Forums › ACCA Forums › General ACCA Forums › The layout of the SoFP – when did it change?
- This topic has 3 replies, 3 voices, and was last updated 6 years ago by nighteyes.
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- December 3, 2018 at 4:35 pm #486988
Back in, ooohh, around 2012 when I was doing AAT lvl 3, I was taught the following layout for the Statement of Financial Position:
Non-Current Assets
Current Assets
(Current Liabilities)(Long-term Liabilties)
Total – FIGURE TO BALANCE WITH BELOW
Represented by:
Share Capital
Reserves
Retained EarningsTotal – FIGURE TO BALANCE WITH ABOVE
Of course, now we’re taught:
Total Assets.
Total Equity & Liabilities.
When did we move away from the older format? I’m assuming the older format is still valid…
December 3, 2018 at 6:42 pm #487014I don’t know, but I wouldn’t use that old format in any ACCA exam. It’s not what the markers are looking for.
December 10, 2018 at 4:03 pm #488700The format as outline by @nighteyes is completely acceptable for both IFRS and UK GAAP variants. Would refer you to IAS 1 in terms of the acceptable formats. UK GAAP refers you to Companies Act on the same.
December 13, 2018 at 3:34 pm #491950 - AuthorPosts
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