IAS 1Chapter 3Lesson 1
The statement of financial position: minimum line items and classification
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The statement of financial position presents minimum line items separately, with no imposed order, and in principle distinguishes current and non-current.
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Learning objectives
- Identify the principle of the minimum line items of the statement of financial position.
- Explain when to add line items, headings or subtotals, and what the standard does not impose.
- Explain the general current / non-current rule and the order of liquidity exception.
- Determine the presentation suited to a given case and check its balance.