Framework and IAS 1 - Nelson CPA · Statements (IAS 1) Presentation of Financial Statements (IAS 1) Today’s Agenda Simple but Comprehensive Simple but Comprehensive Contentious

1

copy 2005-07 Nelson 1

Framework and IAS 1March 2007

Nelson LamNelson Lam 林智遠林智遠MBA MSc BBA ACA CFA CPA(Aust) CPA(US) FCCA FCPA(Practising)


IntroductionIntroduction

FrameworkFramework

Presentation of Financial Statements (IAS 1)


Todayrsquos AgendaSimple but

ComprehensiveSimple but

Comprehensive

Contentious and key issuesContentious

and key issues

Real Life Cases and Examples

Real Life Cases and Examples

Capital Disclosures (Amendments to IAS 1)


2



Todayrsquos Agenda


Introduction

International Financial Reporting Standards arebull Standards and Interpretations issued and

endorsed by the International Accounting Standard Board and comprisendash International Financial

Reporting Standards (IFRSs)ndash International Accounting

Standards (IASs) andndash Interpretations

7 Sets in issue (from IFRS 1 to IFRS 7)7 Sets in issue (from IFRS 1 to IFRS 7)

31 Sets in issue (from IAS 1 to IAS 41)31 Sets in issue (from IAS 1 to IAS 41)

bull What is the difference between IFRS and IASbull IASB has designated its standards as IFRSbull The accounting standards issued by its predecessor the International

Accounting Standards Committee (IASC) continue to be designated as IAS

bull IASB endorsed all IASs and designated the IFRSs to include IASs




3


Introduction helliphellip

After the training you may realise that some traditional thinking helliphellipndash Assets = Liabilities + Capitalndash Extraordinary items should be

reported in the income statement helliphellipndash Cash at bank and deposits in bank

should be current assetsAll should be

adjusted now

All should be All should be adjusted adjusted

nownow


Todayrsquos Agenda

FrameworkFramework

4


What is Framework

bull Sets out the concepts that underlie the preparation and presentation of financial statements for external users

bull Assists preparers of financial statements in applying accountingstandards

bull Assists users of financial statements in interpreting the information contained in financial statements prepared in conformity with accounting standards

bull But is not a standard or guideline ndash so does not override any specific accounting standard

Framework


What is Framework

bull Deals witha) The objective of financial statementsb) The qualitative characteristics of financial informationc) The definition recognition and measurement of the elements in the

financial statements andd) Concepts of capital and capital maintenance

bull Concerned with general purpose financial statementsbull The users of financial statements include

ndash present and potential investors employees lenders suppliers and other trade creditors customers governments and their agenciesand the public

Framework

ObjectiveObjective Qualitative Characteristics

Qualitative Characteristics ElementsElements Concepts of

CapitalConcepts of

Capital

5


Objective of Financial Statements

ObjectiveObjective

Process of communicationProcess of communicationProcess of communication

Companyrsquos activities Accounting User

perception



ObjectiveObjective


Companyrsquos activities

FinancialReporting

User perception

IAS 1 states thatbull The objective of general purpose financial statements is to provide

information about the financial position financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions

bull Similar to the objective stated in the Framework

6


Objective AssumptionsUnderlying Assumptions includebull Accrual Basis

ndash In order to meet their objectives financial statements are prepared on the accrual basis of accounting

ndash Under this basisbull the effects of transactions and other events are recognised when they

occur (and not as cash or its equivalent is received or paid) andbull they are recorded in the accounting records and reported in the

financial statements of the periods to which they relate bull Going Concern

ndash The financial statements are normally prepared on the assumption that an entity is a going concern and will continue in operation for the foreseeable future

ndash Hence it is assumed that the entity has neither the intention nor the need to liquidate or curtail materially the scale of its operations if such an intention or need exists the financial statements may have to be prepared on a different basis and if so the basis used is disclosed


Qualitative Characteristics

Objective Qualitative Characteristics


Primary qualitative characteristicsof financial statements

bull Relating to content- Relevance (Predictive value Confirmatory value Interrelated)

- Reliability (Faithful representation Substance over form NeutralityPrudence and Completeness)

bull Relating to presentation- Comparability (Consistency and Disclosure)

- Understandability (Usersrsquo ability Aggregation and Classification)

7






bull Relating to content- Relevance- Reliability

bull Relating to presentation- Comparability- Understandability

Management Decision

Management Decision

Financial reportingFinancial Financial reportingreporting



Emerging International PracticesEmerging International Practicesbullbull Financial reporting framework clearly definedFinancial reporting framework clearly definedbullbull Definition of assets and liabilities clearly establishedDefinition of assets and liabilities clearly establishedbullbull Beginning to adopt fair value model (instead of only historical Beginning to adopt fair value model (instead of only historical

cost)cost)bullbull Discussing convergence in certain practicesDiscussing convergence in certain practicesbullbull From IASC to IASB (International Accounting Standard Board)From IASC to IASB (International Accounting Standard Board)bullbull From IAS to IFRS (International Financial Reporting From IAS to IFRS (International Financial Reporting

Standards) Standards) helliphelliphelliphellip

8


All aims atAll aims atRelevanceRelevanceReliabilityReliabilityComparabilityComparabilityUnderstandabilityUnderstandability


Management Decision

Management Decision



Elements of Financial Statements

Objective Qualitative Characteristics ElementsElements

Asset

Liability

Equity

Income

Expenses

Financial Position (in balance sheet)

Financial Performance (in income statement)

bull a resource controlled by the enterprise as a result of past eventsand from which future economic benefits are expected to flow tothe enterprise

bull a present obligation of the enterprise arising from past eventsthe settlement of which is expected to result in an outflow fromthe enterprise of resources embodying economic benefits

bull the residual interest in the assets of the enterprise after deducting all its liabilities

bull increases in economic benefits during a period in the form ofndash inflows or enhancements of assets orndash decreases of liabilities that result in increases in equityndash other than those relating to contributions from equity participants

bull decreases in economic benefits during a period in the form ofndash outflows or depletions of assets orndash incurrences of liabilities that result in decreases in equityndash other than those relating to distributions to equity participants

Balance Sheet Approach

9




Asset

Liability

Equity

Income

Expenses








DefinitionDefinition






RecognitionRecognition

MeasurementMeasurement

Presentation and disclosurePresentation and disclosure

IFRS ApproachIFRS Approach

10






Frameworkgives a general overview





Definition

Criteria for recognition ndash an item that meets the definition of an element should be recognized if1 it is probable that any future economic benefit

associated with the item will flow to or from the enterprise and

2 the item has a cost or value that can be measured with reliability




Recognition is the process of incorporating in the balance sheet or income statement an item that1 meets the Definition of an element and2 satisfies the Criteria for Recognition





11




Recognition

Definition

Historical cost

Current cost

Realisable (settlement) value

Present value

Historical cost

Current cost


Present value


Fair value less cost to sell

Value in use


Concept of CapitalFinancial concept of capitalbull is adopted by most enterprises in

preparing their financial statementsbull Under it such as invested money or

invested purchasing power capital is synonymous with the net assets or equity of the enterprise

Physical concept of capitalbull Under it such as operating capability

capital is regarded as the productive capacity of the enterprise based on

bull For example units of output per day

Capital and Capital Maintenance

Objective Qualitative Characteristics Elements Concepts of

CapitalConcepts of

Capital

Concept of Capital MaintenanceFinancial concept maintenancebull Under this concept a profit is

earned only ifbull the financial (or money) amount of

the net assets at the end of the period

bull exceeds the financial (or money) amount of net assets at the beginning of the period

bull after excluding any distributions to and contributions from owners during the period

bull Financial capital maintenance can be measured in either nominal monetary units or units of constant purchasing power

12










CapitalConcepts of

Capital

Concept of Capital MaintenancePhysical concept maintenancebull Under this concept a profit is

earned only ifbull the physical productive capacity (or

operating capability) of the enterprise (or the resources or funds needed to achieve that capacity) at the end of the period

bull exceeds the physical productive capacity at the beginning of the period



Summary of IFRSs

International Financial Reporting Standards arebull Standards and Interpretations issued and endorsed by the

International Accounting Standard Board and comprisendash International Financial Reporting Standards (IFRSs)ndash International Accounting Standards (IASs) andndash Interpretations

bull IASs (International Accounting Standards) ndash Totally 31 sets

bull IFRSs (International Financial Reporting Standards) ndash Totally 8 sets(up to 4 February 2007)

More are coming helliphellipMore are coming helliphellip

13


Key Points

IFRSs set outbull Recognitionbull Measurementbull Presentation and

disclosure requirements

Main changesbull Changes in recognition

and measurementbull Changes in presentation

and disclosure

bull Less Choicesbull Towards

Fair Value Model

bullbull Less ChoicesLess Choicesbullbull TowardsTowards

Fair Value ModelFair Value Model

bull More and clearer presentation and disclosure

bullbull More and clearer More and clearer presentation and presentation and disclosuredisclosure

bull Aim at enhancing the information for usersrsquo decision making

bullbull Aim at enhancing Aim at enhancing the information the information for usersrsquo for usersrsquo decision makingdecision making

eg market valuevalue by appraisal helliphellip

Inter alia one more change helliphellip


Todayrsquos Agenda



14


Presentation of Financial Statements(IAS 1)



1 Purpose of financial statements2 Components of financial statements3 Overall considerations4 Structure and content

15


1 Purpose of Financial Statements

bull To provide information aboutndash financial positionndash financial performance

andndash cash flows of an entity

That is useful to a wide range of users in making economic decisions

bull To also show the results of managementrsquos stewardship of the resources entrusted to it

bull To meet this objective financial statements provide information about the entityrsquosndash Assetsndash Liabilitiesndash Equityndash Income and expenses

including gains and lossesndash Other changes in equityndash Cash flows

Thus we have helliphellip


2 Components of Financial Statements

A complete set of financial statements comprisesa) a balance sheetb) an income statementc) a statement of changes in equity showing either

i) all changes in equity orii) changes in equity other than those arising from transactions with

equity holders acting in their capacity as equity holdersd) a cash flow statement ande) notes comprising a summary of significant accounting policies and

other explanatory notes

another nameanother name

16


3 Overall Consideration

a) Fair presentation and compliance with IFRSsb) Going concernc) Accrual basis of accountingd) Consistency of presentatione) Materiality and aggregationf) Offsettingg) Comparative information



bull Financial statements shall present fairly of the financial position financial performance and cash flows of an entity

ndash Fair presentation requires the faithful representation of the effects of transactions other events and conditions in accordance with

bull the definitions and recognition criteria for assets liabilities income and expenses set out in the Framework

ndash The application of IFRSs with additional disclosure when necessary is presumed to result in financial statements that give a true and fair view

a) Fair presentation and compliance with IFRSs

No such precisely statement before

17



bull Statement of compliancendash An entity whose financial statements comply

with IFRSs shall make an explicit and unreserved statement of such compliance in the notes

ndash Financial statements shall not be described as complying with IFRSsbull unless they comply with all the

requirements of IFRSsndash In virtually all circumstances a fair

presentation is achieved by bull compliance with applicable IFRSs




Melco Development Limited (新濠國際發展有限公司)Notes to the financial statements for year ended 31122005ndash The consolidated financial statements have been prepared in

accordance with HKFRSsndash In addition the consolidated financial statements include applicable

disclosures required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and by the Companies Ordinance

CaseCase

18



bull A fair presentation also requires an entitya) to select and apply accounting policies in accordance

with IAS 8b) to present information including accounting policies

in a manner that provides relevant reliable comparable and understandable information

c) to provide additional disclosuresndash when compliance with the specific requirements in

IFRSs is insufficient to enable users to understand the impact of particular transactions other events and conditions on the entityrsquos financial position and financial performance

bull Inappropriate accounting policies are not rectified eitherndash by disclosure of the accounting policies used orndash by notes or explanatory material




bull Departure from Standard or Interpretation (Simplified)ndash In the extremely rare circumstances in which

management concludes thatbull compliance with a requirement in a standard or an

interpretation would be so misleading thatbull it would conflict with the objective of financial

statements set out in the Frameworkthe entity shall depart from that requirement if the relevant regulatory framework requires or otherwise does not prohibit such a departure


19



bull Departure from Standard or Interpretation (Simplified)


ndash Then the following disclosure is requireda) management has concluded that the financial

statements give a true and fair viewb) that it has complied with applicable standards and

interpretations except that it has departed from a particular requirement

c) the title of the standard or interpretation from which the entity has departed the nature of the departure the reason why that treatment would be so misleading and the treatment adopted and

d) for each period presented the financial impact of the departure on each item in the financial statements that would have been reported in complying with the requirement



Interim Report 2005 clearly stated thatInterim Report 2005 clearly stated that

CaseCase

bull The directors consider it inappropriate for the company to adopt two particular aspects of the newrevised HKFRSs as these would result in the financial statements in the view of the directors eitherbull not reflecting the commercial substance of the business orbull being subject to significant potential short-term volatility as

explained below helliphellip

20


3 Overall ConsiderationCaseCase

bull HKAS 40 ldquoInvestment propertyrdquo requires an assessment of the fair value of investment properties

bull The group intends to follow the same accounting treatment as adopted in 2004 which is to value such investment properties on an annual basis

bull Accordingly the investment properties were not revalued at 30 June 2005 since the directors consider that such change of practice could introduce a significant element of short-term volatility into the income statement in respect of assets which are being held on a long-term basis by the group helliphellip

bull It is not practicable to estimate the financial effect of this non-compliance as no interim valuation of the properties has been conducted


At year-end revaluation would still be conductedAt year-end revaluation would still be conducted



bull HKAS 12 ldquoIncome Taxesrdquo together with HKAS-INT 21 ldquoIncome Taxes ndashRecovery of Revalued Non-Depreciable Assetsrdquo requires deferred taxation to be recognised on any revaluation movements on investment propertiesbull It is further provided that any such deferred tax liability should be calculated

at the profits tax rate in the case of assets which the management has no definite intention to sell

bull The company has not made such provision in respect of its HK investment properties since the directors consider that such provision would result in the financial statements not reflecting the commercial substance of the businessbull since should any such sale eventuate any gain would be regarded as capital

in nature and would not be subject to any tax in HKbull Should this aspect of HKAS 12 have been adopted deferred tax liabilities

amounting to HK$2008 million on the revaluation surpluses arising from revaluation of HK investment properties would have been provided

(estimate - over 12 of the net assets at 30 June 2005)


21



bull Departure but such departure is prohibitedndash In the extremely rare circumstances in which

management concludes that bull compliance with a requirement in a

standard or an interpretation would be so misleading that

bull it would conflict with the objective of financial statements set out in the Framework

bull but the relevant regulatory framework prohibits departure from the requirement the entity shall to the maximum extent possible reduce the perceived misleading aspects of compliance by disclosing helliphellip




ndash by disclosinga) the title of the standard or interpretation in

question the nature of the requirement and the reason why management has concluded that complying with that requirement is so misleading in the circumstances that it conflicts with the objective of financial statements set out in the Framework and

b) for each period presented the adjustments to each item in the financial statements that management has concluded would be necessary to give a fair presentation

a) Fair presentation and compliance with IFRSsbull Departure but such departure is prohibited

22



bull When assessing whether complying with a specific requirement in a standard or an interpretation would be so misleading that it would conflict with the objective of financial statements set out in the Frameworkndash management considers

a) why the objective of financial statements is not achieved in the particular circumstances and

b) how the entityrsquos circumstances differ from those of other entities that comply with the requirement ndash If other entities in similar circumstances comply with the

requirement raquo there is a rebuttable presumption that the entityrsquos compliance

with the requirement would not be so misleading that it would conflict with the objective of financial statements set out in the Framework




Howrsquos about this Howrsquos about this

However 2005 Final Results Announcementdisclosed that bull provision for deferred tax was finally made

with regard to revaluation of the HK investment properties (total HK$22 billion) at 2005 year-end

However However 2005 Final Results Announcement2005 Final Results Announcementdisclosed that disclosed that bullbull provision for deferred tax was finally made provision for deferred tax was finally made

with regard to revaluation of the HK with regard to revaluation of the HK investment properties (total HK$22 billion) at investment properties (total HK$22 billion) at 2005 year2005 year--endend

23


b) Going Concern


bull When preparing financial statements management shall make an assessment of an entityrsquos ability to continue as a going concern

bull Financial statements shall be prepared on a going concern basisndash unless management either intends to liquidate the entity or to cease

trading or has no realistic alternative but to do so bull When management is aware in making its assessment of

material uncertainties related to events or conditions that may cast significant doubt upon the entityrsquos ability to continue as a going concern those uncertainties shall be disclosed

bull When financial statements are not prepared on a going concern basis that fact shall be disclosed together with the basis on which the financial statements are prepared and the reason why the entity is not regarded as a going concern


c) Accrual Basis of Accounting


bull An entity shall prepare its financial statements except for cash flow information using the accrual basis of accounting

bull When the accrual basis of accounting is used items are recognised as assets liabilities equity income and expensesndash when they satisfy the definitions and recognition criteria for those

elements in the Framework

24



bull The presentation and classification of items in the financial statements shall be retained from one period to the next unlessa) it is apparent

bull following a significant change in the nature of the entityrsquos operations (eg significant acquisition or disposal) or

bull a review of its financial statementsthat another presentation or classification would be more appropriatehaving regard to the criteria for the selection and application of accounting policies in IAS 8 or

b) a IFRS requires a change in presentation

d) Consistency of presentation

An entity changes the presentation of its financial statements only ifndash the changed presentation provides information that is reliable and is

more relevant to users of the financial statements andndash the revised structure is likely to continue so that comparability is not

impaired



impaired



bull Each material class of similar items shall bendash presented separately in the financial

statementsbull Items of a dissimilar nature or function shall be

ndash presented separately unless they are immaterial

bull Applying the concept of materiality means that a specific disclosure requirement in a IFRS neednot be satisfied if the information is not material

e) Materiality and Aggregation

What is the situation of recognition and measurement

What is the What is the situation of situation of recognition and recognition and measurementmeasurement

25



bull What is materialndash Omissions or misstatements of items are

material if they could individually or collectively influence the economic decisions of users taken on the basis of the financial statements

ndash Materiality depends on the size and nature of the omission or misstatement judged in the surrounding circumstancesbull The size or nature of the item or a combination

of both could be the determining factor




bull Assets and liabilities and income and expenses shall not be offsetndash unless required or permitted by a IFRS

bull It is important that assets and liabilities and income and expenses are reported separatelyndash Measuring assets net of valuation allowances mdash

for example obsolescence allowances on inventories and doubtful debts allowances on receivables mdash is not offsetting

f) Offsetting

26



bull During ordinary activities some transactions that do not generate revenue but are incidental to the main revenue-generating activitiesndash The results of such transactions are presented

when this presentation reflects the substance of the transaction or other event by netting any income with related expenses arising on the same transaction

f) Offsetting



bull For examplea) gains and losses on the disposal of non-current

assets including investments and operating assets- are reported by deducting from the proceeds on

disposal the carrying amount of the asset and related selling expenses and

b) expenditure related to a provision that is- recognised in accordance with IAS 37 and - reimbursed under a contractual arrangement with

a third party (for example a supplierrsquos warranty agreement)

may be netted against the related reimbursement

f) Offsetting

ExampleExample

27



bull Gains and losses arising from a group of similar transactions are reported on a net basisndash For example

bull foreign exchange gains and losses or bull gains and losses arising on financial instruments held for trading

bull Such gains and losses are however reported separately if they are material




Can foreign exchange gains and losses be offset

ExampleExample



bull Except when a IFRS permits or requires otherwise ndash comparative information shall be disclosed in

respect of the previous period for all amountsreported in the financial statements

bull When the presentation or classification of items in the financial statements is amended ndash comparative amounts shall be reclassified unless

the reclassification is impracticable

g) Comparative information

28


Amended requirementsAmended requirements


bull When comparative amounts are reclassified an entity shall disclosea) the nature of the reclassificationb) the amount of each item or class of items that is

reclassified andc) the reason for the reclassification


bull In the pastonly the reason for and a description of the nature of materialreclassifications should be disclosedExemption for disclosure of comparative information for the reconciliation of movements in fixed assets is also removed




Melco Development Limited (新濠國際發展有限公司)Notes to the financial statements for year ended 31122005ndash Because HKAS 32 requires retrospective application comparative

figures for 2004 have been restated (see Note 2A for the financial impact)

CaseCase

29



Galaxy Entertainment Group LimitedNotes to the financial statements (ye 31122005)ndash All changes in the accounting policies require

retrospective application except HKAS 39 and HKFRS 2 for which transitional provisions are applied

ndash As a result the 2004 comparative figures have also been restated or amended in accordance with the relevant requirements

ndash The effects of all the changes in accounting policies are summarised in notes (b) and (c) below

CaseCase


bull Identification of the financial statementsbull Reporting periodbull Balance sheet

1 CurrentNon-current distinction2 Current assets3 Current liabilities4 Information to be presented on the face of the balance sheet5 Information to be presented either on the face of the balance sheet or in

the notesbull Income statement

1 Profit or loss for the period2 Information to be presented on the face of the income statement3 Information to be presented either on the face of the income statement or

in the notesbull Statement of changes in equitybull Cash flow statementbull Notes

4 Structure and Content

30


Identification of Financial Statements

bull The financial statements shall be identified clearly and distinguished from other information in the same published document

bull The following information shall be displayed prominently and repeated when it is necessary for a proper understanding of the information presented

a) the name of the reporting entity or other means of identification and any change in that information from the preceding balance sheet date

b) whether the financial statements cover the individual entity or a group of entities

c) the balance sheet date or the period covered by the financial statements whichever is appropriate to that component of the financial statements

d) the presentation currency as defined in HKAS 21 The Effects of Changes in Foreign Exchange Rates and

e) the level of rounding used in presenting amounts in the financial statements



bull Can the units of the presentation currency be rounded to thousands or millions

bull Financial statements are often made more understandableby presenting information in thousands or millions of units of the presentation currency

bull This is acceptable as long asndash the level of rounding in presentation is disclosed and ndash material information is not omitted



ExampleExample

31


Reporting Period

bull Financial statements shall be presented at least annually

bull When an entityrsquos balance sheet date changes and the annual financial statements are presented for a period longer or shorter than one year an entity shall disclose in addition to the period covered by the financial statementsa) the reason for using a longer or shorter period andb) the fact that comparative amounts for the income

statement statement of changes in equity cash flow statement and related notes are not entirely comparable


Reporting Period

bull Can a set of financial statements cover 52-week instead of a year

bull Normally financial statements are consistently prepared covering a one-year period

bull However for practical reasons some entities prefer to report for example for a 52-week period

bull IAS 1 does not preclude this practice because the resulting financial statements are unlikely to be materially different from those that would be presented for one year




ExampleExample

32


CurrentNon-current Distinction

bull An entity shall presentndash current and non-current assets andndash current and non-current liabilitiesas separate classifications on the face of its balance sheet

bull Except when a presentation based on liquidity provides informationndash If that information is reliable and is more relevantndash When that exception applies all assets and liabilities shall be

presented broadly in order of liquidity



bull Whichever method of presentation is adopted for each asset and liability line item that combines amounts expected to be recovered or settled a) no more than 12 months after the balance sheet date

andb) more than 12 months after the balance sheet date(ie combines both current and non-current)

an entity shall disclose the amount expected to be recovered or settled after more than 12 months

33


New requirementsNew requirements

Current Assets

bull An asset shall be classified as current when it satisfies any of the following criteriaa) it is expected to be realised in or is intended for sale or

consumption in the entityrsquos normal operating cycle b) it is held primarily for the purpose of being tradedc) it is expected to be realised within 12 months after the balance

sheet date ord) it is cash or a cash equivalent

bull unless it is restricted from being exchanged or used to settle aliability for at least 12 months after the balance sheet date

bull All other assets shall be classified as non-current

Examplesbull Deposits pledged to bank (how long)bull Fixed deposits over 1 year maturity


What is itWhat is it


Current Assets

bull What is operating cycle

bull The operating cycle of an entity is the time between ndash the acquisition of assets for processing and ndash their realisation in cash or cash equivalents

bull When the entityrsquos normal operating cycle is not clearly identifiable ndash its duration is assumed to be 12 months



ExampleExample

34


Current Assets CaseCase


Current Assets

bull Can a non-current asset reclassified if it fulfil the definition of current asset later

bull Assets classified as non-current in accordancewith IAS 1 shall not be reclassified as current assetsndash until they meet the criteria to be classified as held for sale in

accordance with IFRS 5bull Assets of a class that an entity would normally regard as non-

current that are acquired exclusively with a view to resale shall notbe classified as currentndash unless they meet the criteria to be classified as held for sale in

accordance with IFRS 5





No non-current assets can be classified as current unless the criteria in IFRS 5 are fulfilled mainlybull Available for immediate salebull Highly probable to make the sale

35


Is it currentIs it current

Current Assets

bull In its 2005 Interim Report full set of HKFRS was adopted and the report set out thatndash Available-for-sale financial assets are non-

derivatives that are eitherbull designated in this category orbull not classified in any of the other categories (ie

loans and receivables financial assets at fair value through profit or loss and held-to-maturity investments)

CaseCase

Similar in 2005 Annual Report


ndash They are included in non-current assetsbull unless management intends to dispose of the

investment within 12 months of the balance sheet date



Current Liabilities

bull A liability shall be classified as current when it satisfies any of the following criteriaa) it is expected to be settled in the entityrsquos normal operating cycleb) it is held primarily for the purpose of being tradedc) it is due to be settled within 12 months after the balance sheet

date ord) the entity does not have an unconditional right to defer settlement

of the liability for at least 12 months after the balance sheet date

bull All other liabilities shall be classified as non-current

ImplicationImplication

36


Current Liabilities Revised rules on classifying a liability as current or non-currentbull A liability held for being traded rArr currentbull A financial liability due within 12 months after the BS date rArr current

ndash even if an agreement to refinance on a long-term basis is completed after the BS date (only disclosed as non-adjusting event)

bull If an entity has discretion to refinance rArr non-currentbull If an entity without discretion to refinance rArr current

bull A non-current financial liability is payable on demand with a breach on a condition of its loan agreement on or before the BS datendash If the lender agreed not to demand payment

bull after the BS date rArr current (only disclosed as non-adjusting event)

bull by the BS date rArr non-current



Current LiabilitiesCaseCase

Note 12 to Interim Report 2006bull Breach of loan covenants

bull As at 30 June 2006 in respect of certain bank loans with an aggregate carrying amount of HK$1529806000 the Group breached certain financial covenants of the banks loans

bull Since the lenders have not agreed to waive its right to demand immediate payment as at the balance sheet date the loans have been classified as current liabilities in these financial statements at 30 June 2006

37


Current Assets and LiabilitiesExampleExample

Can the following be classified as current assetsbull 3-month fixed deposits pledged to a bank to secure

a mortgage loan of 5 yearsbull 2-year fixed deposits with a bank



Can the following be classified as non-current liabilitiesbull 5-year term loan matured after year end but renewed

for another 5 years after year end (before the issuanceof the financial statements)

bull 2-year term loan to be matured with 12 months and theentity has a right to renew for another 2 years




timestimes

times

radic


Balance Sheetbull As a minimum the face of the balance sheet shall

include line items that present the following amountsa) property plant and equipmentb) investment propertyc) intangible assetsd) financial assets (excl amounts shown under (e) (h) and (I))e) investments accounted for using the equity methodf) biological assetsg) inventoriesh) trade and other receivablesi) cash and cash equivalentsj) trade and other payablesk) provisionsl) financial liabilities (excl amounts shown under (j) and (k))m) liabilities and assets for current tax as defined in HKAS 12 Income Taxesn) deferred tax liabilities and deferred tax assets as defined in HKAS 12o) minority interest presented within equity andp) issued capital and reserves attributable to equity holders of the parent

38


Balance Sheetbull The face of the balance sheet shall also include line

items that present the following amountsa) The total of assets classified as held for sale and

assets included in disposal groups classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations and

b) Liabilities included in disposal groups classified as held for sale in accordance with IFRS 5


Balance Sheetbull Additional line items headings and subtotals shall

be presented on the face of the balance sheet when such presentation is relevant to an understanding of the entityrsquos financial position

bull When an entity presents current and non-current assets and current and non-current liabilities as separate classifications on the face of its balance sheet ndash it shall not classify deferred tax assets

(liabilities) as current assets (liabilities)

39


Balance Sheet

bull The use of different measurement bases for different classes of assets suggests that their nature or function differs and therefore that they should be presented as separate line itemsndash For example different classes of property plant and

equipment can be carried atbull Cost orbull Revalued amountsin accordance with IAS 16 PPE

In the past it use ldquomay needrdquoIn the past it use ldquomay needrdquo


Balance Sheet

Galaxy Entertainment Group LimitedConsolidated balance sheet as at 31122005

CaseCase

40


Balance Sheet

Melco Development Limited (新濠國際發展有限公司)Consolidated balance sheet as at 31122005

CaseCase


Income Statement Minimum requirements on the face of the income statementbull As a minimum the face of the income statement shall include line items

that present the following amounts for the perioda) revenueb) finance costsc) share of the profit or loss of associates and joint ventures accounted

for using the equity methodd) pre-tax gain or loss recognised on the disposal of assets or

settlement of liabilities attributable to discontinuing operationse) tax expense andf) profit or loss

41


Income Statement bull The following items shall be disclosed on the face of the income

statement as allocations of profit or loss for the perioda) Profit or loss attributable to minority interest andb) Profit or loss attributable to equity holders of the parent

A similar requirement has been added for the statement of changes in equity and such allocated amounts are not to be presented as items of income or expense


Income Statement

Melco Dev LtdConsolidated income statementas at 31122005

CaseCase

42


Income Statement bull Not require to disclose the results of operating

activities as a line item on the face of the incomestatement

bull An entity shall not present any items of income and expense as extraordinary items either onthe face of the income statements or in the notes

Entities canrsquot use itEntities canrsquot use it

Entities can still show itEntities can still show it


Income Statement Either on the face of the income statement or in the notesbull An entity shall present an analysis of expenses using a classification

based on eitherbull the nature of expenses orbull their function within the entity

whichever provides information that is reliable and more relevant

bull Entities classifying expenses by function shall disclose additional information on the nature of expenses includingbull depreciation and amortisation expense and bull employee benefits expense

43


Income StatementCaseCase

Nature or FunctionNature or Nature or FunctionFunction


Statement of Changes in Equity bull An entity shall present a statement of changes in equity showing on the

face of the statementa) profit or loss for the period b) each item of income and expense for the period that as required by

IFRSs is recognised directly in equity and the total of these itemsc) total income and expense for the period (calculated as the sum of (a) and

(b)) showing separately the total amounts attributablebull to equity holders of the parent andbull to minority interest and

d) for each component of equity the effects of changes in accounting policies and corrections of errors recognised in accordance with IAS 8

Any ChangeAny Change

A revised requirementbull A statement of changes in equity that comprises only these items

shall be titled a statement of recognised income and expenses



44


Statement of Changes in Equity bull An entity shall also present either on the face of the

statement of changes in equity or in the notesa) the amounts of transactions with equity holders acting in

their capacity as equity holders showing separately distributions to equity holders

b) the balance of retained earnings (ie accumulated profit or loss) at the beginning of the period and at the balance sheet date and the changes during the period and

c) a reconciliation between the carrying amount of each class of contributed equity and each reserve at the beginning and the end of the period separately disclosing each change


Statement of Changes in Equity

Consolidated SCE as at 31122005

CaseCase

45


Notes Structure (an entity is required to disclose the following)

bull The notes shalla) present information about the basis of preparation of the financial statements

and the specific accounting policies usedb) disclose the information required by HKFRSs that is not presented on the

face of the balance sheet income statement statement of changes in equity or cash flow statement and

c) provide additional information that is not presented on the face of the balance sheet income statement statement of changes in equity or cash flow statement but is relevant to an understanding of any of them

bull Notes shall as far as practicable be presented in a systematic manner bull Each item on the face of the balance sheet income statement statement

of changes in equity and cash flow statement shall be cross-referencedto any related information in the notes


Notes Disclosures (an entity is required to disclose the following)

bull Disclosure of accounting policiesAn entity shall disclose in the summary of significant accounting policiesa) the measurement basis (or bases) used in preparing the financial

statements andb) the other accounting policies used that are relevant to an understanding of

the financial statements

46


NotesCaseCase

Galaxy Entertainment Group LimitedNotes to the financial statement (ye 31122005)ndash The financial statements have been prepared in

accordance with Hong Kong Financial Reporting Standards (lsquolsquoHKFRSrsquorsquo) issued by the Hong Kong Institute of Certified Public Accountants bull under the historical cost convention as modified by the

revaluation of investment properties available-for-sale financial assets derivative financial instruments and other investments which are carried at fair values helliphellip

ndash The principal accounting policies applied in the preparation of these financial statements are set out below These policies have been consistently applied to all the years presented except for those stated in note 2(a) above



bull Disclosure of accounting policiesndash The judgements apart from those involving estimations management has

madebull in the process of applying the entityrsquos accounting policies that have the

most significant effect on the amounts recognised in the financial statements (in the summary of significant accounting policies or other notes)

Examples ndash Management makes judgements in determininga) whether financial assets are held-to-maturity investmentsb) when substantially all the significant risks and rewards of

ownership of financial assets and lease assets are transferred to other entities

c) whether in substance particular sales of goods are financing arrangements and therefore do not give rise to revenue and

d) whether the substance of the relationship between the entity and a special purpose entity indicates that the special purpose entity is controlled by the entity





47



bull Key sources of estimation uncertaintyndash Information about the key assumptions concerning the future and

other key sources of estimation uncertainty at the balance sheet datebull that have a significant risk of causing a material adjustment to the

carrying amounts of assets and liabilities within the next financial yearndash In respect of those assets and liabilities the notes shall include details of

a) their nature andb) their carrying amount as at the balance sheet date

Examples ndash in the absence of recently observed market prices used to measure the following assets and liabilities future-oriented estimates are necessary to measurebull the recoverable amount of classes of PPEbull the effect of technological obsolescence on inventories

Estimates involve assumptions about such items asbull the risk adjustment to cash flows or discount rates usedbull future changes in salaries and in prices affecting other costs




Notes

Esprit Holdings LimitedEsprit Holdings Limitedbull Critical Accounting Estimates and Judgements

ndash Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonableunder the circumstances

ndash Critical accounting estimates and assumptionsbull The Group makes estimates and assumptions concerning

the future The resulting accounting estimates will by definition seldom equal the related actual results

bull The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below helliphellip (including (1) useful life and impairment of trademarks and (2) income taxes)

CaseCase

48


Notes

Melco Development Limited (新濠國際發展有限公司)Notes to the financial statements for the year ended 31122005ndash The key assumptions concerning the future and other key sources

of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below helliphellip(The issues discussed includebull Allowances for inventories bull Estimated impairment of goodwill Income taxes)

CaseCase


NotesCaseCase

Galaxy Entertainment Group LimitedNotes to the financial statement (ye 31122005)ndash Estimates and judgements used in preparing the

financial statements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances

ndash The Group makes estimates and assumptionsconcerning the future

ndash The resulting accounting estimates will by definition seldom equal the related actual results

ndash The estimates and assumptions that have a significant effect on the carrying amounts of assets and liabilities are discussed below hellip (including impairment of goodwill impairment of gaming

licence Useful lives of property plant and equipment fair value of investment properties hellip)

49



bull Other disclosuresAn entity shall disclose in the notesa) the amount of dividends proposed or declared before the

financial statements were authorised for issue but not recognised as a distribution to equity holders during the period and the related amount per share(HK incorporated companies are required to show the aggregate amount which is recommended for distribution by way of dividend under a separate heading(s) in their balance sheet (HK Co Ord 10th Sch para 9(1)(e)) and

b) the amount of any cumulative preference dividends not recognised



An entity shall disclose the following if not disclosedelsewhere in information published with the financial statementsa) the domicile and legal form of the entity

its country of incorporation andthe address of its registered office(or principal place of business if different from the registered office)

b) a description of the nature of the entityrsquos operations and its principal activities and

c) the name of the parent and the ultimate parent of the group

ldquoshall discloserdquo now instead of ldquoencouraged to discloserdquo


bull Other disclosures

Any specialAny special

50


NotesCaseCase

Galaxy Entertainment Group LimitedNotes to the financial statement (ye 31122005)bull The principal activities of Galaxy Entertainment Group

Ltd (the lsquolsquoCompanyrsquorsquo) (formerly known as K WahConstruction Materials Ltd) and its subsidiaries (together the lsquolsquoGrouprsquorsquo) are tondash operate in casino games of chance or games of other forms

in Macau (and) manufacture sale and distribution of construction materials in HK Macau and Mainland China

bull The Company is ndash a limited liability company incorporated in Hong Kong and ndash has its listing on the Main Board of The Stock Exchange of

Hong Kong Limitedbull The address of its registered office and its principal place

of business is Room 1606 16th Floor Hutchison House 10 Harcourt Road Central HK


Effective Date

bull An entity shall apply IAS 1 for annual periods beginning on or after 1 Jan 2005

ndash Earlier application is encouragedndash If an entity applies IAS 1 for an earlier period it shall

disclose this factbull For the amendments relating to the Statement of

Changes in Equityndash An entity shall apply it for annual periods beginning on

or after 1 Jan 2006ndash If an entity applies the amendments to IAS 19

Employee Benefits ndash Actuarial Gains and Losses Group Plans and Disclosures for an earlier period that amendment shall be applied for that earlier period

51


Todayrsquos Agenda




Capital Disclosures ndash For 2007

52


Capital Disclosures

What is capital Is it helliphellip

CapitalCapital AssetsAssets LiabilitiesLiabilities= ndash

bull IAS 1BC47 considers ldquowhether an entity can have a view of capital that differs from what IFRSs define as equityrdquo

bull It further clarifies that although for the purposes of this disclosure capital would often equate with equity as defined in IFRSsndash it might also include or exclude some components

bull It also noted that the capital disclosure in IAS 1 is intended to give entities the opportunity to describendash how they view the components of capital they manage if this is

different from what IFRSs define as equity helliphellip


EquityEquityEquity AssetsAssets LiabilitiesLiabilities= ndash

Capital Disclosures

Based on the Framework amp IFRSs the accounting equation should be


bull An entityrsquos capital may be part of its equity plus part of its liabilities depending on how it manage ldquoits capitalrdquo helliphellip

53


Capital Disclosures

bull An entity shall disclose information that enables users of its financial statements to evaluatendash the entityrsquos objectives policies and processes for managing capital

bull To comply with the capital disclosures the entity discloses thefollowinga) qualitative information about its objectives policies and processes for

managing capital including (but not limited to)i) a description of what it manages as capitalii) when an entity is subject to externally imposed capital requirements

the nature of those requirements and how those requirements are incorporated into the management of capital and

iii) how it is meeting its objectives for managing capital






Capital Disclosures

Example disclosurebull The Grouprsquos objectives when managing capital are

ndash to safeguard the entityrsquos ability to continue as a going concern

bull so that it can continue to provide returns for shareholders and benefits for other stakeholders and

ndash to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk

bull The Group sets the amount of capital in proportion to risk

ExampleExample

ObjectivesObjectives

54


Capital Disclosures

bull The Group manages the capital structure and makes adjustments to it in the light ofndash changes in economic conditions and ndash the risk characteristics of the underlying assets

bull In order to maintain or adjust the capital structure the Group mayndash adjust the amount of dividends paid to shareholders ndash return capital to shareholders ndash issue new shares or ndash sell assets to reduce debt

ExampleExample

Example disclosure

HowHow


Capital Disclosures

bull Consistently with others in the industry the Group monitors capital on the basis of ndash the debt-to-adjusted capital ratio

bull This ratio is calculated as net debt divide adjusted capital

ExampleExample

Example disclosure

HowHow

bull Net debt is calculated as ndash Total debt (as shown in the

balance sheet)ndash Less cash amp cash equivalents



bull Adjusted capital ndash comprises all components of

equity (ie share capital share premium minority interest retained earnings and revaluation reserve) ndash other than amounts

recognised in equity relating to cash flow hedges and

ndash includes some forms of subordinated debt





55


Capital Disclosures


bull To comply with the capital disclosures the entity discloses thefollowing

bull To comply with the capital disclosures the entity discloses thefollowingb) summary quantitative data about what it manages as capital

Some entities regard some financial liabilities (eg some forms of subordinated debt) as part of capitalOther entities regard capital as excluding some components of equity (eg components arising from cash flow hedges)

c) any changes in (a) and (b) from the previous period


Capital Disclosures

Example disclosure (continued from previous example)

ExampleExample

bull During 20X4 the Grouprsquos strategy which was unchanged from 20X3 was to maintain the debt-to-adjusted capital ratio at the lower end of the range 61 to 71 in order to secure access to finance at a reasonable cost by maintaining a BB credit rating The debt-to-adjusted capital ratios at 31 December 20X4 and at 31 December 20X3 were as follows

3112X4 ($rsquoM) 3112X3 ($rsquoM) Total debt 1000 1100 Less cash and cash equivalents (90) (150)Net debt 910 950

Total equity 110 105 Add subordinated debt instruments 38 38 Less amounts recognised in equity

relating to cash flow hedges (10) (5)Adjusted capital 138 138

Debt-to-adjusted capital ratio 66 69

56


Capital Disclosures



bull To comply with the capital disclosures the entity discloses thefollowingd) whether during the period it complied with any externally imposed capital

requirements to which it is subjecte) when the entity has not complied with such externally imposed capital

requirements the consequences of such non-complianceThese disclosures shall be based on the information provided internally to the entityrsquos key management personnel


Capital DisclosuresExampleExample

Example disclosurebull Entity A filed its quarterly regulatory capital return for

30 September 20X7 on 20 October 20X7 bull At that date Entity Arsquos regulatory capital was below

the capital requirement imposed by Regulator B by $1 million

bull As a result Entity A was required to submit a plan to the regulator indicating how it would increase its regulatory capital to the amount required

bull Entity A submitted a plan that entailed selling part of its unquoted equities portfolio with a carrying amount of $115 million in the fourth quarter of 20X7

bull In the fourth quarter of 20X7 Entity A sold its fixed interest investment portfolio for $126 million and met its regulatory capital requirement

For example SFC or banks


57


Capital DisclosuresCaseCase

bull Early adopted capital disclosure in 2005 and itsannual report states that (extract only)ndash The Grouprsquos objectives when managing capital are

bull To safeguard the Grouprsquos ability to continue as a going concern so that it continues to provide returns for shareholders and benefits for other stakeholders

bull To support the Grouprsquos stability and growth andbull To provide capital for the purpose of strengthening the

Grouprsquos risk management capability



ndash The Group actively and regularly reviews and manages its capital structure to ensure optimal capital structure and shareholder returns taking into consideration the future capital requirements of the Group and capital efficiency helliphellip

ndash The Group adopts a dividend policy helliphellip while retaining 10 per cent of the profit as capital of the Group for future use

ndash The Group has set aside $1500 million of retained earnings for the purpose of strengthening the risk management regime of the clearing houses and supporting their roles as central counterparties

ndash As in prior years the Group monitors capital by reviewing the level of capital that is at the disposal of the Group (ldquoadjusted capitalrdquo) Adjusted capital comprises all components of shareholdersrsquo equity other than the hedging reserve relating to cash flow hedges designated reserves and investment revaluation reserve helliphellip

bull Early adopted capital disclosure in 2005 and itsannual report states that (extract only)

58


Capital Disclosures ndash Transition

bull An entity shall apply the requirements of capital disclosure for

ndash annual periods beginning on or after 1 January 2007

bull Early application is encouraged



Nelson LamNelson Lam 林智遠林智遠nelsonnelsoncpacomhkwwwnelsoncpacomhk

59


QampA SessionQampA SessionQampA Session



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 NLD 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 ESP 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2



Todayrsquos Agenda


Introduction

International Financial Reporting Standards arebull Standards and Interpretations issued and

endorsed by the International Accounting Standard Board and comprisendash International Financial

Reporting Standards (IFRSs)ndash International Accounting

Standards (IASs) andndash Interpretations

7 Sets in issue (from IFRS 1 to IFRS 7)7 Sets in issue (from IFRS 1 to IFRS 7)

31 Sets in issue (from IAS 1 to IAS 41)31 Sets in issue (from IAS 1 to IAS 41)







3






adjusted now


nownow


Todayrsquos Agenda

FrameworkFramework

4


What is Framework





Framework


What is Framework





Framework



CapitalConcepts of

Capital

5



ObjectiveObjective



perception



ObjectiveObjective



FinancialReporting

User perception




6


















7








Management Decision

Management Decision







8




Management Decision

Management Decision





Asset

Liability

Equity

Income

Expenses









9




Asset

Liability

Equity

Income

Expenses


















10











Definition












11




Recognition

Definition

Historical cost

Current cost


Present value

Historical cost

Current cost


Present value



Value in use










CapitalConcepts of

Capital







12










CapitalConcepts of

Capital







Summary of IFRSs






13


Key Points





and disclosure


Fair Value Model










Todayrsquos Agenda



14






15

















16












17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






3






adjusted now


nownow


Todayrsquos Agenda

FrameworkFramework

4


What is Framework





Framework


What is Framework





Framework



CapitalConcepts of

Capital

5



ObjectiveObjective



perception



ObjectiveObjective



FinancialReporting

User perception




6


















7








Management Decision

Management Decision







8




Management Decision

Management Decision





Asset

Liability

Equity

Income

Expenses









9




Asset

Liability

Equity

Income

Expenses


















10











Definition












11




Recognition

Definition

Historical cost

Current cost


Present value

Historical cost

Current cost


Present value



Value in use










CapitalConcepts of

Capital







12










CapitalConcepts of

Capital







Summary of IFRSs






13


Key Points





and disclosure


Fair Value Model










Todayrsquos Agenda



14






15

















16












17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






4


What is Framework





Framework


What is Framework





Framework



CapitalConcepts of

Capital

5



ObjectiveObjective



perception



ObjectiveObjective



FinancialReporting

User perception




6


















7








Management Decision

Management Decision







8




Management Decision

Management Decision





Asset

Liability

Equity

Income

Expenses









9




Asset

Liability

Equity

Income

Expenses


















10











Definition












11




Recognition

Definition

Historical cost

Current cost


Present value

Historical cost

Current cost


Present value



Value in use










CapitalConcepts of

Capital







12










CapitalConcepts of

Capital







Summary of IFRSs






13


Key Points





and disclosure


Fair Value Model










Todayrsquos Agenda



14






15

















16












17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






5



ObjectiveObjective



perception



ObjectiveObjective



FinancialReporting

User perception




6


















7








Management Decision

Management Decision







8




Management Decision

Management Decision





Asset

Liability

Equity

Income

Expenses









9




Asset

Liability

Equity

Income

Expenses


















10











Definition












11




Recognition

Definition

Historical cost

Current cost


Present value

Historical cost

Current cost


Present value



Value in use










CapitalConcepts of

Capital







12










CapitalConcepts of

Capital







Summary of IFRSs






13


Key Points





and disclosure


Fair Value Model










Todayrsquos Agenda



14






15

















16












17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






6


















7








Management Decision

Management Decision







8




Management Decision

Management Decision





Asset

Liability

Equity

Income

Expenses









9




Asset

Liability

Equity

Income

Expenses


















10











Definition












11




Recognition

Definition

Historical cost

Current cost


Present value

Historical cost

Current cost


Present value



Value in use










CapitalConcepts of

Capital







12










CapitalConcepts of

Capital







Summary of IFRSs






13


Key Points





and disclosure


Fair Value Model










Todayrsquos Agenda



14






15

















16












17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






7








Management Decision

Management Decision







8




Management Decision

Management Decision





Asset

Liability

Equity

Income

Expenses









9




Asset

Liability

Equity

Income

Expenses


















10











Definition












11




Recognition

Definition

Historical cost

Current cost


Present value

Historical cost

Current cost


Present value



Value in use










CapitalConcepts of

Capital







12










CapitalConcepts of

Capital







Summary of IFRSs






13


Key Points





and disclosure


Fair Value Model










Todayrsquos Agenda



14






15

















16












17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






8




Management Decision

Management Decision





Asset

Liability

Equity

Income

Expenses









9




Asset

Liability

Equity

Income

Expenses


















10











Definition












11




Recognition

Definition

Historical cost

Current cost


Present value

Historical cost

Current cost


Present value



Value in use










CapitalConcepts of

Capital







12










CapitalConcepts of

Capital







Summary of IFRSs






13


Key Points





and disclosure


Fair Value Model










Todayrsquos Agenda



14






15

















16












17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






9




Asset

Liability

Equity

Income

Expenses


















10











Definition












11




Recognition

Definition

Historical cost

Current cost


Present value

Historical cost

Current cost


Present value



Value in use










CapitalConcepts of

Capital







12










CapitalConcepts of

Capital







Summary of IFRSs






13


Key Points





and disclosure


Fair Value Model










Todayrsquos Agenda



14






15

















16












17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






10











Definition












11




Recognition

Definition

Historical cost

Current cost


Present value

Historical cost

Current cost


Present value



Value in use










CapitalConcepts of

Capital







12










CapitalConcepts of

Capital







Summary of IFRSs






13


Key Points





and disclosure


Fair Value Model










Todayrsquos Agenda



14






15

















16












17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






11




Recognition

Definition

Historical cost

Current cost


Present value

Historical cost

Current cost


Present value



Value in use










CapitalConcepts of

Capital







12










CapitalConcepts of

Capital







Summary of IFRSs






13


Key Points





and disclosure


Fair Value Model










Todayrsquos Agenda



14






15

















16












17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






12










CapitalConcepts of

Capital







Summary of IFRSs






13


Key Points





and disclosure


Fair Value Model










Todayrsquos Agenda



14






15

















16












17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






13


Key Points





and disclosure


Fair Value Model










Todayrsquos Agenda



14






15

















16












17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






14






15

















16












17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






15

















16












17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






16












17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






17














CaseCase

18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






18

















19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






19













CaseCase



20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






20


















21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






21















22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






22
















23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






23


b) Going Concern













24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






24










impaired



impaired










25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






25













f) Offsetting

26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






26





f) Offsetting









f) Offsetting

ExampleExample

27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






27










ExampleExample








28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






28













CaseCase

29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






29







CaseCase








30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






30

















ExampleExample

31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






31


Reporting Period





Reporting Period








ExampleExample

32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






32











33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






33



Current Assets










Current Assets






ExampleExample

34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






34




Current Assets











35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






35



Current Assets




CaseCase







Current Liabilities






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






36














37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






37













timestimes

times

radic




38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






38











39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






39


Balance Sheet





Balance Sheet


CaseCase

40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






40


Balance Sheet


CaseCase






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






41






Income Statement


CaseCase

42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






42












43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






43















44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






44










CaseCase

45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






45














46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






46


NotesCaseCase


















47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






47












Notes






CaseCase

48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






48


Notes



CaseCase


NotesCaseCase







49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






49
















50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






50


NotesCaseCase








Effective Date







51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






51


Todayrsquos Agenda





52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






52


Capital Disclosures









Capital Disclosures




53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






53


Capital Disclosures











Capital Disclosures






ExampleExample


54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









59






54


Capital Disclosures



ExampleExample

Example disclosure

HowHow


Capital Disclosures



ExampleExample

Example disclosure

HowHow













55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














58









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55


Capital Disclosures







Capital Disclosures


ExampleExample






56


Capital Disclosures
















57














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Capital Disclosures
















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Framework and IAS 1 - Nelson CPA · Statements (IAS 1) Presentation of Financial Statements (IAS 1) Today’s Agenda Simple but Comprehensive Simple but Comprehensive Contentious