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Forums › ACCA Forums › General ACCA Forums › The layout of the SoFP – when did it change?
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…
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.
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.
