c) the granting by the lender of a period of grace to rectify a breach of a
long-term loan arrangement ending at least twelve months after the reporting period.
Information to be presented either in the statement of financial
position or in the notes
An entity shall disclose, either in the statement of financial position or in the notes, further subclassifications of the line items presented, classified in a manner appropriate to the entity's operations.
The detail provided in subclassifications depends on the requirements of IFRSs and on the size, nature and function of the amounts involved. An entity also uses the factors set out in paragraph 58 to decide the basis of subclassification.
The disclosures vary for each item, for example:
items of property, plant and equipment are disaggregated into classes in
accordance with IAS 16;
receivables are disaggregated into amounts receivable from trade customers, receivables from related parties, prepayments and other
inventories are disaggregated, in accordance with IAS 2 Inventories, into
classifications such as merchandise, production supplies, materials,
work in progress and finished goods;
provisions are disaggregated into provisions for employee benefits and
other items; and
equity capital and reserves are disaggregated into various classes, such as
paid-in capital, share premium and reserves.
An entity shall disclose the following, either in the statement of financial
position or the statement of changes in equity, or in the notes:
a) for each class of share capital
the number of shares authorised;
the number of shares issued and fully paid, and issued but
not fully paid;
par value per share, or that the shares have no par value;
a reconciliation of the number of shares outstanding at the
beginning and at the end of the period;
the rights, preferences and restrictions attaching to that class including restrictions on the distribution of dividends
and the repayment of capital;
shares in the entity held by the entity or by its subsidiaries
or associates; and
shares reserved for issue under options and contracts for
the sale of shares, including terms and amounts; and
a description of the nature and purpose of each reserve within
An entity without share capital, such as a partnership or trust, shall disclose information equivalent to that required by paragraph 79(a), showing changes during the period in each category of equity interest, and the rights, preferences and restrictions attaching to each category of equity interest.
If an entity has reclassified
a puttable financial instrument classified as an equity instrument,
an instrument that imposes on the entity an obligation to deliver
to another party a pro rata share of the net assets of the entity only
on liquidation and is classified as an equity instrument
between financial liabilities and equity, it shall disclose the amount
reclassified into and out of each category (financial liabilities or equity), and the timing and reason for that reclassification.
Statement of profit or loss and other comprehensive
The statement of profit or loss and other comprehensive income
(statement of comprehensive income) shall present, in addition to the
profit or loss and other comprehensive income sections:
a) profit or loss
b) total other comprehensive income
c) comprehensive income for the period, being the total of profit or
loss and other comprehensive income.
If an entity presents a separate statement of profit or loss it does not present the profit or loss section in the statement presenting comprehensive income.
An entity shall present the following items, in addition to the profit or
loss and other comprehensive income sections, as allocation of profit or
loss and other comprehensive income for the period:
a) profit or loss for the period attributable to
non-controlling interests, and
owners of the parent
b) comprehensive income for the period attributable to
non-controlling interests, and
owners of the parent
If an entity presents profit or loss in a separate statement it shall present
in that statement
Information to be presented in the profit or loss section or the
statement of profit or loss
In addition to items required by other IFRSs, the profit or loss section or the statement of profit or loss shall include line items that present the
following amounts for the period:
gains and losses arising from the derecognition of financial assets
measured at amortised cost;
share of the profit or loss of associates and joint ventures
accounted for using the equity method;
if a financial asset is reclassified so that it is measured at fair
value, any gain or loss arising from a difference between the previous carrying amount and its fair value at the reclassification
date (as defined in IFRS 9);
a single amount for the total of discontinued operations (see
Information to be presented in the other comprehensive income
The other comprehensive income section shall present line items for amounts of other comprehensive income in the period, classified by nature (including share of the other comprehensive income of associates and joint ventures accounted for using the equity method) and grouped
into those that, in accordance with other IFRSs:
(a) will not be reclassified subsequently to profit or loss; and
(b) will be reclassified subsequently to profit or loss when specific
conditions are met.
[An entity shall present additional line items, headings and subtotals in the statement(s) presenting profit or loss and other comprehensive income when such presentation is relevant to an understanding of the entity's financial performance.
Because the effects of an entity's various activities, transactions and other events differ in frequency, potential for gain or loss and predictability, disclosing the components of financial performance assists users in understanding the financial performance achieved and in making projections of future financial performance. An entity includes additional line items in the statement(s)
presenting profit or loss and other comprehensive income and it amends the descriptions used and the ordering of items when this is necessary to explain the elements of financial performance. An entity considers factors including materiality and the nature and function of the items of income and expense. For example, a financial institution may amend the descriptions to provide information that is relevant to the operations of a financial institution. An entity does not offset income and expense items unless the criteria in paragraph 32 are met.
An entity shall not present any items of income or expense as extraordinary items, in the statement(s) presenting profit or loss and other comprehensive income or in the notes.
Profit or loss for the period
An entity shall recognise all items of income and expense in a period in profit or loss unless an IFRS requires or permits otherwise.
Some IFRSs specify circumstances when an entity recognises particular items outside profit or loss in the current period. IAS 8 specifies two such circumstances: the correction of errors and the effect of changes in accounting policies. Other IFRSs require or permit components of other comprehensive income that meet the Framework's6 definition of income or expense to be
excluded from profit or loss (see paragraph 7).
Other comprehensive income for the period
An entity shall disclose the amount of income tax relating to each item of other comprehensive income, including reclassification adjustments, either in the statement of profit or loss and other comprehensive income or in the notes.
An entity may present items of other comprehensive income either:
a) net of related tax effects, or
b) before related tax effects with one amount shown for the aggregate
amount of income tax relating to those items.
If an entity elects alternative (b), it shall allocate the tax between the items that
might be reclassified subsequently to the profit or loss section and those that will not be reclassified subsequently to the profit or loss section.
An entity shall disclose reclassification adjustments relating to
components of other comprehensive income.
Other IFRSs specify whether and when amounts previously recognised in other
comprehensive income are reclassified to profit or loss. Such reclassifications
are referred to in this Standard as reclassification adjustments. reclassification adjustment is included with the related component of other comprehensive income in the period that the adjustment is reclassified to profit or loss. These amounts may have been recognised in other comprehensive
6 In September 2010 the IASB replaced the Framework with the Conceptual Framework for Financial
income as unrealised gains in the current or previous periods. Those unrealised gains must be deducted from other comprehensive income in the period in which the realised gains are reclassified to profit or loss to avoid including them in total comprehensive income twice.
An entity may present reclassification adjustments in the statement(s) of profit or loss and other comprehensive income or in the notes. An entity presenting reclassification adjustments in the notes presents the items of other comprehensive income after any related reclassification adjustments.
Reclassification adjustments arise, for example, on disposal of a foreign operation (see IAS 21) and when some hedged forecast cash flow affect profit or loss (see paragraph 6.5.11(d) of IFRS 9 in relation to cash flow hedges).
Reclassification adjustments do not arise on changes in revaluation surplus recognised in accordance with IAS 16 or IAS 38 or on remeasurements of defined benefit plans recognised in accordance with IAS 19. These components are recognised in other comprehensive income and are not reclassified to profit or loss in subsequent periods. Changes in revaluation surplus may be transferred to retained earnings in subsequent periods as the asset is used or when it is derecognised (see IAS 16 and IAS 38). In accordance with IFRS 9, reclassification adjustments do not arise if a cash flow hedge or the accounting for the time value of an option (or the forward element of a forward contract or the foreign currency basis spread of a financial instrument) result in amounts that are removed from the cash flow hedge reserve or a separate component of equity, respectively, and included directly in the initial cost or other carrying amount of an asset or a liability. These amounts are directly transferred to assets or liabilities.
Information to be presented in the statement(s) of profit or loss
and other comprehensive income or in the notes
When items of income or expense are material, an entity shall disclose their nature and amount separately.
Circumstances that would give rise to the separate disclosure of items of income
and expense include:
write-downs of inventories to net realisable value or of property, plant
and equipment to recoverable amount, as well as reversals of such
restructurings of the activities of an entity and reversals of any
provisions for the costs of restructuring;
disposals of items of property, plant and equipment;
disposals of investments;
litigation settlements; and
other reversals of provisions.
An entity shall present an analysis of expenses recognised in profit or loss using a classification based on either their nature or their function within the entity, whichever provides information that is reliable and more relevant.
Entities are encouraged to present the analysis in paragraph 99 in the
statement(s) presenting profit or loss and other comprehensive income.
Expenses are subclassified to highlight components of financial performance that may differ in terms of frequency, potential for gain or loss and predictability. This analysis is provided in one of two forms.
The first form of analysis is the 'nature of expense' method. An entity aggregates expenses within profit or loss according to their nature (for example, depreciation, purchases of materials, transport costs, employee benefits and advertising costs), and does not reallocate them among functions within the entity. This method may be simple to apply because no allocations of expenses to functional classifications are necessary. An example of a classification using
the nature of expense method is as follows:
Revenue XOther income
hanges in inventories of finished goods and work in
Raw materials and consumables used XEmployee benefits expense XDepreciation and amortisation expense XOther expenses
Total expenses Profit before tax
The second form of analysis is the 'function of expense' or 'cost of sales' method and classifies expenses according to their function as part of cost of sales or, for example, the costs of distribution or administrative activities. At a minimum, an entity discloses its cost of sales under this method separately from other expenses. This method can provide more relevant information to users than the classification of expenses by nature, but allocating costs to functions may require arbitrary allocations and involve considerable judgement. An example
of a classification using the function of expense method is as follows:
Cost of sales
Other expenses Profit before tax
An entity classifying expenses by function shall disclose additional information on the nature of expenses, including depreciation and amortisation expense and employee benefits expense.
The choice between the function of expense method and the nature of expense method depends on historical and industry factors and the nature of the entity. Both methods provide an indication of those costs that might vary, directly or indirectly, with the level of sales or production of the entity. Because each method of presentation has merit for different types of entities, this Standard requires management to select the presentation that is reliable and more relevant. However, because information on the nature of expenses is useful in predicting future cash flows, additional disclosure is required when the function of expense classification is used. In paragraph 104, 'employee benefits' has the same meaning as in IAS 19.
Statement of changes in equity
Information to be presented in the statement of changes in equity
An entity shall present a statement of changes in equity as required by paragraph 10. The statement of changes in equity includes the following
total comprehensive income for the period, showing separately the
total amounts attributable to owners of the parent and to
for each component of equity, the effects of retrospective application or retrospective restatement recognised in accordance
with IAS 8; and
for each component of equity, a reconciliation between the carrying amount at the beginning and the end of the period,
separately (as a minimum) disclosing changes resulting from:
profit or loss;
other comprehensive income; and
transactions with owners in their capacity as owners, showing separately contributions by and distributions to owners and changes in ownership interests in subsidiaries that do not result in a loss of control.
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