SLPSAS 1 Presentation of Financial Statements
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Transcript of SLPSAS 1 Presentation of Financial Statements
SLPSAS 1 Presentation of Financial StatementsP.AriyasenaChief AccountantMinistry of Foreign Employment Promotion and Welfare
IntroductionAll paragraph have equal authorityEffective date 2011.01.01
Objective
To prescribe the manner in which General Purpose Financial Statements (GPFS) should be presented to ensure compatibility both with the entity’s financial statements of previous periods and with financial statements of other entities
ScopeGPFS prepared and presented under the
accrual basisGPFS are intended to meet the need of the
users who are not in a position to demand reports to meet their information needs
(e.g. tax payers, members of legislatures, media ,employees, general public etc)
Could be presented separately or with annual report
Applicable for all public sector entities.
FSs provide following information of the entity1. Assets2. Liabilities3. Net assets/Equity4. Revenue5. Expenses6. Changes in net assets/equity7. Cash flows
Responsibility for FSMinistry/Department Secretary/Head of Dept/CA/Accountant
Provincial Council Chief Secretary/DCS(F)Central Government ST/DGSA
Components of FSStatement of Financial PositionStatement of Financial PerformanceStatement of changes in net assets/equityCash flow statementBudget comparisonAccounting policies and notes
Overall ConsiderationFair presentationGoing ConcernConsistency of PresentationMateriality and AggregationOffsettingComparative information
Structure and Content
Main items to be presented on the face of statement of financial position and statement of financial performance
IdentificationThe FS shall be identified clearly and
distinguished from other information in same published documents
SLPSAS apply only to FS and not to other information presented in an annual report of other documentName of the reporting entityWhether the FS cover the individual entity or
economic entityReporting date and periodPresentation currency/LKRThe level of rounding
Reporting PeriodAnnuallyLonger or shorter than on year, an entity
shall disclose in addition to the period covered by the FS with the reason
TimelinessWithin the period fix by the legislature
SOFPCurrent/Non Current distinction An entity shall present current and non
current assets and current and non current liabilities as separate classification on the face of its statement of financial position
Assets and liabilities expected to be recovered or settled no more than 12 months after the reporting date
Current AssetsAn assets shall be classified as current when
it satisfied any of the following criteriaIt is expected to be realized in or is intended
for sale or consumption in the entity’s normal operating cycle
It is held primarily for the purpose of being traded
It is due to be realized within twelve months after the reporting date
It is cash or cash equilent
Current LiabilitiesA liability shall be classified as current when
it satisfied any of the following criteriaIt is expected to be settled in the entity’s
normal operating cycleIt is held primarily for the purpose of being
tradedIt is due to be settled within twelve months
after the reporting dateThe entity does not have an unconditional right
to defer settlement of the liability for at least twelve months after the balance sheet date
Minimum Requirement face of the SOFPPPEsInvestment PropertyIntangible AssetsFinancial AssetsShort Term InvestmentsRecoverable from non exchange transactionReceivables from exchange transactionsCash and cash equilentsTax and other payables etc
Statement of Financial PerformanceAll items of revenue and expenses recognize
in a period shall be included in surplus or deficit unless SLIPSAS requires or otherwise.
Minimum disclosure on the face of SOF PerformanceRevenueFinancial CostShare of net surpluses or deficit of associates
and joint ventures for using the equity method
Pre tax gain or loss recognized on disposal of assets or settlement of liabilities attributable to discounting operations
Surplus or deficit
On the face of changes in net assets/equity disclosures Surplus/deficitRevenue and expenses as required by other
standardsControlling interest and minority interestCorrection of prior periods errors
Qualitative Characteristics of FSUnderstandabilityRelevanceMaterialityReliabilityFaithful representationSubstance over formNeutralityPrudenceCompletenessComparability
Statement of Financial PositionItem Actual
2013LKR ‘000
Budget 2013LKR‘000
Actual 2013LKR’000
AssetsNon Current AssetsLand and BuildingInfrastructureIntangible AssetsOther Non Financial Assets
Current AssetsInventoriesReceivablesPrepaymentsOther Current AssetsCash & Cash EquilentsTotal Assets
Statement of Financial PositionItem Actual
2013LKR ‘000
Budget 2013LKR‘000
Actual 2013LKR’000
LiabilitiesNet Assets/EquityCapital Contribution/Accumulated FundReservesAccumulated Surplus/DeficitNon Current LiabilitiesPayablesLoan term Borrowings
Current LiabilitiesCreditorsPayables/AccrualsBank OverdraftTotal Liability
Statement of Financial Performanceitem Actual
2013LKR ‘000
Budget22013 LKR ‘000
Actual 2013LKR ‘000
RevenueTaxesFees,Fines,Penelties and LicenseesRevenue from exchange transactionsTransfersOther RevenueTotal revenue
ExpensesSalariesOvertimeTravellingDepreciationOther ExpenseTotal expensesSurplus/Deficit for the period
Statement of Changes in Net Assets/EquityItem Contr
ibuted Capital
Other reserves
Translation reserves
Accumulated Surplus
Total Total Net Assets/equity
Balance at 31.12.2012Changes in accounting policyChanges in NA/E 2013Losses on revaluationSurplus for the YearOthersBalance C/F