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The layout of the SoFP – when did it change?

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 7 years ago by nighteyes.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • December 3, 2018 at 4:35 pm #486988
    nighteyes
    Participant
    • Topics: 3
    • Replies: 43
    • ☆

    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 Earnings

    Total – 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 #487014
    Chris
    Member
    • Topics: 7
    • Replies: 591
    • ☆☆☆☆

    I 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 #488700
    alkemist
    Participant
    • Topics: 2
    • Replies: 488
    • ☆☆☆

    The 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
    nighteyes
    Participant
    • Topics: 3
    • Replies: 43
    • ☆

    @alkemist – Thank you! I really wasn’t sure.

  • Author
    Posts
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