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entity, the period covered, presentation currency, and so on also must be displayed prominently.
Reporting Period
Financial statements should be presented at least annually. In all other cases, that is, when a period shorter or longer than one year is used, the reason for using a
different period and lack of total comparability with the previous period’s information must be disclosed.
Statement of Financial Position
Current and noncurrent assets and liabilities should be classified separately on the face of the statement of financial position except in circumstances when a
liquidity-based presentation provides more reliable and relevant information.
Current assets. A current asset is one that is likely to be realized within the normal operating cycle or 12 months after the reporting period, held for trading purposes,
or is cash or a cash equivalent. All other assets are noncurrent.
Current liabilities. A current liability is one that is likely to be settled within the normal operating cycle or 12 months after the reporting period, held for trading
purposes, or there is no unconditional right to defer settlement for at least 12 months after the balance sheet date. All other liabilities are noncurrent.
The minimum line items that should be included in the statement of financial position are
1. Property, plant, and equipment
2. Investment property
3. Intangible assets
4. Financial assets (excluding amounts shown under 5, 8, and 9)
5. Investments accounted for using the equity method
6. Biological assets
7. Inventories
8. Trade and other receivables
9. Cash and cash equivalents
10. Trade and other payables
11. Provisions
12. Financial liabilities (excluding amounts shown under 10 and 11)
13. Liabilities and assets for current tax
14. Deferred tax liabilities and deferred tax assets
15. Minority interest, presented within equity
16. Issued capital and reserves attributable to equity holders of the parent
Deferred tax assets (liabilities) cannot be classified as current assets (liabilities). Additional line items are disclosed only if disclosure is relevant for further insight.
Subclassifications of line items are required to be disclosed in either the statement of financial position or the notes. Other such disclosures include
• Numbers of shares authorized, issued and fully paid, and issued but not fully paid
• Par value
• Reconciliation of shares outstanding at the beginning and the end of the period
• Description of rights, preferences, and restrictions
• Treasury shares, including shares held by subsidiaries and associates
• Shares reserved for issuance under options and contracts
• Description of the nature and purpose of each reserve within owners’ equity
• Nature and purpose of each reserve
Equivalent information would be disclosed by entities without share capital.
EXTRACTS FROM PUBLISHED FINANCIAL STATEMENTS
BARLOWORLD, Annual Report 2009 Company Balance Sheet at September 30