1. Preparation of Financial Statements-
Additional Notes-

2. 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

3. Format of Statement of Financial position
XYZ Company Statement of Financial Position as at 31st March 2015
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

4. 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

5. 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

6. 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
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

7. 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