I n t e r a c t I v e t e X t foundations in Accountancy/ acca financial accounting (ffa/FA) bpp learning Media is an acca approved Content Provider

 

2

   The statement of financial position 

IAS 1 specifies what should be included in a statement of financial position and includes a suggested 

format. It also provides guidance on the current/non-current distinction.  

2.1 Statement of financial position 

IAS 1 gives the following suggested format for a statement of financial position.  

 EXAM FOCUS POINT 

In their report on exams from July to December 2014, ACCA's examining team commented that in 

Section B where students are required to prepare various financial statements, many were unsure of 

the format in which to present their answer and how to apply various accounting techniques.  

Study the following sections carefully and use the format provided.

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CHAPTER 20  

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  PREPARATION OF FINANCIAL STATEMENTS FOR COMPANIES