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DipIFRS ACCA course - IAS1 Statement of financial position (Balance Sheet) No.18

DipIFRS ACCA course - IAS1 Statement of financial position (Balance Sheet) No.18








Accounts on your balance sheet are permanent accounts.

IAS 1 does not specify the format of the statement of financial position
Where assets can be presented current and then non-current or vice versa. and liabilities can be presented current and then non-current or vice versa.

When an entity displays subtotals, these subtotals must consist of:
1. Items consisting of amounts recognized and measured in accordance with International Financial Reporting Standards.
2. To be presented and classified in a clear and understandable manner.
3. To be consistent from time to period.
4. They are not shown more prominently than subtotals and required totals.



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