2Presentaion of published financial statements.docVIP

2.1 ISA1 covers the form and content of financial statements. The main components are: ●Statement of financial position ●Statement of profit or loss and other comprehensive income ●Statement of changes in equity ●Statement of cash flows ●Notes to the financial statements 2.2Statement of financial position IAS1 suggests a format for the statement of financial position. Certain items are specified for disclosure on the face of the financial statements The example given by IAS1is as follows XYZ GROUP---STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 20*7 20*6 Assets $000 $000 Non-current assets Property, plant and equipment 350,700 360,020 Goodwill 80,800 91,200 Other intangible assets 227,470 227,470 Investments in associates 100,150 110,770 Investments in equity instruments 142,500 156,000 901,620 945,460 Current assets Inventories 135,230 132,500 Trade receivables 91,600 110,800 Other current assets 25,650 12,540 Cash and cash equivalents 312,400 322,900 564,880 578,740 Total assets 1,466,500 1,524,200 Equity and Liabilities Equity attributable to owners of the parent Share capital 650,000 600,000 Retained earnings 243,500 161,700 Other components of equity 10,200 21,200