Preparation of Financial Statements- Additional Notes-

Identifications of Financial Statements The entity should identify each component of FS. LKAS 1 requires disclosure of following information in a prominent position. Name of The reporting entity Whether accounts cover single entity or group entities The reporting date or period covered by the FS The reporting currency

Format of Statement of Financial position XYZ Company Statement of Financial Position as at 31st March 2015   2014-15 2013-14 Assets Non current assets Property plant & equipments X Other Intangible assets Current assets Inventories Trade receivables Othe current assets Cash & cash equivalents Total assets Equity & Liabilities Equity : Stated capital Retained earnings Other components of equity Non current liabilities Long term borrowings long term provisions Current Liabilities Trade & other payables Short term borrowings Current portion of L.T Borrowings Current Tax Payables Short term provisions Total equity & liabilities

Current Assets Asset should be classified as Current assets when it is Expected to be realized in or sale or consumption in, the normal operating cycle of the entity Held primarily for the purpose of being traded Expected to be realized within the twelve months after the reporting date Cash or cash equivalent which is not restricted in its use All other assets should be classified as non current assets. Non current assets include tangible, intangible, operating & financial assets of long-term nature

Current Liabilities A Liability should be classified as current liability when it is Expected to be settled in normal operating cycle of the entity Due to settled with in twelve months of the reporting date Held primarily for the propose of being traded All other Liabilities classified as non current Liabilities

Format of Statement of profit or loss and other comprehensive income XYZ Company Statement of profit or loss and other comprehensive income for the year ended 31st March 2015   2014-15 2013-14 Revenue X Cost of sales (X) Gross profit Other income Distribution cost Administrative expenses Other expenses Finance cost Profit before tax Income tax Profit after tax Other comprehensive income Gains on property revaluation Total comprehensive income for the year

As minimum, LAKS 1 requires the following items to be disclosed on the face of the statement of profit or loss & other comprehensive income Revenue Finance cost Share of profit and losses of associates & joint ventures accounted for using the equity method Pre tax gain loss attributable to discontinued operations Tax expense Profit or loss Share of other comprehensive income of associates & joint ventures Total comprehensive income