ABC is a new company incorporated in Cambodia in 2016. ABC purchases and sells house appliances to local customers and distributers. Under the tax regulations, ABC is required to calculate and pay annual Tax on Profit. The following extracts for total costs and other information have been provided by ABC’s accountant in relation to the tax year ended 31
Continue reading IAS 1 : Current Liabilities Current liabilities An entity shall classify a liability as current when: (a) it expects to settle the liability in its normal operating cycle; (b) it holds the liability primarily for the purpose of trading; (c) the liability is due to be settled within twelve months after the reporting period; or (d) it does not have
Continue reading Current assets An entity shall classify an asset as current when: (a) it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle; (b) it holds the asset primarily for the purpose of trading; (c) it expects to realise the asset within twelve months after the reporting period; or (d) the asset is
Continue reading IAS 1 : Information to be presented in the statement of financial position The statement of financial position shall include line items that present the following amounts: (a) property, plant and equipment; (b) investment property; (c) intangible assets; (d) financial assets (excluding amounts shown under (e), (h) and (i)); (e) investments accounted for using the equity method; (f) biological assets
Continue reading IAS 1 : Identification of the financial statements An entity shall clearly identify each financial statement and the notes. In addition, an entity shall display the following information prominently, and repeat it when necessary for the information presented to be understandable: (a) the name of the reporting entity or other means of identification, and any change in that information from
Continue reading IAS 1: Consistency of presentation for financial statements Consistency of presentation An entity shall retain the presentation and classification of items in the financial statements from one period to the next unless: (a) it is apparent, following a significant change in the nature of the entity’s operations or a review of its financial statements, that another presentation or classification would
Continue reading IAS 1: change the presentation or classification of items in its financial statements If an entity changes the presentation or classification of items in its financial statements, it shall reclassify comparative amounts unless reclassification is impracticable. When an entity reclassifies comparative amounts, it shall disclose (including as at the beginning of the preceding period): (a) the nature of the reclassification;
Continue reading IAS 1: Present separately each material class of similar items. An entity shall present separately each material class of similar items. An entity shall present separately items of a dissimilar nature or function unless they are immaterial. Financial statements result from processing large numbers of transactions or other events that are aggregated into classes according to their nature or function.
Continue reading IAS1 : Going concern Going concern When preparing financial statements, management shall make an assessment of an entity’s ability to continue as a going concern. An entity shall prepare financial statements on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. When management is
Continue reading IAS 1 : Complete set of financial statements A complete set of financial statements comprises: a statement of financial position as at the end of the period; a statement of profit or loss and other comprehensive income for the period; a statement of changes in equity for the period; a statement of cash flows for the period; notes, comprising
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