that is reliableE19 and more relevant. [Refer:Conceptual Framework paragraphs 2.6-2.11]

Administrative expenses Disclosure MonetaryDuration, Debit IAS 1.103 Example
IAS 26.35 b (vi) Disclosure
310000, 710000
Cost of sales Disclosure MonetaryDuration, Debit IAS 1.103 Disclosure 310000
Decrease (increase) in inventories of finished goods and work in progress Disclosure MonetaryDuration, Debit IAS 1.102 Example 320000
Depreciation and amortisation expense Disclosure MonetaryDuration, Debit IAS 1.102 Example
IAS 1.104 Disclosure
IFRS 12.B13 d Disclosure
IFRS 8.23 e Disclosure
IFRS 8.28 e Disclosure
320000, 800200, 825700, 871100
Distribution costs Disclosure MonetaryDuration, Debit IAS 1.103 Example 310000
Employee benefits expense Disclosure MonetaryDuration, Debit IAS 1.102 Example
IAS 1.104 Disclosure
320000, 800200
Expenses, by nature Disclosure MonetaryDuration, Debit 800200
Impairment loss (reversal of impairment loss) recognised in profit or loss Disclosure MonetaryDuration, Debit 320000, 800200
Other expense, by function Disclosure MonetaryDuration, Debit IAS 1.103 Example
IAS 26.35 b (vii) Disclosure
310000, 710000
Other expenses, by nature Disclosure MonetaryDuration, Debit IAS 1.102 Example 320000, 800200
Raw materials and consumables used Disclosure MonetaryDuration, Debit IAS 1.102 Example 320000, 800200
E19

[The term ‘faithful representation’, which was used in the Conceptual Framework issued in 2010 and is also used in the revised version of the Conceptual Framework issued in 2018, encompasses the main characteristics that the Framework called ‘reliability’ (refer Conceptual Framework paragraphs 2.12⁠–⁠2.19 and Basis for Conclusions paragraphs BC2.21⁠–⁠BC2.31 and IAS 1 Basis for Conclusions paragraph BC105J).]

100

Entities are encouraged to present the analysis in paragraph 99 in the statement(s) presenting profit or loss and other comprehensive income.

101

Expenses are subclassified to highlight components of financial performance that may differ in terms of frequency, potential for gain or loss and predictability. This analysis is provided in one of two forms.

102

The first form of analysis is the ‘nature of expense’ method. An entity aggregates expenses within profit or loss according to their nature (for example, depreciation, purchases of materials, transport costs, employee benefits and advertising costs), and does not reallocate them among functions within the entity. This method may be simple to apply because no allocations of expenses to functional classifications are necessary. An example of a classification using the nature of expense method is as follows:

  Revenue   X
  Other income   X
  Changes in inventories of finished goods and work in progress X  
  Raw materials and consumables used X  
  Employee benefits expense X  
  Depreciation and amortisation expense X  
  Other expenses X  
  Total expenses   (X)
  Profit before tax   X
Decrease (increase) in inventories of finished goods and work in progress Example MonetaryDuration, Debit IAS 1.99 Disclosure 320000
Depreciation and amortisation expense Example MonetaryDuration, Debit IAS 1.104 Disclosure
IAS 1.99 Disclosure
IFRS 12.B13 d Disclosure
IFRS 8.23 e Disclosure
IFRS 8.28 e Disclosure
320000, 800200, 825700, 871100
Employee benefits expense Example MonetaryDuration, Debit IAS 1.104 Disclosure
IAS 1.99 Disclosure
320000, 800200
Other expenses, by nature Example MonetaryDuration, Debit IAS 1.99 Disclosure 320000, 800200
Other income Example MonetaryDuration, Credit IAS 1.103 Example
IAS 26.35 b (iv) Disclosure
310000, 320000, 710000
Profit (loss) before tax Example MonetaryDuration, Credit IAS 1.103 Example
IFRS 5.33 b (i) Disclosure
IFRS 8.23 Example
IFRS 8.28 b Example
310000, 320000, 825900, 871100
Raw materials and consumables used Example MonetaryDuration, Debit IAS 1.99 Disclosure 320000, 800200
Revenue Example MonetaryDuration, Credit IAS 1.103 Example
IAS 1.82 a Disclosure
IFRS 12.B10 b Example
IFRS 12.B12 b (v) Disclosure
IFRS 5.33 b (i) Disclosure
IFRS 8.23 a Disclosure
IFRS 8.28 a Disclosure
IFRS 8.32 Disclosure
IFRS 8.33 a Disclosure
IFRS 8.34 Disclosure
310000, 320000, 800200, 825700, 825900, 842000, 871100
Other gains (losses) Common practice MonetaryDuration, Credit IAS 1.103 Common practice 310000, 320000

103

The second form of analysis is the ‘function of expense’ or ‘cost of sales’ method and classifies expenses according to their function as part of cost of sales or, for example, the costs of distribution or administrative activities. At a minimum, an entity discloses its cost of sales under this method separately from other expenses. This method can provide more relevant information [Refer:Conceptual Framework paragraphs 2.6-2.11] to users than the classification of expenses by nature, but allocating costs to functions may require arbitrary allocations and involve considerable judgement. An example of a classification using the function of expense method is as follows:

  Revenue X  
  Cost of sales (X)  
  Gross profit X  
  Other income X  
  Distribution costs (X)  
  Administrative expenses (X)  
  Other expenses (X)  
  Profit before tax X  
Administrative expenses Example MonetaryDuration, Debit IAS 1.99 Disclosure
IAS 26.35 b (vi) Disclosure
310000, 710000
Distribution costs Example MonetaryDuration, Debit IAS 1.99 Disclosure 310000
Gross profit Example MonetaryDuration, Credit 310000
Other expense, by function Example MonetaryDuration, Debit IAS 1.99 Disclosure
IAS 26.35 b (vii) Disclosure
310000, 710000
Other income Example MonetaryDuration, Credit IAS 1.102 Example
IAS 26.35 b (iv) Disclosure
310000, 320000, 710000
Profit (loss) before tax Example MonetaryDuration, Credit IAS 1.102 Example
IFRS 5.33 b (i) Disclosure
IFRS 8.23 Example
IFRS 8.28 b Example
310000, 320000, 825900, 871100
Revenue Example MonetaryDuration, Credit IAS 1.102 Example
IAS 1.82 a Disclosure
IFRS 12.B10 b Example
IFRS 12.B12 b (v) Disclosure
IFRS 5.33 b (i) Disclosure
IFRS 8.23 a Disclosure
IFRS 8.28 a Disclosure
IFRS 8.32 Disclosure
IFRS 8.33 a Disclosure
IFRS 8.34 Disclosure
310000, 320000, 800200, 825700, 825900, 842000, 871100
Cost of sales Disclosure MonetaryDuration, Debit IAS 1.99 Disclosure 310000
Other gains (losses) Common practice MonetaryDuration, Credit IAS 1.102 Common practice 310000, 320000

104

An entity classifying expenses by function shall disclose additional information on the nature of expenses, including depreciation and amortisation expense and employee benefits expense.

Attribution of expenses by nature to their function [axis] Common practice IAS 1.112 c Common practice 800200, 990000
Attribution of expenses by nature to their function [domain] Common practice IAS 1.112 c Common practice 800200, 990000
Cost of sales [member] Common practice IAS 1.112 c Common practice 800200
Disclosure of attribution of expenses by nature to their function [table] Common practice IAS 1.112 c Common practice 800200
Disclosure of attribution of expenses by nature to their function [text block] Common practice Text block IAS 1.112 c Common practice 800200
Selling, general and administrative expense [member] Common practice IAS 1.112 c Common practice 800200
Depreciation and amortisation expense Disclosure MonetaryDuration, Debit IAS 1.102 Example
IAS 1.99 Disclosure
IFRS 12.B13 d Disclosure
IFRS 8.23 e Disclosure
IFRS 8.28 e Disclosure
320000, 800200, 825700, 871100
Employee benefits expense Disclosure MonetaryDuration, Debit IAS 1.102 Example
IAS 1.99 Disclosure
320000, 800200

105

The choice between the function of expense method and the nature of expense method depends on historical and industry factors and the nature of the entity. Both methods provide an indication of those costs that might vary, directly or indirectly, with the level of sales or production of the entity. Because each method of presentation has merit for different types of entities, this Standard requires management to select the presentation that is reliableE20 and more relevant. [Refer:Conceptual Framework paragraphs 2.6-2.11] However, because information on the nature of expenses is useful in predicting future cash flows, additional disclosure is required when the function of expense classification is used. In paragraph 104, ‘employee benefits’ has the same meaning as in IAS 19.

E20

[The term ‘faithful representation’, which was used in the Conceptual Framework issued in 2010 and is also used in the revised version of the Conceptual Framework issued in 2018, encompasses the main characteristics that the Framework called ‘reliability’ (refer Conceptual Framework paragraphs 2.12⁠–⁠2.19 and Basis for Conclusions paragraphs BC2.21⁠–⁠BC2.31 and IAS 1 Basis for Conclusions paragraph BC105J).]

Statement of changes in equity

Information to be presented in the statement of changes in equity

106

An entity shall present a statement of changes in equity as required by paragraph 10. The statement of changes in equity includes the following information:

(a)

total comprehensive income for the period, showing separately the total amounts attributable to owners of the parent and to non‑controlling interests;

Comprehensive income Disclosure MonetaryDuration, Credit IAS 1.81A c Disclosure
IFRS 1.24 b Disclosure
IFRS 1.32 a (ii) Disclosure
IFRS 12.B10 b Example
IFRS 12.B12 b (ix) Disclosure
410000, 420000, 610000, 800200, 819100, 825700, 842000
Comprehensive income, attributable to non-controlling interests Disclosure MonetaryDuration, Credit IAS 1.81B b (i) Disclosure 410000, 420000, 800200
Comprehensive income, attributable to owners of parent Disclosure MonetaryDuration, Credit IAS 1.81B b (ii) Disclosure 410000, 420000, 800200

(b)

for each component of equity, the effects of retrospective application [Refer:IAS 8 paragraphs 14⁠–⁠27 and 50⁠–⁠53] or retrospective restatement [Refer:IAS 8 paragraphs 41⁠–⁠48 and 50⁠–⁠53] recognised in accordance with IAS 8; [Refer:Basis for Conclusions paragraph BC74] and

Currently stated [member] Disclosure IAS 1.20 d Common practice
IAS 8.28 f (i) Disclosure
IAS 8.29 c (i) Disclosure
IAS 8.49 b (i) Disclosure
IFRS 17.113 b Disclosure
610000, 836600, 901000, 901100, 990000
Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member] Disclosure IAS 8.28 f (i) Disclosure
IAS 8.29 c (i) Disclosure
IAS 8.49 b (i) Disclosure
610000, 901000
Previously stated [member] Disclosure IAS 8.28 f (i) Disclosure
IAS 8.29 c (i) Disclosure
IAS 8.49 b (i) Disclosure
610000, 901000
Retrospective application and retrospective restatement [axis] Disclosure IAS 8.28 f (i) Disclosure
IAS 8.29 c (i) Disclosure
IAS 8.49 b (i) Disclosure
610000, 901000, 990000

(c)

[deleted]

(d)

for each component of equity, a reconciliation between the carrying amount at the beginning and the end of the period, separately (as a minimum) disclosing changes resulting from:

(i)

profit or loss;

Profit (loss) Disclosure MonetaryDuration, Credit IAS 1.81A a Disclosure
IAS 7.18 b Disclosure
IFRS 1.24 b Disclosure
IFRS 1.32 a (ii) Disclosure
IFRS 12.B10 b Example
IFRS 17.113 b Example
IFRS 8.23 Disclosure
IFRS 8.28 b Disclosure
310000, 320000, 410000, 420000, 520000, 610000, 819100, 825700, 836600, 842000, 871100

(ii)

other comprehensive income; and

Other comprehensive income Disclosure MonetaryDuration, Credit IAS 1.81A b Disclosure
IAS 1.91 a Disclosure
IFRS 12.B12 b (viii) Disclosure
410000, 420000, 610000, 825700, 842000

(iii)

transactions with owners in their capacity as owners, showing separately contributions by and distributions to owners and changes in ownership interests in subsidiaries that do not result in a loss of control.

Decrease through other distributions to owners, equity Disclosure MonetaryDuration, Debit 610000
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity Disclosure MonetaryDuration, Credit 610000
Increase (decrease) through share-based payment transactions, equity Disclosure MonetaryDuration, Credit 610000
Increase through other contributions by owners, equity Disclosure MonetaryDuration, Credit 610000
Issue of equity Disclosure MonetaryDuration, Credit 610000
Cancellation of treasury shares Common practice MonetaryDuration, Credit 800400
Decrease (increase) through tax on share-based payment transactions, equity Common practice MonetaryDuration, Debit 800400
Dividends recognised as distributions to non-controlling interests Common practice MonetaryDuration, Debit 800400
Dividends recognised as distributions to owners of parent Common practice MonetaryDuration, Debit 800400
Dividends recognised as distributions to owners of parent, relating to current year Common practice MonetaryDuration, Debit 800400
Dividends recognised as distributions to owners of parent, relating to prior years Common practice MonetaryDuration, Debit 800400
Increase (decrease) through acquisition of subsidiary, equity Common practice MonetaryDuration, Credit 800400
Increase (decrease) through appropriation of retained earnings, equity Common practice MonetaryDuration, Credit 800400
Increase (decrease) through change in equity of subsidiaries, equity Common practice MonetaryDuration, Credit 800400
Increase (decrease) through conversion of convertible instruments, equity Common practice MonetaryDuration, Credit 800400
Increase (decrease) through disposal of subsidiary, equity Common practice MonetaryDuration, Credit 800400
Increase (decrease) through exercise of options, equity Common practice MonetaryDuration, Credit 800400
Increase (decrease) through exercise of warrants, equity Common practice MonetaryDuration, Credit 800400
Increase (decrease) through transactions with owners, equity Common practice MonetaryDuration, Credit 800400
Increase (decrease) through transfer between revaluation surplus and retained earnings, equity Common practice MonetaryDuration, Credit 800400
Increase (decrease) through transfer to statutory reserve, equity Common practice MonetaryDuration, Credit 800400
Issue of convertible instruments Common practice MonetaryDuration, Credit 800400
Number of shares issued Common practice Shares 861200
Purchase of treasury shares Common practice MonetaryDuration, Debit 800400
Reduction of issued capital Common practice MonetaryDuration, Debit 800400
Sale or issue of treasury shares Common practice MonetaryDuration, Credit 800400
Share issue related cost Common practice MonetaryDuration, Debit 800400
Increase (decrease) in equity Disclosure MonetaryDuration, Credit 610000
Increase (decrease) through other changes, equity Disclosure MonetaryDuration, Credit 610000
Increase (decrease) through treasury share transactions, equity Disclosure MonetaryDuration, Credit 610000
Components of equity [axis] Disclosure 610000, 800400, 861000, 990000
Components of equity [domain] Disclosure 610000, 800400, 861000, 990000
Equity attributable to owners of parent [member] Disclosure 610000, 861000
Issued capital [member] Disclosure 610000, 861000
Non-controlling interests [member] Disclosure 610000, 861000
Other equity interest [member] Disclosure 610000, 861000
Other reserves [member] Disclosure 610000, 861000
Retained earnings [member] Disclosure IAS 1.108 Example 610000, 861000
Share premium [member] Disclosure 610000, 861000
Statement of changes in equity [table] Disclosure 610000
Treasury shares [member] Disclosure 610000, 861000
Cumulative effect at date of initial application [axis] Common practice 610000, 915000, 990000
Increase (decrease) due to changes in accounting policy required by IFRSs, cumulative effect at date of initial application [member] Common practice 610000, 915000
Opening balance after adjustment, cumulative effect at date of initial application [member] Common practice 610000, 915000
Opening balance before adjustment, cumulative effect at date of initial application [member] Common practice 610000, 915000, 990000

Information to be presented in the statement of changes in equity or in the notes

106A

For each component of equity an entity shall present, either in the statement of changes in equity or in the notes, an analysis of other comprehensive income by item (see paragraph 106(d)(ii)).

Disclosure of analysis of other comprehensive income by item [table] Disclosure 861000
Disclosure of analysis of other comprehensive income by item [text block] Disclosure Text block 861000

107

An entity shall present, either in the statement of changes in equity or in the notes, the amount of dividends recognised as distributions to owners during the period, and the related amount of dividends per share.

Dividends recognised as distributions to owners Disclosure MonetaryDuration, Debit 610000
Dividends recognised as distributions to owners per share Disclosure Per share 810000

108

In paragraph 106, the components of equity include, for example, each class of contributed equity, the accumulated balance of each class of other comprehensive income and retained earnings.

Reserve of cash flow hedges [member] Example IFRS 9.6.5.11 Disclosure 610000, 861000, 861200
Reserve of change in fair value of financial liability attributable to change in credit risk of liability [member] Example 610000, 861000, 861200
Reserve of change in value of foreign currency basis spreads [member] Example IFRS 9.6.5.16 Disclosure 610000, 861000, 861200
Reserve of change in value of forward elements of forward contracts [member] Example IFRS 9.6.5.16 Disclosure 610000, 861000, 861200
Reserve of change in value of time value of options [member] Example IFRS 9.6.5.15 Disclosure 610000, 861000, 861200
Reserve of exchange differences on translation [member] Example IAS 21.52 b Disclosure 610000, 861000, 861200
Reserve of finance income (expenses) from reinsurance contracts held excluded from profit or loss [member] Example 610000, 861000, 861200
Reserve of gains and losses from investments in equity instruments [member] Example 610000, 861000, 861200
Reserve of gains and losses on financial assets measured at fair value through other comprehensive income [member] Example 610000, 861000, 861200
Reserve of gains and losses on hedging instruments that hedge investments in equity instruments [member] Example 610000, 861000, 861200
Reserve of insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will be reclassified to profit or loss [member] Example 610000, 861000, 861200
Reserve of insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will not be reclassified to profit or loss [member] Example 610000, 861000, 861200
Reserve of remeasurements of defined benefit plans [member] Example 610000, 861000, 861200
Reserve of share-based payments [member] Example 610000, 861000, 861200
Retained earnings [member] Example IAS 1.106 Disclosure 610000, 861000
Revaluation surplus [member] Example IAS 16.39 Disclosure
IFRS 1.IG10 Disclosure
610000, 861000, 861200
Accumulated other comprehensive income [member] Common practice 610000, 861000, 861200
Additional paid-in capital [member] Common practice 800400
Capital redemption reserve [member] Common practice 800400
Capital reserve [member] Common practice 800400
Merger reserve [member] Common practice 800400
Miscellaneous other reserves [member] Common practice 800400
Reserve of equity component of convertible instruments [member] Common practice 800400
Retained earnings, excluding profit (loss) for reporting period [member] Common practice 800400
Retained earnings, profit (loss) for reporting period [member] Common practice 800400
Statutory reserve [member] Common practice 800400
Warrant reserve [member] Common practice 800400

109

Changes in an entity’s equity between the beginning and the end of the reporting period reflect the increase or decrease in its net assets during the period. Except for changes resulting from transactions with owners in their capacity as owners (such as equity contributions, reacquisitions of the entity’s own equity instruments and dividends) and transaction costs directly related to such transactions, the overall change in equity during a period represents the total amount of income and expense, including gains and losses, generated by the entity’s activities during that period.

110

IAS 8 requires retrospective adjustments to effect changes in accounting policies, to the extent practicable, except when the transition provisions in another IFRS require otherwise. [Refer:IAS 8 paragraphs 19⁠–⁠27 and 50⁠–⁠53] IAS 8 also requires restatements to correct errors to be made retrospectively, [Refer:IAS 8 paragraphs 43⁠–⁠48 and 50⁠–⁠53] to the extent practicable. Retrospective adjustments and retrospective restatements are not changes in equity but they are adjustments to the opening balance of retained earnings, except when an IFRS requires retrospective adjustment of another component of equity. Paragraph 106(b) requires disclosure in the statement of changes in equity of the total adjustment to each component of equity resulting from changes in accounting policies and, separately, from corrections of errors. These adjustments are disclosed for each prior period and the beginning of the period.

Statement of cash flows

111

Cash flow information provides users [Refer:Conceptual Framework paragraphs 1.2-1.10 and 2.36] of financial statements with a basis to assess the ability of the entity to generate cash and cash equivalents and the needs of the entity to utilise those cash flows. IAS 7 sets out requirements for the presentation and disclosure of cash flow information.

Notes

Structure

112

The notes shall:

(a)

present information about the basis of preparation of the financial statements and the specific accounting policies used in accordance with paragraphs 117⁠–⁠124;

(b)

disclose the information required by IFRSs that is not presented elsewhere in the financial statements; and

(c)

provide information that is not presented elsewhere in the financial statements, but is relevant to an understanding of any of them.

Advertising expense Common practice MonetaryDuration, Debit 800200
All types of depositary receipts [member] Common practice 838000
Amortisation expense Common practice MonetaryDuration, Debit 800200
Asset-backed debt instruments held Common practice MonetaryInstant, Debit 800100
Assets (liabilities) Common practice MonetaryInstant, Debit IFRS 1.IG63 Example 800100
Attribution of expenses by nature to their function [axis] Common practice IAS 1.104 Common practice 800200, 990000
Attribution of expenses by nature to their function [domain] Common practice IAS 1.104 Common practice 800200, 990000
Auditor's remuneration Common practice MonetaryDuration, Debit 880000
Auditor's remuneration for audit services Common practice MonetaryDuration, Debit 880000
Auditor's remuneration for other services Common practice MonetaryDuration, Debit 880000
Auditor's remuneration for tax services Common practice MonetaryDuration, Debit 880000
Authorised capital commitments but not contracted for Common practice MonetaryInstant, Credit 880000
Average foreign exchange rate Common practice Decimal 842000
Average number of employees Common practice Decimal 880000
Balances on current accounts from customers Common practice MonetaryInstant, Credit 800100
Balances on demand deposits from customers Common practice MonetaryInstant, Credit 800100
Balances on other deposits from customers Common practice MonetaryInstant, Credit 800100
Balances on term deposits from customers Common practice MonetaryInstant, Credit 800100
Bank and similar charges Common practice MonetaryDuration, Debit 800200
Bank balances at central banks other than mandatory reserve deposits Common practice MonetaryInstant, Debit 800100
Bank debt instruments held Common practice MonetaryInstant, Debit 800100
Bonds issued Common practice MonetaryInstant, Credit 800100
Borrowing costs incurred Common practice MonetaryDuration 836200
Borrowing costs recognised as expense Common practice MonetaryDuration, Debit 836200
Brokerage fee expense Common practice MonetaryDuration, Debit 800200
Brokerage fee income Common practice MonetaryDuration, Credit 800200
Capital commitments Common practice MonetaryInstant, Credit 880000
Circulation revenue Common practice MonetaryDuration, Credit 800200
Closing foreign exchange rate Common practice Decimal 842000
Commercial papers issued Common practice MonetaryInstant, Credit 800100
Communication expense Common practice MonetaryDuration, Debit 800200
Contractual capital commitments Common practice MonetaryInstant, Credit 880000
Corporate debt instruments held Common practice MonetaryInstant, Debit 800100
Cost of purchased energy sold Common practice MonetaryDuration, Debit 800200
Cost of sales [member] Common practice IAS 1.104 Common practice 800200
Credit-related fee and commission income Common practice MonetaryDuration, Credit 800200
Currency swap contract [member] Common practice 822390
Current advances to suppliers Common practice MonetaryInstant, Debit 800100
Current bonds issued and current portion of non-current bonds issued Common practice MonetaryInstant, Credit 800100
Current commercial papers issued and current portion of non-current commercial papers issued Common practice MonetaryInstant, Credit 800100
Current interest payable Common practice MonetaryInstant, Credit 800100
Current interest receivable Common practice MonetaryInstant, Debit 800100
Current loans received and current portion of non-current loans received Common practice MonetaryInstant, Credit 800100
Current notes and debentures issued and current portion of non-current notes and debentures issued Common practice MonetaryInstant, Credit 800100
Current prepaid expenses Common practice MonetaryInstant, Debit 800100
Current secured bank loans received and current portion of non-current secured bank loans received Common practice MonetaryInstant, Credit 800100
Current unsecured bank loans received and current portion of non-current unsecured bank loans received Common practice MonetaryInstant, Credit 800100
Dated subordinated liabilities Common practice MonetaryInstant, Credit 800100
Depreciation expense Common practice MonetaryDuration, Debit 800200
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss Common practice MonetaryDuration, Debit 800200
Directors' remuneration expense Common practice MonetaryDuration, Debit 800200
Disclosure of attribution of expenses by nature to their function [table] Common practice IAS 1.104 Common practice 800200
Disclosure of attribution of expenses by nature to their function [text block] Common practice Text block IAS 1.104 Common practice 800200
Disclosure of depositary receipts [table] Common practice 838000
Disclosure of depositary receipts [text block] Common practice Text block 838000
Dividend income Common practice MonetaryDuration, Credit 800200
Donations and subsidies expense Common practice MonetaryDuration, Debit 800200
Energy expense Common practice MonetaryDuration, Debit 800200
Energy transmission charges Common practice MonetaryDuration, Debit 800200
Expense arising from passage of time on other provisions Common practice MonetaryDuration, Debit 800200
Expense from cash-settled share-based payment transactions Common practice MonetaryDuration, Debit 834120
Expense from share-based payment transactions with employees Common practice MonetaryDuration, Debit 800200, 834120
Expense from share-based payment transactions with parties other than employees Common practice MonetaryDuration, Debit 834120
Forward contract [member] Common practice 822390
Franchise fee income Common practice MonetaryDuration, Credit 800200
Fuel and energy expense Common practice MonetaryDuration, Debit 800200
Fuel expense Common practice MonetaryDuration, Debit 800200
Futures contract [member] Common practice 822390
Gains (losses) on disposals of investment properties Common practice MonetaryDuration, Credit 800200
Gains (losses) on disposals of non-current assets Common practice MonetaryDuration, Credit 800200
Gains on disposals of investment properties Common practice MonetaryDuration, Credit 800200
Gains on disposals of non-current assets Common practice MonetaryDuration, Credit 800200
General and administrative expense Common practice MonetaryDuration, Debit 800200
Government debt instruments held Common practice MonetaryInstant, Debit 800100
Impairment loss (reversal of impairment loss) recognised in profit or loss, trade receivables Common practice MonetaryDuration, Debit 800200
Impairment loss recognised in profit or loss, trade receivables Common practice MonetaryDuration, Debit 800200
Income from fines and penalties Common practice MonetaryDuration, Credit 800200
Income from reimbursements under insurance policies Common practice MonetaryDuration, Credit 800200
Increase (decrease) in number of ordinary shares issued Common practice Shares 838000
Insurance expense Common practice MonetaryDuration, Debit 800200
Interest costs capitalised Common practice MonetaryDuration 836200
Interest costs incurred Common practice MonetaryDuration 836200
Interest expense on bank loans and overdrafts Common practice MonetaryDuration, Debit 800200
Interest expense on bonds Common practice MonetaryDuration, Debit 800200
Interest expense on borrowings Common practice MonetaryDuration, Debit 800200
Interest expense on debt instruments issued Common practice MonetaryDuration, Debit 800200
Interest expense on deposits from banks Common practice MonetaryDuration, Debit 800200
Interest expense on deposits from customers Common practice MonetaryDuration, Debit 800200
Interest expense on financial liabilities designated at fair value through profit or loss Common practice MonetaryDuration, Debit 800200
Interest expense on financial liabilities held for trading Common practice MonetaryDuration, Debit 800200
Interest expense on liabilities due to central banks Common practice MonetaryDuration, Debit 800200
Interest expense on other financial liabilities Common practice MonetaryDuration, Debit 800200
Interest expense on repurchase agreements and cash collateral on securities lent Common practice MonetaryDuration, Debit 800200
Interest income Common practice MonetaryDuration, Credit IFRS 12.B13 e Disclosure
IFRS 8.23 c Disclosure
IFRS 8.28 e Disclosure
800200, 825700, 871100
Interest income on cash and bank balances at central banks Common practice MonetaryDuration, Credit 800200
Interest income on cash and cash equivalents Common practice MonetaryDuration, Credit 800200
Interest income on debt instruments held Common practice MonetaryDuration, Credit 800200
Interest income on deposits Common practice MonetaryDuration, Credit 800200
Interest income on financial assets designated at fair value through profit or loss Common practice MonetaryDuration, Credit 800200
Interest income on financial assets held for trading Common practice MonetaryDuration, Credit 800200
Interest income on loans and advances to banks Common practice MonetaryDuration, Credit 800200
Interest income on loans and advances to customers Common practice MonetaryDuration, Credit 800200
Interest income on other financial assets Common practice MonetaryDuration, Credit 800200
Interest income on reverse repurchase agreements and cash collateral on securities borrowed Common practice MonetaryDuration, Credit 800200
Interest payable Common practice MonetaryInstant, Credit 800100
Interest rate swap contract [member] Common practice 822390
Interest receivable Common practice MonetaryInstant, Debit 800100
Investment property completed Common practice MonetaryInstant, Debit 800100
Investment property completed [member] Common practice 825100
Investment property under construction or development Common practice MonetaryInstant, Debit 800100
Investment property under construction or development [member] Common practice 825100
Later than five years and not later than ten years [member] Common practice IFRS 7.B11 Example
IFRS 7.IG31A Example
822390, 880000
Later than four months [member] Common practice 880000
Later than four years and not later than five years [member] Common practice IFRS 16.94 Disclosure
IFRS 16.97 Disclosure
IFRS 17.132 b Disclosure
IFRS 7.B11 Example
IFRS 7.IG31A Example
822390, 832610, 836600, 880000
Later than one month and not later than two months [member] Common practice IFRS 7.35N Example
IFRS 7.IG20D Example
822390, 880000
Later than one year and not later than two years [member] Common practice IFRS 16.94 Disclosure
IFRS 16.97 Disclosure
IFRS 17.132 b Disclosure
IFRS 7.B11 Example
IFRS 7.IG31A Example
822390, 832610, 836600, 880000
Later than six months [member] Common practice 880000
Later than ten years [member] Common practice IFRS 7.B11 Example
IFRS 7.IG31A Example
822390, 880000
Later than three months and not later than four months [member] Common practice 880000
Later than three years and not later than four years [member] Common practice IFRS 16.94 Disclosure
IFRS 16.97 Disclosure
IFRS 17.132 b Disclosure
IFRS 7.B11 Example
IFRS 7.IG31A Example
822390, 832610, 836600, 880000
Later than two months and not later than three months [member] Common practice IFRS 7.35N Example
IFRS 7.IG20D Example
822390, 880000
Later than two years and not later than five years [member] Common practice 880000
Later than two years and not later than three years [member] Common practice IFRS 16.94 Disclosure
IFRS 16.97 Disclosure
IFRS 17.132 b Disclosure
IFRS 7.B11 Example
IFRS 7.IG31A Example
822390, 832610, 836600, 880000
Licence fee income Common practice MonetaryDuration, Credit 800200
Loans received Common practice MonetaryInstant, Credit 800100
Loans to consumers Common practice MonetaryInstant, Debit 800100
Loans to corporate entities Common practice MonetaryInstant, Debit 800100
Loans to corporate entities [member] Common practice IFRS 7.6 Example
IFRS 7.IG20C Example
822390
Loans to government [member] Common practice 822390
Losses on disposals of investment properties Common practice MonetaryDuration, Debit 800200
Losses on disposals of non-current assets Common practice MonetaryDuration, Debit 800200
Mandatory reserve deposits at central banks Common practice MonetaryInstant, Debit 800100
Media production expense Common practice MonetaryDuration, Debit 800200
Miscellaneous other operating expense Common practice MonetaryDuration, Debit 800200
Miscellaneous other operating income Common practice MonetaryDuration, Credit 800200
Net debt Common practice MonetaryInstant, Credit 800100
Non-current interest payable Common practice MonetaryInstant, Credit 800100
Non-current interest receivable Common practice MonetaryInstant, Debit 800100
Non-current portion of non-current bonds issued Common practice MonetaryInstant, Credit 800100
Non-current portion of non-current commercial papers issued Common practice MonetaryInstant, Credit 800100
Non-current portion of non-current loans received Common practice MonetaryInstant, Credit 800100
Non-current portion of non-current notes and debentures issued Common practice MonetaryInstant, Credit 800100
Non-current portion of non-current secured bank loans received Common practice MonetaryInstant, Credit 800100
Non-current portion of non-current unsecured bank loans received Common practice MonetaryInstant, Credit 800100
Non-current portion of other non-current borrowings Common practice MonetaryInstant, Credit 800100
Non-subscription circulation revenue Common practice MonetaryDuration, Credit 800200
Not later than three months [member] Common practice 822390
Notes and debentures issued Common practice MonetaryInstant, Credit 800100
Notional amount Common practice MonetaryInstant 822390
Number of employees Common practice Decimal 880000
Number of shares represented by one depositary receipt Common practice Pure 838000
On demand [member] Common practice 880000
Option contract [member] Common practice 822390
Other borrowings Common practice MonetaryInstant, Credit 800100
Other current borrowings and current portion of other non-current borrowings Common practice MonetaryInstant, Credit 800100
Other debt instruments held Common practice MonetaryInstant, Debit 800100
Other fee and commission expense Common practice MonetaryDuration, Debit 800200
Other fee and commission income Common practice MonetaryDuration, Credit 800200
Other finance cost Common practice MonetaryDuration, Debit 800200
Other finance income Common practice MonetaryDuration, Credit 800200
Other revenue Common practice MonetaryDuration, Credit 800200
Other trading income (expense) Common practice MonetaryDuration, Credit 800200
Portfolio and other management fee income Common practice MonetaryDuration, Credit 800200
Professional fees expense Common practice MonetaryDuration, Debit 800200
Property management expense Common practice MonetaryDuration, Debit 800200
Property service charge expense Common practice MonetaryDuration, Debit 800200
Property service charge income Common practice MonetaryDuration, Credit 800200
Property service charge income (expense) Common practice MonetaryDuration, Credit 800200
Rental income Common practice MonetaryDuration, Credit 800200
Rental income from investment property, net of direct operating expense Common practice MonetaryDuration, Credit 825100
Revenue from construction contracts Common practice MonetaryDuration, Credit 800200
Revenue from hotel operations Common practice MonetaryDuration, Credit 800200
Revenue from rendering of advertising services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of cargo and mail transport services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of data services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of gaming services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of information technology consulting services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of information technology maintenance and support services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of information technology services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of interconnection services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of internet and data services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of internet services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of land line telephone services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of mobile telephone services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of other telecommunication services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of passenger transport services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of printing services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of telecommunication services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of telephone services Common practice MonetaryDuration, Credit 800200
Revenue from rendering of transport services Common practice MonetaryDuration, Credit 800200
Revenue from room occupancy services Common practice MonetaryDuration, Credit 800200
Revenue from sale of agricultural produce Common practice MonetaryDuration, Credit 800200
Revenue from sale of alcohol and alcoholic drinks Common practice MonetaryDuration, Credit 800200
Revenue from sale of books Common practice MonetaryDuration, Credit 800200
Revenue from sale of copper Common practice MonetaryDuration, Credit 800200
Revenue from sale of crude oil Common practice MonetaryDuration, Credit 800200
Revenue from sale of electricity Common practice MonetaryDuration, Credit 800200
Revenue from sale of food and beverage Common practice MonetaryDuration, Credit 800200
Revenue from sale of gold Common practice MonetaryDuration, Credit 800200
Revenue from sale of goods Common practice MonetaryDuration, Credit 800200
Revenue from sale of natural gas Common practice MonetaryDuration, Credit 800200
Revenue from sale of oil and gas products Common practice MonetaryDuration, Credit 800200
Revenue from sale of petroleum and petrochemical products Common practice MonetaryDuration, Credit 800200
Revenue from sale of publications Common practice MonetaryDuration, Credit 800200
Revenue from sale of silver Common practice MonetaryDuration, Credit 800200
Revenue from sale of sugar Common practice MonetaryDuration, Credit 800200
Revenue from sale of telecommunication equipment Common practice MonetaryDuration, Credit 800200
Reversal of impairment loss recognised in profit or loss, trade receivables Common practice MonetaryDuration, Credit 800200
Royalty income Common practice MonetaryDuration, Credit 800200
Secured bank loans received Common practice MonetaryInstant, Credit 800100
Selling expense Common practice MonetaryDuration, Debit 800200
Selling, general and administrative expense [member] Common practice IAS 1.104 Common practice 800200
Short-term employee benefits expense Common practice MonetaryDuration, Debit 800200
Subscription circulation revenue Common practice MonetaryDuration, Credit 800200
Swap contract [member] Common practice 822390
Trade receivables [member] Common practice IFRS 7.35H b (iii) Disclosure
IFRS 7.35M b (iii) Disclosure
IFRS 7.35N Example
822390
Trading income (expense) on debt instruments Common practice MonetaryDuration, Credit 800200
Trading income (expense) on derivative financial instruments Common practice MonetaryDuration, Credit 800200
Trading income (expense) on equity instruments Common practice MonetaryDuration, Credit 800200
Trading income (expense) on foreign exchange contracts Common practice MonetaryDuration, Credit 800200
Transportation expense Common practice MonetaryDuration, Debit 800200
Travel expense Common practice MonetaryDuration, Debit 800200
Types of investment property [axis] Common practice 825100, 990000
Types of investment property [domain] Common practice 825100, 990000
Undated subordinated liabilities Common practice MonetaryInstant, Credit 800100
Underlying equity instrument and depositary receipts [axis] Common practice 838000, 990000
Underlying equity instrument and depositary receipts [domain] Common practice 838000, 990000
Unsecured bank loans received Common practice MonetaryInstant, Credit 800100
Utilities expense Common practice MonetaryDuration, Debit 800200
Disclosure of additional information [text block] Disclosure Text block 880000

113

An entity shall, as far as practicable, present notes in a systematic manner. In determining a systematic manner, the entity shall consider the effect on the understandability and comparability of its financial statements. An entity shall cross‑reference each item in the statements of financial position and in the statement(s) of profit or loss and other comprehensive income, and in the statements of changes in equity and of cash flows to any related information in the notes.

114

Examples of systematic ordering or grouping of the notes include:

(a)

giving prominence to the areas of its activities that the entity considers to be most relevant to an understanding of its financial performance and financial position, such as grouping together information about particular operating activities;

(b)

grouping together information about items measured similarly such as assets measured at fair value; or

(c)

following the order of the line items in the statement(s) of profit or loss and other comprehensive income and the statement of financial position, such as:

(i)

statement of compliance with IFRSs (see paragraph 16);

(ii)

material accounting policy information (see paragraph 117);

(iii)

supporting information for items presented in the statements of financial position and in the statement(s) of profit or loss and other comprehensive income, and in the statements of changes in equity and of cash flows, in the order in which each statement and each line item is presented; and

(iv)

other disclosures, including:

(1)

contingent liabilities (see IAS 37) [Refer:IAS 37 paragraphs 86⁠–⁠92] and unrecognised contractual commitments; and

(2)

non-financial disclosures, eg the entity’s financial risk management objectives and policies (see IFRS 7). [Refer:IFRS 7 paragraphs 31⁠–⁠42]

115

[Deleted]

116

An entity may present notes providing information about the basis of preparation of the financial statements and specific accounting policies [Refer:paragraph 117] as a separate section of the financial statements.

Disclosure of accounting policy information

117

An entity shall disclose material accounting policy information (see paragraph 7). Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.

Description of accounting policy for biological assets [text block] Common practice Text block 800610
Description of accounting policy for borrowing costs [text block] Common practice Text block 800610
Description of accounting policy for borrowings [text block] Common practice Text block 800610
Description of accounting policy for business combinations [text block] Common practice Text block 800610
Description of accounting policy for business combinations and goodwill [text block] Common practice Text block 800610
Description of accounting policy for cash flows [text block] Common practice Text block 800610
Description of accounting policy for collateral [text block] Common practice Text block 800610
Description of accounting policy for construction in progress [text block] Common practice Text block 800610
Description of accounting policy for contingent liabilities and contingent assets [text block] Common practice Text block 800610
Description of accounting policy for customer acquisition costs [text block] Common practice Text block 800610
Description of accounting policy for customer loyalty programmes [text block] Common practice Text block 800610
Description of accounting policy for decommissioning, restoration and rehabilitation provisions [text block] Common practice Text block 800610
Description of accounting policy for deferred acquisition costs arising from insurance contracts [text block] Common practice Text block 800610
Description of accounting policy for deferred income tax [text block] Common practice Text block 800610
Description of accounting policy for depreciation expense [text block] Common practice Text block 800610
Description of accounting policy for derecognition of financial instruments [text block] Common practice Text block 800610
Description of accounting policy for derivative financial instruments [text block] Common practice Text block 800610
Description of accounting policy for derivative financial instruments and hedging [text block] Common practice Text block 800610
Description of accounting policy for discontinued operations [text block] Common practice Text block 800610
Description of accounting policy for discounts and rebates [text block] Common practice Text block 800610
Description of accounting policy for dividends [text block] Common practice Text block 800610
Description of accounting policy for earnings per share [text block] Common practice Text block 800610
Description of accounting policy for emission rights [text block] Common practice Text block 800610
Description of accounting policy for employee benefits [text block] Common practice Text block 800610
Description of accounting policy for environment related expense [text block] Common practice Text block 800610
Description of accounting policy for exceptional items [text block] Common practice Text block 800610
Description of accounting policy for expenses [text block] Common practice Text block 800610
Description of accounting policy for fair value measurement [text block] Common practice Text block 800610
Description of accounting policy for fee and commission income and expense [text block] Common practice Text block 800610
Description of accounting policy for finance costs [text block] Common practice Text block 800610
Description of accounting policy for finance income and costs [text block] Common practice Text block 800610
Description of accounting policy for financial assets [text block] Common practice Text block 800610
Description of accounting policy for financial guarantees [text block] Common practice Text block 800610
Description of accounting policy for financial instruments [text block] Common practice Text block 800610, 822390
Description of accounting policy for financial instruments at fair value through profit or loss [text block] Common practice Text block 800610
Description of accounting policy for financial liabilities [text block] Common practice Text block 800610
Description of accounting policy for foreign currency translation [text block] Common practice Text block 800610
Description of accounting policy for franchise fees [text block] Common practice Text block 800610
Description of accounting policy for functional currency [text block] Common practice Text block 800610
Description of accounting policy for goodwill [text block] Common practice Text block 800610
Description of accounting policy for hedging [text block] Common practice Text block 800610
Description of accounting policy for impairment of assets [text block] Common practice Text block 800610
Description of accounting policy for impairment of financial assets [text block] Common practice Text block 800610
Description of accounting policy for impairment of non-financial assets [text block] Common practice Text block 800610
Description of accounting policy for income tax [text block] Common practice Text block 800610
Description of accounting policy for insurance contracts and related assets, liabilities, income and expense [text block] Common practice Text block 800610
Description of accounting policy for intangible assets and goodwill [text block] Common practice Text block 800610
Description of accounting policy for intangible assets other than goodwill [text block] Common practice Text block 800610
Description of accounting policy for interest income and expense [text block] Common practice Text block 800610
Description of accounting policy for investment in associates [text block] Common practice Text block 800610
Description of accounting policy for investment in associates and joint ventures [text block] Common practice Text block 800610
Description of accounting policy for investment property [text block] Common practice Text block 800610
Description of accounting policy for investments in joint ventures [text block] Common practice Text block 800610
Description of accounting policy for investments other than investments accounted for using equity method [text block] Common practice Text block 800610
Description of accounting policy for issued capital [text block] Common practice Text block 800610
Description of accounting policy for leases [text block] Common practice Text block 800610
Description of accounting policy for mining assets [text block] Common practice Text block 800610
Description of accounting policy for mining rights [text block] Common practice Text block 800610
Description of accounting policy for non-current assets or disposal groups classified as held for sale [text block] Common practice Text block 800610
Description of accounting policy for non-current assets or disposal groups classified as held for sale and discontinued operations [text block] Common practice Text block 800610
Description of accounting policy for offsetting of financial instruments [text block] Common practice Text block 800610
Description of accounting policy for oil and gas assets [text block] Common practice Text block 800610
Description of accounting policy for programming assets [text block] Common practice Text block 800610
Description of accounting policy for property, plant and equipment [text block] Common practice Text block 800610
Description of accounting policy for provisions [text block] Common practice Text block 800610
Description of accounting policy for reclassification of financial instruments [text block] Common practice Text block 800610
Description of accounting policy for recognition of revenue [text block] Common practice Text block 800610
Description of accounting policy for regulatory deferral accounts [text block] Common practice Text block 800610
Description of accounting policy for reinsurance [text block] Common practice Text block 800610
Description of accounting policy for repairs and maintenance [text block] Common practice Text block 800610
Description of accounting policy for repurchase and reverse repurchase agreements [text block] Common practice Text block 800610
Description of accounting policy for research and development expense [text block] Common practice Text block 800610
Description of accounting policy for restricted cash and cash equivalents [text block] Common practice Text block 800610
Description of accounting policy for segment reporting [text block] Common practice Text block 800610
Description of accounting policy for service concession arrangements [text block] Common practice Text block 800610
Description of accounting policy for share-based payment transactions [text block] Common practice Text block 800610
Description of accounting policy for stripping costs [text block] Common practice Text block 800610
Description of accounting policy for subsidiaries [text block] Common practice Text block 800610
Description of accounting policy for taxes other than income tax [text block] Common practice Text block 800610
Description of accounting policy for termination benefits [text block] Common practice Text block 800610
Description of accounting policy for trade and other payables [text block] Common practice Text block 800610
Description of accounting policy for trade and other receivables [text block] Common practice Text block 800610
Description of accounting policy for trading income and expense [text block] Common practice Text block 800610
Description of accounting policy for transactions with non-controlling interests [text block] Common practice Text block 800610
Description of accounting policy for transactions with related parties [text block] Common practice Text block 800610
Description of accounting policy for treasury shares [text block] Common practice Text block 800610
Description of accounting policy for warrants [text block] Common practice Text block 800610
Disclosure of material accounting policy information [text block] Disclosure Text block 800500, 800610, 810000

117A

Accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may nevertheless be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material.

117B

Accounting policy information is expected to be material if users of an entity’s financial statements would need it to understand other material information in the financial statements. For example, an entity is likely to consider accounting policy information material to its financial statements if that information relates to material transactions, other events or conditions and:

(a)

the entity changed its accounting policy during the reporting period and this change resulted in a material change to the information in the financial statements;

(b)

the entity chose the accounting policy from one or more options permitted by IFRSs—such a situation could arise if the entity chose to measure investment property at historical cost rather than fair value;

(c)

the accounting policy was developed in accordance with IAS 8 in the absence of an IFRS that specifically applies;

(d)

the accounting policy relates to an area for which an entity is required to make significant judgements or assumptions in applying an accounting policy, and the entity discloses those judgements or assumptions in accordance with paragraphs 122 and 125; or

(e)

the accounting required for them is complex and users of the entity’s financial statements would otherwise not understand those material transactions, other events or conditions—such a situation could arise if an entity applies more than one IFRS to a class of material transactions.

117C

Accounting policy information that focuses on how an entity has applied the requirements of the IFRSs to its own circumstances provides entity-specific information that is more useful to users of financial statements than standardised information, or information that only duplicates or summarises the requirements of the IFRSs.

117D

If an entity discloses immaterial accounting policy information, such information shall not obscure material accounting policy information.

117E

An entity’s conclusion that accounting policy information is immaterial does not affect the related disclosure requirements set out in other IFRSs.

118⁠–121

[Deleted]

[Refer:Basis for Conclusions paragraph BC76V]

122

An entity shall disclose, along with material accounting policy information or other notes, the judgements, apart from those involving estimations (see paragraph 125), that management has made in the process of applying the entity’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.E21

Explanation of management judgements in applying entity's accounting policies with significant effect on recognised amounts Disclosure Text 810000
E21

[IFRIC® Update, November 2013, Agenda Decision, ‘IAS 19 Employee Benefit—Actuarial assumptions: discount rate’

The Interpretations Committee discussed a request for guidance on the determination of the rate used to discount post-employment benefit obligations. The submitter stated that:

a.

according to paragraph 83 of IAS 19 Employee Benefits (2011) the discount rate should be determined by reference to market yields at the end of the reporting period on “high quality corporate bonds” (HQCB);

b.

IAS 19 does not specify which corporate bonds qualify to be HQCB;

c.

according to prevailing past practice, listed corporate bonds have usually been considered to be HQCB if they receive one of the two highest ratings given by a recognised rating agency (eg ‘AAA’ and ‘AA’); and

d.

because of the financial crisis, the number of corporate bonds rated ‘AAA’ or ‘AA’ has decreased in proportions that the submitter considers significant.

In the light of the points above, the submitter asked the Interpretations Committee whether corporate bonds with a rating lower than ‘AA’ can be considered to be HQCB.

The Interpretations Committee observed that IAS 19 does not specify how to determine the market yields on HQCB, and in particular what grade of bonds should be designated as high quality. The Interpretations Committee considers that an entity should take into account the guidance in paragraphs 84 and 85 of IAS 19 (2011) in determining what corporate bonds can be considered to be HQCB. Paragraphs 84 and 85 of IAS 19 (2011) state that the discount rate:

a.

reflects the time value of money but not the actuarial or investment risk;

b.

does not reflect the entity-specific credit risk;

c.

does not reflect the risk that future experience may differ from actuarial assumptions; and

d.

reflects the currency and the estimated timing of benefit payments.

The Interpretations Committee further noted that ‘high quality’ as used in paragraph 83 of IAS 19 reflects an absolute concept of credit quality and not a concept of credit quality that is relative to a given population of corporate bonds, which would be the case, for example, if the paragraph used the term ‘the highest quality’. Consequently, the Interpretations Committee observed that the concept of high quality should not change over time. Accordingly, a reduction in the number of HQCB should not result in a change to the concept of high quality. The Interpretations Committee does not expect that an entity’s methods and techniques used for determining the discount rate so as to reflect the yields on HQCB will change significantly from period to period. Paragraphs 83 and 86 of IAS 19, respectively, contain requirements if the market in HQCB is no longer deep or if the market remains deep overall, but there is an insufficient number of HQCB beyond a certain maturity.

The Interpretations Committee also noted that:

a.

paragraphs 144 and 145 of IAS 19 (2011) require an entity to disclose the significant actuarial assumptions used to determine the present value of the defined benefit obligation and a sensitivity analysis for each significant actuarial assumption;

b.

the discount rate is typically a significant actuarial assumption; and

c.

an entity shall disclose the judgements that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements in accordance with paragraph 122 of IAS 1 Presentation of Financial Statements; typically the identification of the HQCB population used as a basis to determine the discount rate requires the use of judgement, which may often have a significant effect on the entity’s financial statements.

The Interpretations Committee discussed this issue in several meetings and noted that issuing additional guidance on, or changing the requirements for, the determination of the discount rate would be too broad for it to address in an efficient manner. The Interpretations Committee therefore recommends that this issue should be addressed in the IASB’s research project on discount rates. Consequently, the Interpretations Committee decided not to add this issue to its agenda.]

123

In the process of applying the entity’s accounting policies, management makes various judgements, apart from those involving estimations, that can significantly affect the amounts it recognises in the financial statements. For example, management makes judgements in determining:

(a)

[deleted]

(b)

when substantially all the significant risks and rewards of ownership of financial assets and, for lessors, assets subject to leases [Refer:IFRS 16 Appendix A (definition of lease)] are transferred to other entities;

(c)

whether, in substance, particular sales of goods are financing arrangements and therefore do not give rise to revenue; and

(d)

whether the contractual terms of a financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

124

Some of the disclosures made in accordance with paragraph 122 are required by other IFRSs. For example, IFRS 12 Disclosure of Interests in Other Entities requires an entity to disclose the judgements it has made in determining whether it controls another entity. IAS 40 Investment Property requires disclosure of the criteria developed by the entity to distinguish investment property from owner‑occupied property and from property held for sale in the ordinary course of business, when classification of the property is difficult [Refer:IAS 40 paragraph 75(c)].

Sources of estimation uncertainty

125

An entity shall disclose information about the assumptions it makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. In respect of those assets and liabilities, the notes shall include details of:

(a)

their nature, and

Description of nature of assets with significant risk of material adjustments within next financial year Disclosure Text 810000
Description of nature of liabilities with significant risk of material adjustments within next financial year Disclosure Text 810000

(b)

their carrying amount as at the end of the reporting period.

Assets with significant risk of material adjustments within next financial year Disclosure MonetaryInstant, Debit 810000
Liabilities with significant risk of material adjustments within next financial year Disclosure MonetaryInstant, Credit 810000
Assets and liabilities [axis] Disclosure Effective 2025-01-01 IAS 21.A19 c Disclosure 810000, 842000, 990000
Assets and liabilities [domain] Disclosure Effective 2025-01-01 IAS 21.A19 c Disclosure 810000, 842000, 990000
Disclosure of assets and liabilities with significant risk of material adjustment [table] Disclosure 810000
Disclosure of assets and liabilities with significant risk of material adjustment [text block] Disclosure Text block 810000
Explanation of sources of estimation uncertainty with significant risk of causing material adjustment Disclosure Text IFRIC 14.10 Disclosure 810000

126

Determining the carrying amounts of some assets and liabilities requires estimation of the effects of uncertain future events on those assets and liabilities at the end of the reporting period. For example, in the absence of recently observed market prices, future‑oriented estimates are necessary to measure the recoverable amount of classes of property, plant and equipment, the effect of technological obsolescence on inventories, provisions subject to the future outcome of litigation in progress, and long‑term employee benefit liabilities such as pension obligations. These estimates involve assumptions about such items as the risk adjustment to cash flows or discount rates, future changes in salaries and future changes in prices affecting other costs.

127

The assumptions and other sources of estimation uncertainty disclosed in accordance with paragraph 125 relate to the estimates that require management’s most difficult, subjective or complex judgements. As the number of variables and assumptions affecting the possible future resolution of the uncertainties increases, those judgements become more subjective and complex, and the potential for a consequential material adjustment to the carrying amounts of assets and liabilities normally increases accordingly.

128

The disclosures in paragraph 125 are not required for assets and liabilities with a significant risk that their carrying amounts might change materially within the next financial year if, at the end of the reporting period, they are measured at fair value based on a quoted price in an active market [Refer:IFRS 13 Appendix A (definition of an active market)] for an identical asset or liability. [Refer:IFRS 13 paragraph 76] Such fair values might change materially within the next financial year but these changes would not arise from assumptions or other sources of estimation uncertainty at the end of the reporting period.

129

An entity presents the disclosures in paragraph 125 in a manner that helps users [Refer:Conceptual Framework paragraphs 1.2-1.10 and 2.36] of financial statements to understand the judgements that management makes about the future and about other sources of estimation uncertainty. The nature and extent of the information provided vary according to the nature of the assumption and other circumstances. Examples of the types of disclosures an entity makes are:

(a)

the nature of the assumption or other estimation uncertainty;

(b)

the sensitivity of carrying amounts to the methods, assumptions and estimates underlying their calculation, including the reasons for the sensitivity;

(c)

the expected resolution of an uncertainty and the range of reasonably possible outcomes within the next financial year in respect of the carrying amounts of the assets and liabilities affected; and

(d)

an explanation of changes made to past assumptions concerning those assets and liabilities, if the uncertainty remains unresolved.

130

This Standard does not require an entity to disclose budget information or forecasts in making the disclosures in paragraph 125.

131

Sometimes it is impracticable to disclose the extent of the possible effects of an assumption or another source of estimation uncertainty at the end of the reporting period. In such cases, the entity discloses that it is reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from the assumption could require a material adjustment to the carrying amount of the asset or liability affected. In all cases, the entity discloses the nature and carrying amount of the specific asset or liability (or class of assets or liabilities) affected by the assumption.

132

The disclosures in paragraph 122 of particular judgements that management made in the process of applying the entity’s accounting policies do not relate to the disclosures of sources of estimation uncertainty in paragraph 125.

133

Other IFRSs require the disclosure of some of the assumptions that would otherwise be required in accordance with paragraph 125. For example, IAS 37 requires disclosure, in specified circumstances, of major assumptions concerning future events affecting classes of provisions. [Refer:IAS 37 paragraph 85(b)] IFRS 13 Fair Value Measurement requires disclosure of significant assumptions (including the valuation technique(s) [Refer:IFRS 13 paragraphs 61 and 62] and inputs [Refer:IFRS 13 paragraph 67]) the entity uses when measuring the fair values of assets and liabilities that are carried at fair value. 

Capital

134

An entity shall disclose information that enables users of its financial statements to evaluate the entity’s objectives, policies and processes for managing capital.

Disclosure of objectives, policies and processes for managing capital [text block] Disclosure Text block 800500, 810000

135

To comply with paragraph 134, the entity discloses the following:

(a)

qualitative information about its objectives, policies and processes for managing capital, including:

(i)

a description of what it manages as capital; [Refer:Basis for Conclusions paragraph BC91]

(ii)

when an entity is subject to externally imposed capital requirements, the nature of those requirements and how those requirements are incorporated into the management of capital; and

(iii)

how it is meeting its objectives for managing capital.

Qualitative information about entity's objectives, policies and processes for managing capital Disclosure Text 810000

(b)

summary quantitative data about what it manages as capital. Some entities regard some financial liabilities [Refer:IAS 32 paragraph 11 (definition of a financial liability)] (eg some forms of subordinated debt) as part of capital. Other entities regard capital as excluding some components of equity [Refer:Conceptual Framework paragraph 4.63 and IAS 32 paragraph 11 (definition of an equity instrument)] (eg components arising from cash flow hedges).

Summary quantitative data about what entity manages as capital Disclosure Text 810000

(c)

any changes in (a) and (b) from the previous period.

Description of changes in entity's objectives, policies and processes for managing capital and what entity manages as capital Disclosure Text 810000

(d)

whether during the period it complied with any externally imposed capital requirements to which it is subject.

Entity complied with any externally imposed capital requirements Disclosure True/False 810000
Information whether entity complied with any externally imposed capital requirements Disclosure Text 810000

(e)

when the entity has not complied with such externally imposed capital requirements, the consequences of such non‑compliance.

Information about consequences of non-compliance with externally imposed capital requirements Disclosure Text 810000

The entity bases these disclosures on the information provided internally to key management personnel.

136

An entity may manage capital in a number of ways and be subject to a number of different capital requirements. For example, a conglomerate may include entities that undertake insurance activities and banking activities and those entities may operate in several jurisdictions. When an aggregate disclosure of capital requirements and how capital is managed would not provide useful information or distorts a financial statement user’s [Refer:Conceptual Framework paragraphs 1.2-1.10 and 2.36] understanding of an entity’s capital resources, the entity shall disclose separate information for each capital requirement to which the entity is subject.

Capital requirements [axis] Disclosure 810000, 990000
Capital requirements [domain] Disclosure 810000, 990000
Disclosure of objectives, policies and processes for managing capital [table] Disclosure 810000

Puttable financial instruments classified as equity

136A

For puttable financial instruments classified as equity instruments, an entity shall disclose (to the extent not disclosed elsewhere):

(a)

summary quantitative data about the amount classified as equity;

Summary quantitative data about puttable financial instruments classified as equity instruments Disclosure Text 861200

(b)

its objectives, policies and processes for managing its obligation to repurchase or redeem the instruments when required to do so by the instrument holders, including any changes from the previous period;

Information about objectives, policies and processes for managing entity's obligation to repurchase or redeem puttable financial instruments Disclosure Text 861200

(c)

the expected cash outflow on redemption or repurchase of that class of financial instruments; and

Expected cash outflow on redemption or repurchase of puttable financial instruments Disclosure MonetaryDuration, Credit 861200

(d)

information about how the expected cash outflow on redemption or repurchase was determined.

Information about how expected cash outflow on redemption or repurchase was determined Disclosure Text 861200

Other disclosures

137

An entity shall disclose in the notes:

(a)

the amount of dividends proposed or declared before the financial statements were authorised for issue [Refer:IAS 10 paragraphs 3⁠–⁠7] but not recognised as a distribution to owners during the period, and the related amount per share; and

Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners Disclosure MonetaryDuration IAS 10.13 Disclosure 810000, 815000
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share Disclosure Per share 810000

(b)

the amount of any cumulative preference dividends not recognised.

Cumulative preference dividends not recognised Disclosure MonetaryDuration 810000

138

An entity shall disclose the following, if not disclosed elsewhere in information published with the financial statements:

(a)

the domicile and legal form of the entity, its country of incorporation and the address of its registered office (or principal place of business, if different from the registered office);

Address of entity's registered office Disclosure Text 810000
Country of incorporation Disclosure Text 810000
Domicile of entity Disclosure Text 810000
Legal form of entity Disclosure Text 810000
Principal place of business Disclosure Text 810000

(b)

a description of the nature of the entity’s operations and its principal activities;

Description of nature of entity's operations and principal activities Disclosure Text 810000

(c)

the name of the parent and the ultimate parent of the group; and

Name of parent entity Disclosure Text IAS 24.13 Disclosure 810000, 818000
Name of ultimate parent of group Disclosure Text IAS 24.13 Disclosure 810000, 818000

(d)

if it is a limited life entity, information regarding the length of its life.

Length of life of limited life entity Disclosure Text 810000

Transition and effective date

139

An entity shall apply this Standard for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity adopts this Standard for an earlier period, it shall disclose that fact.

139A

IAS 27 (as amended in 2008) amended paragraph 106. An entity shall apply that amendment for annual periods beginning on or after 1 July 2009. If an entity applies IAS 27 (amended 2008) for an earlier period, the amendment shall be applied for that earlier period. The amendment shall be applied retrospectively.

139B

Puttable Financial Instruments and Obligations Arising on Liquidation (Amendments to IAS 32 and IAS 1), issued in February 2008, amended paragraph 138 and inserted paragraphs 8A, 80A and 136A. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendments for an earlier period, it shall disclose that fact and apply the related amendments to IAS 32, IAS 39, IFRS 7 and IFRIC 2 Members’ Shares in Co‑operative Entities and Similar Instruments at the same time.

139C

Paragraphs 68 and 71 were amended by Improvements to IFRSs issued in May 2008. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.

139D

[Deleted]

139E

[Deleted]

139F

Paragraphs 106 and 107 were amended and paragraph 106A was added by Improvements to IFRSs issued in May 2010. An entity shall apply those amendments for annual periods beginning on or after 1 January 2011. Earlier application is permitted.

139G

[Deleted]

139H

IFRS 10 and IFRS 12, issued in May 2011, amended paragraphs 4, 119, 123 and 124. An entity shall apply those amendments when it applies IFRS 10 and IFRS 12.

139I

IFRS 13, issued in May 2011, amended paragraphs 128 and 133. An entity shall apply those amendments when it applies IFRS 13.

139J

Presentation of Items of Other Comprehensive Income (Amendments to IAS 1), issued in June 2011, amended paragraphs 7108285⁠–⁠87909194100 and 115, added paragraphs 10A81A81B and 82A, and deleted paragraphs 12, 81, 83 and 84. An entity shall apply those amendments for annual periods beginning on or after 1 July 2012. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact.

139K

IAS 19 Employee Benefits (as amended in June 2011) amended the definition of ‘other comprehensive income’ in paragraph 7 and paragraph 96. An entity shall apply those amendments when it applies IAS 19 (as amended in June 2011).

139L

Annual Improvements 2009⁠–⁠2011 Cycle, issued in May 2012, amended paragraphs 10, 38 and 41, deleted paragraphs 39⁠–⁠40 and added paragraphs 38A⁠–⁠38D and 40A⁠–⁠40D. An entity shall apply that amendment retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors for annual periods beginning on or after 1 January 2013. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.

139M

[Deleted]

139N

IFRS 15 Revenue from Contracts with Customers, issued in May 2014, amended paragraph 34. An entity shall apply that amendment when it applies IFRS 15.

139O

IFRS 9, as issued in July 2014, amended paragraphs 7, 68, 71, 82, 93, 95, 96, 106 and 123 and deleted paragraphs 139E, 139G and 139M. An entity shall apply those amendments when it applies IFRS 9.

139P

Disclosure Initiative (Amendments to IAS 1), issued in December 2014, amended paragraphs 10, 31, 54⁠–⁠55, 82A, 85, 113⁠–⁠114, 117, 119 and 122, added paragraphs 30A, 55A and 85A⁠–⁠85B and deleted paragraphs 115 and 120. An entity shall apply those amendments for annual periods beginning on or after 1 January 2016. Earlier application is permitted. [Refer:Basis for Conclusions paragraph BC105C] Entities are not required to disclose the information required by paragraphs 28⁠–⁠30 of IAS 8 in relation to these amendments. [Refer:Basis for Conclusions paragraphs BC105D⁠–⁠BC105F]

139Q

IFRS 16 Leases, issued in January 2016, amended paragraph 123. An entity shall apply that amendment when it applies IFRS 16.

139R

IFRS 17, issued in May 2017, amended paragraphs 7, 54 and 82. Amendments to IFRS 17, issued in June 2020, further amended paragraph 54. An entity shall apply those amendments when it applies IFRS 17.

139S

Amendments to References to the Conceptual Framework in IFRS Standards, issued in 2018, amended paragraphs 7, 15, 19⁠–⁠20, 23⁠–⁠24, 28 and 89. An entity shall apply those amendments for annual periods beginning on or after 1 January 2020. Earlier application is permitted if at the same time an entity also applies all other amendments made by Amendments to References to the Conceptual Framework in IFRS Standards. An entity shall apply the amendments to IAS 1 retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. However, if an entity determines that retrospective application would be impracticable or would involve undue cost or effort, it shall apply the amendments to IAS 1 by reference to paragraphs 23⁠–⁠28, 50⁠–⁠53 and 54F of IAS 8.

139T

Definition of Material (Amendments to IAS 1 and IAS 8), issued in October 2018, amended paragraph 7 of IAS 1 and paragraph 5 of IAS 8, and deleted paragraph 6 of IAS 8. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2020. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.

139U

Classification of Liabilities as Current or Non-current, issued in January 2020 amended paragraphs 69, 73, 74 and 76 and added paragraphs 72A, 75A, 76A and 76B. An entity shall apply those amendments for annual reporting periods beginning on or after 1 January 2024 retrospectively in accordance with IAS 8. Earlier application is permitted. If an entity applies those amendments for an earlier period after the issue of Non-current Liabilities with Covenants (see paragraph 139W), it shall also apply Non-current Liabilities with Covenants for that period. If an entity applies Classification of Liabilities as Current or Non-current for an earlier period, it shall disclose that fact.

139V

Disclosure of Accounting Policies, issued in February 2021, amended paragraphs 7, 10, 114, 117 and 122, added paragraphs 117A⁠–⁠117E and deleted paragraphs 118, 119 and 121. It also amended IFRS Practice Statement 2 Making Materiality Judgements. An entity shall apply the amendments to IAS 1 for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.

139W

Non-current Liabilities with Covenants, issued in October 2022, amended paragraphs 60, 71, 72A, 74 and 139U and added paragraphs 72B and 76ZA. An entity shall apply:

(a)

the amendment to paragraph 139U immediately on issue of Non-current Liabilities with Covenants.

(b)

all other amendments for annual reporting periods beginning on or after 1 January 2024 retrospectively in accordance with IAS 8. Earlier application is permitted. If an entity applies these amendments for an earlier period, it shall also apply Classification of Liabilities as Current or Non-current for that period. If an entity applies Non-current Liabilities with Covenants for an earlier period, it shall disclose that fact.

Withdrawal of IAS 1 (revised 2003)

140

This Standard supersedes IAS 1 Presentation of Financial Statements revised in 2003, as amended in 2005.

Appendices

AppendixAmendments to other pronouncements

The amendments in this appendix shall be applied for annual periods beginning on or after 1 January 2009. If an entity applies this Standard for an earlier period, these amendments shall be applied for that earlier period. In the amended paragraphs, new text is underlined and deleted text is struck through.

* * * * *

The amendments contained in this appendix when this Standard was revised in 2007 have been incorporated into the relevant pronouncements published in this volume.

Board Approvals

Approval by the Board of IAS 1 issued in September 2007

International Accounting Standard 1 Presentation of Financial Statements (as revised in 2007) was approved for issue by ten of the fourteen members of the International Accounting Standards Board. Professor Barth and Messrs Cope, Garnett and Leisenring dissented. Their dissenting opinions are set out after the Basis for Conclusions.

Sir David TweedieChairman
Thomas E JonesVice‑Chairman
Mary E Barth
Hans‑Georg Bruns
Anthony T Cope
Philippe Danjou
Jan Engström
Robert P Garnett
Gilbert Gélard
James J Leisenring
Warren J McGregor
Patricia L O’Malley
John T Smith
Tatsumi Yamada

Approval by the Board of Puttable Financial Instruments and Obligations Arising on Liquidation (Amendments to IAS 32 and IAS 1) issued in February 2008

Puttable Financial Instruments and Obligations Arising on Liquidation (Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements) was approved for issue by eleven of the thirteen members of the International Accounting Standards Board. Professor Barth and Mr Garnett dissented. Their dissenting opinions are set out after the Basis for Conclusions on IAS 32.

Sir David TweedieChairman
Thomas E JonesVice‑Chairman
Mary E Barth
Stephen Cooper
Philippe Danjou
Jan Engström
Robert P Garnett
Gilbert Gélard
James J Leisenring
Warren J McGregor
John T Smith
Tatsumi Yamada
Wei‑Guo Zhang

Approval by the Board of Presentation of Items of Other Comprehensive Income issued in June 2011

Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) was approved for issue by fourteen of the fifteen members of the International Accounting Standards Board. Mr Pacter dissented from the issue of the amendments. His dissenting opinion is set out after the Basis for Conclusions.

Sir David TweedieChairman
Stephen Cooper
Philippe Danjou
Jan Engström
Patrick Finnegan
Amaro Luiz de Oliveira Gomes
Prabhakar Kalavacherla
Elke König
Patricia McConnell
Warren J McGregor
Paul Pacter
Darrel Scott
John T Smith
Tatsumi Yamada
Wei-Guo Zhang

Approval by the Board of the Disclosure Initiative (Amendments to IAS 1) issued in December 2014

Disclosure Initiative (Amendments to IAS 1) was approved for publication by fourteen members of the International Accounting Standards Board.

Hans HoogervorstChairman
Ian MackintoshVice-Chairman
Stephen Cooper
Philippe Danjou
Amaro Luiz De Oliveira Gomes
Martin Edelmann
Patrick Finnegan
Gary Kabureck
Suzanne Lloyd
Takatsugu Ochi
Darrel Scott
Chungwoo Suh
Mary Tokar
Wei-Guo Zhang

Approval by the Board of Definition of Material (Amendments to IAS 1 and IAS 8) issued in October 2018

Definition of Material (Amendments to IAS 1 and IAS 8) was approved for issue by the fourteen members of the International Accounting Standards Board.

Hans HoogervorstChairman
Suzanne LloydVice‑Chair
Nick Anderson
Martin Edelmann
Françoise Flores
Amaro Luiz de Oliveira Gomes
Gary Kabureck
Jianqiao Lu
Takatsugu Ochi
Darrel Scott
Thomas Scott
Chungwoo Suh
Ann Tarca
Mary Tokar

Approval by the Board of Classification of Liabilities as Current or Non-current issued in January 2020

Classification of Liabilities as Current or Non-current, which amended IAS 1, was approved for issue by all 14 members of the International Accounting Standards Board.

Hans Hoogervorst Chairman
Suzanne LloydVice-Chair
Nick Anderson
Tadeu Cendon
Martin Edelmann
Françoise Flores
Gary Kabureck
Jianqiao Lu
Darrel Scott
Thomas Scott
Chungwoo Suh
Rika Suzuki
Ann Tarca
Mary Tokar

Approval by the Board of Classification of Liabilities as Current or Non-current—Deferral of Effective Date issued in July 2020

Classification of Liabilities as Current or Non-current—Deferral of Effective Date, which amended IAS 1, was approved for issue by all 14 members of the International Accounting Standards Board.

Hans Hoogervorst Chairman
Suzanne LloydVice-Chair
Nick Anderson
Tadeu Cendon
Martin Edelmann
Françoise Flores
Gary Kabureck
Jianqiao Lu
Darrel Scott
Thomas Scott
Chungwoo Suh
Rika Suzuki
Ann Tarca
Mary Tokar

Approval by the Board of Disclosure of Accounting Policies issued in February 2021

Disclosure of Accounting Policies, which amends IAS 1 and IFRS Practice Statement 2, was approved for issue by 10 of 13 members of the International Accounting Standards Board (Board). Ms Flores dissented. Her dissent is set out after the Basis for Conclusions. Messrs Gast and Mackenzie abstained in view of their recent appointment to the Board.

Hans Hoogervorst Chairman
Suzanne LloydVice-Chair
Nick Anderson
Tadeu Cendon
Martin Edelmann
Françoise Flores
Zach Gast
Jianqiao Lu
Bruce Mackenzie
Thomas Scott
Rika Suzuki
Ann Tarca
Mary Tokar

Approval by the IASB of Non-current Liabilities with Covenants issued in October 2022

Non-current Liabilities with Covenants, which amended IAS 1, was approved for issue by nine of the 11 members of the International Accounting Standards Board. Ms Mezon-Hutter and Mr Uhl abstained from voting in view of their recent appointment to the IASB.

Andreas BarckowChair
Nick Anderson
Tadeu Cendon
Zach Gast
Jianqiao Lu
Bruce Mackenzie
Linda Mezon-Hutter
Bertrand Perrin
Rika Suzuki
Ann Tarca
Robert Uhl

Footnotes

1

Definition of IFRSs amended after the name changes introduced by the revised Constitution of the IFRS Foundation in 2010. (back)