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  • Smes Chap 23

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    Kristine Apale
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    The document compares the components and requirements of a Statement of Financial Position (SFP) under Small and Medium-sized Entities (SME) standards versus Philippine Financial Reporting Standards (PFRS). Key differences include SMEs preparing a single statement of income and retained earnings, while PFRS requires statements of comprehensive income and changes in equity. PFRS also requires the SFP to include additional line items and the retrospective application of accounting policies.

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    statement of financial position

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    The document compares the components and requirements of a Statement of Financial Position (SFP) under Small and Medium-sized Entities (SME) standards versus Philippine Financial Reporting Standards (PFRS). Key differences include SMEs preparing a single statement of income and retained earnings, while PFRS requires statements of comprehensive income and changes in equity. PFRS also requires the SFP to include additional line items and the retrospective application of accounting policies.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    6 views7 pages

    Smes Chap 23

    Uploaded by

    Kristine Apale
    The document compares the components and requirements of a Statement of Financial Position (SFP) under Small and Medium-sized Entities (SME) standards versus Philippine Financial Reporting Standards (PFRS). Key differences include SMEs preparing a single statement of income and retained earnings, while PFRS requires statements of comprehensive income and changes in equity. PFRS also requires the SFP to include additional line items and the retrospective application of accounting policies.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 7

    SMEs

    STATEMENT OF FINANCIAL
    POSITION
    Kristine Apale | Jelena Ann Querubin

    COMPONENTS OF FINANCIAL
    POSITION
    SME

    PFRS

    SIMILAR components
    SINGLE statement of INCOME
    and RETAINED EARNINGS
    X

    SIMILAR components
    X
    Prepare THIRD SFP at the beg.
    of earliest comparative period
    Accounting policy
    application
    Retrospective restatement
    Reclassify item in FS

    SINGLE statement of INCOME and


    RETAINED EARNINGS
    Instead of
    statement of COMPREHENSIVE INCOME and
    STATEMENT OF CHANGES IN EQUITY
    a.Profit or loss
    b.Payment of dividends
    c.Prior period errors
    d.Changes in accounting policy

    NO PRESCRIBED FORMAT

    STATEMENT OF FINANCIAL
    POSITION
    SME
    LINE ITEMS
    REQUIRED
    X
    X

    Investment in associates
    Investment in joint ventures

    PFRS
    LINE ITEMS
    REQUIRED
    Assets held for sale
    Liabilities included in
    disposal group classified as
    held for sale
    Investment in
    associates
    X

    CURRENT AND NONCURRENT


    SME
    SEPARATE current
    assets & noncurrent
    assets
    EXCEPT when a
    presentation based on
    liquidity provides
    information that is reliable
    and relevant

    Definition

    PFRS
    SEPARATE current
    assets & noncurrent
    assets

    Definition

    FREE CHOICE

    OF

    PRESENTATION
    DISCLOSE

    STATEMENT
    OF FINANCIAL
    POSITION

    NOTES

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