QUALITATIVE CHARACTERISTIC OF FINANCIAL STATEMENT COMPONENT OF FINANCIAL STATEMENT ELEMENT OF FINANCIAL STATEMENT RECOGNITION OF ELEMENT OF FINANCIAL STATEMENT DESCRIPTION OF FINANCIAL STATEMENT PERIOD OF FINANCIAL STATEMENT APPROVAL OF FINANCIAL STATEMENT DISCLOSURE OF ITEMS IN FINANCIAL STATEMENT SPECIMEN OF FINANCIAL STATEMENT UNDER IFRS SUMMARY 10/6/2022
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ASSETS. Are resources presently control by an entity in which an inflow of economic benefit are expected Asset can only be recognized if; It can be measured reliable It can be demonstrated that there will be an inflow of economic benefits an entity presently control the asset It can be demonstrated that the asset will be used to generate economic benefit, or used to accelerate generation of economic benefit
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LIABILITIES. Are present obligation due to an organization in which an outflow of economic benefit are expected. Liability can only be recognized if; contractual & legal obligation exist it can be demonstrated there will be an outflow of economic benefit It can be measured reliable
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INCOME; Are gross inflow of economic benefit during an accounting year end. Income can only be recognized if; There will be an inflow of economic benefit from operating activities for the period There is increase in asset There is decrease in liabilities
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EXPENSES; Are gross outflow of economic benefit during an accounting year end. Expenses can only be recognized if ; It can be demonstrated that there will be an outflow of economic benefit from the operating activities for the year end There is increased in liabilities There is decreased in asset
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IAS 1 states that an entity must approved there financial statements for the users of financial statement to make a timely and effective economic decision on or before six (6months) after their reporting date (year end)
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IAS 1 states that an entity must disclosed in the notes to the account all material items in the financial statements to aid users understanding and decision making
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ADEADEBAYO NIGERIA PLC STATEMENT OF FINANCIAL POSITION as at 31 DECEMBER, 2011 #’000 #’000 Assets Non-current assets Property, plant and equipment ****** Investments at fair ****** Goodwill ****** Developmental cost ****** Patent right & others ****** TOTAL NON CURRENT ASSET ****** 10/6/2022
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CURRENT ASSET #’000 Inventory Trade Receivables Bank Cash Bill of exchange receivable Government Grant receivable Loan Advanced receivable Prepayments TOTAL CURRENT ASSET TOTAL ASSET
EQUITY & LIABILITIES EQUITY Ordinary share Share premium Retain earnings Revaluation reserve General reserve Share option TOTAL EQUITY ******
#’000
#’000 ****** ****** ****** ****** ****** *******
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LIABILITIES #’000 NON CURRENT LIABILITIES Preference share Debenture Long term liabilities Deferred income Contingent liabilities Deferred tax liabilities Leased obligations TOTAL NON CURRENT LIABILITIES
Profit before tax Income tax expense Profit for the period 10/6/2022
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OTHER COMPREHENSIVE INCOME; #000 Gain/loss on foreign exchange ****** Revaluation surplus ****** F/V increase in NCA available 4sales ****** Gain/loss on employee benefit ****** Total other comprehensive income ****** Total comprehensive income ******
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ADEADEBAYO NIGERIA PLC STATEMENT OF CHANGE IN EQUITY
as at 31 December 2011 O/S S/P R/E R/R G/R TOTAL # # # # # # Bal b/d *** *** *** *** *** **** Prior yr adj *** **** Movement Profit for the yr *** **** Bal b/d *** *** *** *** *** **** 10/6/2022
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IAS 7 governs cash flow statement. It allow two method of presentation 1. Direct Method 2. Indirect Method
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ADEADEBAYO NIGERIA PLC STATEMENT OF CASH FLOW AS AT 3I DEC 2011 INDIRECT METHOD #’000 OPERATING ACTIVITIES Profit b/4 tax ****** Add/lee non cash items; Depreciation ****** Amortization ****** Profit/loss on disposal of pp ****** Provisions ****** Finance cost ****** 10/6/2022
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#’000 Movement in working capital; Increase/decrease in inventory Increase/decrease in Receivable Increase/decrease in Payable Increase/decrease in lease Cash generated from operation Less finance cost paid Cash generated b/4 tax Tax paid Net operating cash flow
NOTE; Under direct method or indirect method the presentation for INVESTING ACTIVITIES and FINANCING ACTIVITIES remain the same except for operating activities.
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$000 Cash generated from customer xxxxx Cash paid to supplier (xxxx) Cash paid to employee (xxxx) Net cash flow from operation Finance cost paid Net cash flow b/4 Tax Tax paid