IAS1 INTERNATIONAL ACCOUNTING STANDARD Presentation of Financial Statement under IFRS REGIME

PRESENTED BY; SHUAIB
ADEADEBAYO
HND,BSC,ACA,CFE,ACCA….

Presentation of financial
statement(adeadebayo1751@yahoo.com)

01/22/14

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QUALITATIVE CHARACTERISTIC OF FINANCIAL
STATEMENT
COMPONENT OF FINANCIAL STATEMENT
ELEMENT OF FINANCIAL STATEMENT
RECOGNITION OF ELEMENT OF FINANCIAL
STATEMENT
DESCRIPTION OF FINANCIAL STATEMENT
PERIOD OF FINANCIAL STATEMENT
APPROVAL OF FINANCIAL STATEMENT
DISCLOSURE OF ITEMS IN FINANCIAL STATEMENT
SPECIMEN OF FINANCIAL STATEMENT UNDER IFRS
SUMMARY

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ASSETS. Are resources presently control by
an entity in which an inflow of economic
benefit are expected
Asset can only be recognized if;
It can be measured reliable
It can be demonstrated that there will be an
inflow of economic benefits
an entity presently control the asset
It can be demonstrated that the asset will be
used to generate economic benefit, or used
to accelerate generation of economic benefit

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LIABILITIES. Are present obligation due to an
organization in which an outflow of economic
benefit are expected.
Liability can only be recognized if;
 contractual & legal obligation exist
 it can be demonstrated there will be an
outflow of economic benefit
 It can be measured reliable
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INCOME; Are gross inflow of economic benefit
during an accounting year end.
Income can only be recognized if;
 There will be an inflow of economic benefit
from operating activities for the period
 There is increase in asset
 There is decrease in liabilities


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EXPENSES; Are gross outflow of economic
benefit during an accounting year end.
Expenses can only be recognized if ;
 It can be demonstrated that there will be an
outflow of economic benefit from the
operating activities for the year end
 There is increased in liabilities
 There is decreased in asset
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

IAS 1 states that an entity must approved
there financial statements for the users of
financial statement to make a timely and
effective economic decision on or before six
(6months) after their reporting date (year
end)


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IAS 1 states that an entity must disclosed in
the notes to the account all material items in
the financial statements to aid users
understanding and decision making


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ADEADEBAYO NIGERIA PLC
STATEMENT OF FINANCIAL POSITION
as at 31 DECEMBER, 2011
#’000
#’000
Assets
Non-current assets
Property, plant and equipment
******
Investments at fair
******
Goodwill
******
Developmental cost
******
Patent right & others
******
TOTAL NON CURRENT ASSET
******

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CURRENT ASSET
#’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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#’000
******
******
******
******
******
******
******
******
******
******
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EQUITY & LIABILITIES
EQUITY
Ordinary share
Share premium
Retain earnings
Revaluation reserve
General reserve
Share option
TOTAL EQUITY
******

#’000

#’000
******
******
******
******
******
*******

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LIABILITIES
#’000
NON CURRENT LIABILITIES
Preference share
Debenture
Long term liabilities
Deferred income
Contingent liabilities
Deferred tax liabilities
Leased obligations
TOTAL NON CURRENT LIABILITIES

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#’000
******
******
******
******
******
******
******
******
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CURRENT LIABILITIES
#’000
Trade payable
Bank overdraft
Tax payable
Accrual
Short time loan
TOTAL CURRENT LIABILITIES
TOTAL EQUITY & LIABILITIES


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#’000
******
******
******
******
******
******
******

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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

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OTHER COMPREHENSIVE INCOME;
#000
Gain/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 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 ***
****
Movement
Profit for the yr *** ****
Bal b/d
***
***
***
***
***
****

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IAS 7 governs cash flow statement. It allow two
method of presentation
1.Direct Method
2. Indirect Method


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STATEMENT OF CASH FLOW
AS AT 3I DEC 2011
INDIRECT METHOD
#’000
OPERATING ACTIVITIES
Profit 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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******
******
******
******
*******
(*****)
*******
(******)
*******
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INVESTING ACTIVITIES
Purchase of PPE

#’000
(*****)

Disposal proceed from PPE
Developmental cost
Investment cost
Dividend received from investment
Investment income
Net investing Activities

******
(*****)
(*****)
******
******
******


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FINANCING ACTIVITIES;
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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#’000
******
(*****)
******
(*****)
*******
*******
*******
*******

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NOTE; Under direct method or indirect method
the presentation for INVESTING ACTIVITIES
and FINANCING ACTIVITIES remain the same
except for operating activities.


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$000
Cash generated from customer xxxxx
Cash 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
xxxx
Tax paid
(xxxx)
Net operating cash flow
xxxx

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IAS1 INTERNATIONAL ACCOUNTING STANDARD Presentation of Financial Statement under IFRS REGIME

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