Balance-sheet comparatives not reclassified

Learning objectives

• Determine that comparative amounts in the statement of financial position are not reclassified (unlike the income statement).L2, L3

Normative references

• IFRS 5 §40Amounts presented for non-current assets and for the assets and liabilities of disposal groups classified as held for sale in the statements of financial position of prior periods are neither reclassified nor re-presented to reflect the classification in the latest period.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

1 question

• When an asset is classified as held for sale, the statement of financial position of the comparative period is reclassified to present that asset separately.L2