FR – Nov 2023 – L2 – Q7b – Presentation of Financial Statements (IAS 1)

Lists minimum line items for the statement of financial position and changes in equity as per IAS 1

Question

IAS 1- Presentation of Financial Statements provides a list of line items that, as a minimum, must be shown on the face of the statement of financial position.

Required:

i. Give FIVE examples of minimum line items to be shown on the face of the statement of financial position. (5 Marks)
ii. State FIVE items that should be accounted for in the statement of changes in equity. (5 Marks)

Answer

b. In line with the provision of IAS 1 – Presentation of Financial Statements:

i. Minimum line items to be shown on the face of the statement of financial position are as follows:

Property, Plant, and Equipment
Investment Property
Intangible Assets
Inventories
Trade and Other Receivables

ii. Items that should be accounted for in the statement of changes in equity include:

Profit or Loss for the Period
Each Item of Other Comprehensive Income
New Issues of Shares
Payments of Dividends
Revaluation Surplus

Tags: Changes in Equity, Equity Components, IAS 1, Minimum Line Items, Statement of Financial Position
Level: Level 2

Topic: Presentation of Financial Statements (IAS 1)

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