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IFRS for SMEs Full IFRS

Statement of Financial Position (balance sheet)


General The following additional line
There is no prescribed balance items are required on the
sheet format. However the balance sheet :
following items are required to
be presented on the face of -Total of assets classified as
the balance sheet as held for sale and assets
minimum: included in disposal groups
Assets : classified as held for sale
-Cash and cash equivalents - Liabilities included in disposal
-Trade and other receivables groups classified as held for
-Financial assets sale
-Inventories Only those investments that
-PPE are to be accounted for using
-Investment property the equity method are
-Intangible assets presented as a line item.
-Biological assets
-Investments in associates
and join-ventures
-Current tax assets
-Deferred tax assets

Liabilities and equity:


-Trade and other payables
-Financial liabilities
-Current tax liabilities
-Deferred tax liabilities
-Provisions
-Equity attributable to the
owners of the parent
- Non-controlling interests
(presented within equity)

Current/ Non - current The current/ non current Same as IFRS for SMEs
distinction distinction is required except [IAS 1.60, 1.66, 1.69]
when a liquidity presentation
is more relevant.
An asset is classified as
current if it is:
expected to be
realized, sold or
consumed in the
entity's normal
operating cycle
(irrespective of
length);
Primarily held for the
purpose of trading;
Expected to be
realized within 12
months after the
balance sheet date; or
Cash and cash
equivalent (that does
not restrict its use
within 12 months after
the balance sheet
date).
A liability is classified as
current if:
It is expected to be
settled in the entity's
normal operating
cycle;
It is primarily held for
the purpose of trading;
It is expected to be
settled within 12
months after the
balance sheet date; or
The entity does not
have an unconditional
right to defer
settlement of the
liability until 12
months after the
balance sheet date.
[IFRS for SMEs 4.4-4.8]

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