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The main contents of the chapter consist of the following: Reporting financial performance, exceptional items, IFRS 5 Non-current assets held for sale and discontinued operations, classification as held for sale, measurement of non-current assets held for sale,. | Revise lecture 21 1 Reporting financial performance 2 Reporting financial performance Income statement and statement showing other comprehensive income The IAS 1 requirements is to produce income statement and statement showing other comprehensive income. 3 Exceptional items Exceptional items is the name often given to material items of income and expense of such size, nature or incidence that disclosure is necessary in order to explain the performance of the entity. 4 Exceptional items The accounting treatment is to: Include the item in the standard income statement line. Disclose the nature and amount in notes. 5 Exceptional items In some cases it may be more appropriate to show the item separately on the face of the income statement. Examples include: Write down of inventories to net realisable value (NRV) Write down of property, plant and equipment to recoverable amount 6 Exceptional items Examples include: 3. Restructuring 4. Gains / losses on disposal of non-current assets 5. Discontinued operations 6. Litigation settlements 7. Reversals of provisions 7 IFRS 5 Non-current assets held for sale and discontinued operations The objectives of IFRS 5 are to set out: Requirements for the classification, measurement and presentation of non-current assets held for sale, in particular requiring that such assets should be presented separately on the face of the statement of financial position. 8 IFRS 5 Non-current assets held for sale and discontinued operations The objectives of IFRS 5 are to set out: Updated rules for the presentation of discontinued operations, in particular requiring that the results of discontinued operations should be presented separately in the income statement. 9 IFRS 5 Non-current assets held for sale and discontinued operations Classification as held for sale A non-current asset should be classified as ‘held for sale’ if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. 10 . | Revise lecture 21 1 Reporting financial performance 2 Reporting financial performance Income statement and statement showing other comprehensive income The IAS 1 requirements is to produce income statement and statement showing other comprehensive income. 3 Exceptional items Exceptional items is the name often given to material items of income and expense of such size, nature or incidence that disclosure is necessary in order to explain the performance of the entity. 4 Exceptional items The accounting treatment is to: Include the item in the standard income statement line. Disclose the nature and amount in notes. 5 Exceptional items In some cases it may be more appropriate to show the item separately on the face of the income statement. Examples include: Write down of inventories to net realisable value (NRV) Write down of property, plant and equipment to recoverable amount 6 Exceptional items Examples include: 3. Restructuring 4. Gains / losses on disposal of non-current assets 5. .
