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IAS 1 – Presentation of Financial Statements

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › IAS 1 – Presentation of Financial Statements

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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  • January 27, 2022 at 4:33 pm #647604
    saraverzin
    Member
    • Topics: 5
    • Replies: 3
    • ☆

    Hi,

    I was attempting to do this question but didnt quite understand it. Couldnt find any thing similiar in the notes/ online.

    IAS 1 presentation of financial statements requires certain items to be presented on the face of the statement of profit or loss for the year.
    Which three of the following items must be disclosed on the face of the statement of profit or loss for the year;
    Revenue
    Closing Inventory
    Finance Costs
    Dividends paid
    Tax Expense
    Depreciation charge for the year

    Answer; Revenue, finance cost, tax expense.

    I didnt quite understand what is meant by ‘face’ in this question. Also; why isnt the depreciation charge for the year correct? (In the answer it is saying that the charge is disclosed in the notes only…) And isnt closing inventory also included to calculate cost of goods sold?

    Appreciate your attention!

    January 27, 2022 at 5:34 pm #647618
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51579
    • ☆☆☆☆☆

    In future you must ask in the Ask the Tutor Forum if you want me to answer – this forum is for students to help each other.

    By the ‘face of the SOPL” it means the statement that is presented to shareholders. Depreciation does not have to be shown separately in the SOPL (it is only shown in the notes to the accounts). Inventory is certainly used to calculate the cost of goods sold, but it is only the final figure for the cost of goods sold that is required to be shown in the SOPL.

    This is all explained in my lectures on Limited Companies (which is where this is all relevant).

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