ias 1 presentation of financial statement under ifrs (ias (2)

8/14/2019 Ias 1 Presentation of Financial Statement Under Ifrs (Ias (2)

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PRESENTED BY; SHUAIBADEADEBAYO

HND,BSC,ACA,CFE,ACCA,CERT INIFRS.

11/15/2013 1Presentation of financial

statement([email protected])


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QUALITATIVE CHARACTERISTIC OF FINANCIALSTATEMENTCOMPONENT OF FINANCIAL STATEMENTELEMENT OF FINANCIAL STATEMENTRECOGNITION OF ELEMENT OF FINANCIALSTATEMENTDESCRIPTION OF FINANCIAL STATEMENTPERIOD OF FINANCIAL STATEMENTAPPROVAL OF FINANCIAL STATEMENTDISCLOSURE OF ITEMS IN FINANCIAL STATEMENTSPECIMEN OF FINANCIAL STATEMENT UNDER IFRSSUMMARY




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ASSETS. Are resources presently control byan entity in which an inflow of economicbenefit are expectedAsset can only be recognized if;

It can be measured reliableIt can be demonstrated that there will be aninflow of economic benefitsan entity presently control the assetIt can be demonstrated that the asset will beused to generate economic benefit, or usedto accelerate generation of economic benefit




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LIABILITIES. Are present obligation due to anorganization in which an outflow of economicbenefit are expected.

Liability can only be recognized if;

contractual & legal obligation exist it can be demonstrated there will be anoutflow of economic benefitIt can be measured reliable




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INCOME; Are gross inflow of economic benefitduring an accounting year end.

Income can only be recognized if;

There will be an inflow of economic benefitfrom operating activities for the periodThere is increase in assetThere is decrease in liabilities




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EXPENSES; Are gross outflow of economicbenefit during an accounting year end.

Expenses can only be recognized if ;It can be demonstrated that there will be anoutflow of economic benefit from theoperating activities for the year endThere is increased in liabilities

There is decreased in asset




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IAS 1 states that an entity must approvedthere financial statements for the users offinancial statement to make a timely and

effective economic decision on or before six(6months) after their reporting date (yearend)




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ADEADEBAYO NIGERIA PLCSTATEMENT OF FINANCIAL POSITION

as at 31 DECEMBER, 2011#000 #000

AssetsNon-current assetsProperty, plant and equipment ******Investments at fair ******Goodwill ******Developmental cost ******Patent right & others ******TOTAL NON CURRENT ASSET ******




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CURRENT ASSET #000 #000 Inventory ******Trade Receivables ******

Bank ******Cash ******Bill of exchange receivable ******Government Grant receivable ******

Loan Advanced receivable ******Prepayments ******TOTAL CURRENT ASSET ******TOTAL ASSET ******




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EQUITY & LIABILITIES #000 #000 EQUITYOrdinary share ******

Share premium ******Retain earnings ******Revaluation reserve ******

General reserve ******Share option *******TOTAL EQUITY ******




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LIABILITIES #000 #000 NON CURRENT LIABILITIESPreference share ******

Debenture ******Long term liabilities ******Deferred income ******

Contingent liabilities ******Deferred tax liabilities ******Leased obligations ******TOTAL NON CURRENT LIABILITIES ******




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CURRENT LIABILITIES #000 #000 Trade payable ******Bank overdraft ******

Tax payable ******Accrual ******Short time loan ******

TOTAL CURRENT LIABILITIES ******TOTAL EQUITY & LIABILITIES ******




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ADEADEBAYO NIGERIA PLC SOPOLAOCI

FOR THE YEAR ENDED 31 DEC 2011 #000 Revenue *******Cost of sales (w (i)) (*******)

Gross profit *******Distribution costs (*******)

Administrative expenses (*******)

Operating Income *******

Investment income *******Gain on fair value of investments *******

Finance costs (*******)

Profit before tax *******Income tax expense (*******)

Profit for the period ******* 11/15/2013 19

Presentation of financialstatement([email protected])


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OTHER COMPREHENSIVE INCOME; #000Gain/loss on foreign exchange ******Revaluation surplus ******

F/V increase in NCA available 4sales ******Gain/loss on employee benefit ******Total other comprehensive income ******

Total comprehensive income ******

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statement([email protected]) 20


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ADEADEBAYO NIGERIA PLCSTATEMENT OF CHANGE IN EQUITY

as at 31 December 2011

O/S S/P R/E R/R G/R TOTAL# # # # # #

Bal b/d *** *** *** *** *** ****

Prior yr adj - - *** - - ****MovementProfit for the yr - *** - - ****Bal b/d *** *** *** *** *** ****




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IAS 7 governs cash flow statement. It allow twomethod of presentation

1.Direct Method

2. Indirect Method




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ADEADEBAYO NIGERIA PLCSTATEMENT OF CASH FLOW

AS AT 3I DEC 2011INDIRECT METHOD #000

OPERATING ACTIVITIESProfit b/4 tax ******Add/lee non cash items;Depreciation ******

Amortization ******Profit/loss on disposal of pp ******Provisions ******Finance cost ******




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#000 Movement in working capital ;Increase/decrease in inventory ******

Increase/decrease in Receivable ******Increase/decrease in Payable ******Increase/decrease in lease ******Cash generated from operation *******

Less finance cost paid (*****)Cash generated b/4 tax *******Tax paid (******)Net operating cash flow *******




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INVESTING ACTIVITIES #000 Purchase of PPE (*****)Disposal proceed from PPE ******

Developmental cost (*****)Investment cost (*****)Dividend received from investment ******

Investment income ******Net investing Activities ******




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FINANCING ACTIVITIES; #000 Ordinary shares issued ******Loan note redeemed (*****)

Preference shares issued ******Dividend paid (*****)Net financing Activities *******

Cash balance b/d 1/1/2011 *******Net cash flow for the year *******Cash balance b/d 31/12/2011 *******




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NOTE; Under direct method or indirect methodthe presentation for INVESTING ACTIVITIESand FINANCING ACTIVITIESremain the sameexcept for operating activities.




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$000Cash generated from customer xxxxxCash paid to supplier (xxxx)

Cash paid to employee (xxxx) _____

Net cash flow from operation xxxx

Finance cost paid (xxxx)Net cash flow b/4 Tax xxxxTax paid (xxxx)Net operating cash flow xxxx




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THANK YOU

FOR YOUR TIME

[email protected]

Presentation of financial

ias 1 presentation of financial statement under ifrs (ias (2)

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