Current or Non-Current?
Most balance sheets present individual items in distinction to current and non-current (except for banks and similar institutions). This seems so basic and obvious that most of us do not really think about classifying individual assets and liabilities as current and non-current. We do it…
IFRS for Banks and Financial Institutions
If you work for a bank or any other financial institution, then you are very well aware of the fact that IFRS is a little bit different there. OK, not quite like that: IFRS is still the same, just the way how you use it…
2 Steps to Distinguish Other Comprehensive Income from Profit or Loss and Changes in Equity
Update 2023 – please scroll below to download 1-page infographic summing this all up. Totally free. Some time ago, standard IAS 1 Presentation of Financial Statements significantly changed and introduced the statement of other comprehensive income. And then it began: lots of confusion, frustration and…
IAS 1 Presentation of Financial Statements: Summary
IAS 1 Presentation of Financial Statements represents a basis of the whole IFRS reporting, as it sets overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. Financial Statements Purpose of the financial statements is to provide information about…
