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Reporting assets in liquidity order?

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Reporting assets in liquidity order?

  • This topic has 6 replies, 3 voices, and was last updated 1 month ago by sm8980.
Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
    Posts
  • December 15, 2022 at 4:08 pm #674690
    baobaohui521
    Member
    • Topics: 2
    • Replies: 3
    • ☆

    Hi,

    Does IAS 1 require the assets to be reported in the liquidity order? I thought it only pointed out the minimum items to be reported and it would be up to the company to arrange the order? Thank you.

    December 15, 2022 at 5:53 pm #674698
    mrjonbain
    Moderator
    • Topics: 1
    • Replies: 1580
    • ☆☆☆☆☆

    Do you mean in terms of listing from least liquid to most liquid?

    December 16, 2022 at 6:40 am #674728
    sm8980
    Participant
    • Topics: 48
    • Replies: 38
    • ☆☆

    Hi baobaohui521,

    Apologies I know this is not related to your question, however unsure of how else to connect. I am also studying the FA paper and wanted to know if you would like to be study buddies?

    My email address is sbam11091@gmail.com, I plan to sit the exam next week no and it would be great to bounce ideas off another student

    December 16, 2022 at 11:49 am #674750
    baobaohui521
    Member
    • Topics: 2
    • Replies: 3
    • ☆

    Yes mrjonbain. I have seen people mentioning least liquid to most liquid OR most liquid to least liquid, but I don’t see the standard mentioning it anyhow.

    December 16, 2022 at 11:54 am #674752
    baobaohui521
    Member
    • Topics: 2
    • Replies: 3
    • ☆

    Hi sm8980, sorry, I have actually completed the FA paper but still coming back to the forum to ask questions 🙂 Hopefully, someone else may see your message and get back to you! Good luck with your exam!

    December 16, 2022 at 1:40 pm #674762
    mrjonbain
    Moderator
    • Topics: 1
    • Replies: 1580
    • ☆☆☆☆☆

    I mentioned this because I believe it is/was generally accepted accounting practice to list from least liquid to most liquid. However, I agree, this is nowhere in the standard. I believe it allows a range of formats within fairly general bounds.

    December 16, 2022 at 2:26 pm #674764
    sm8980
    Participant
    • Topics: 48
    • Replies: 38
    • ☆☆

    Thank you for replying baobaohui521 =)

    Much appreciated

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