Information to be Presented on the Face Information to be Presented on the Face of the Balance Sheet

Information to be Presented on the Face of the Balance Sheet

68. As a minimum, the face of the balance sheet shall include line items that present the following amounts to the extent that they are not presented in accordance with paragraph 68A:

(a) property, plant and equipment;

(b) investment property;

(c) intangible assets;

(d) financial assets (excluding amounts shown under (e), (h) and (i));

(e) investments accounted for using the equity method;

(f) biological assets;

(g) inventories;

(h) trade and other receivables;

(i) cash and cash equivalents;

(j) trade and other payables;

(k) provisions;

(l) financial liabilities (excluding amounts shown under (j) and (k));

(m) liabilities and assets for current tax, as defined in AASB 112 Income Taxes;

(n) deferred tax liabilities and deferred tax assets, as defined in AASB 112;

(o) minority interest, presented within equity; and

(p) issued capital and reserves attributable to equity holders of the parent.

68A. The face of the balance sheet shall also include line items that present the following amounts:

(a) the total of assets classified as held for sale and assets included in disposal groups classified as held for sale in accordance with AASB 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 AASB 5.

69. 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 entity’s financial position.

70. 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, it shall not classify deferred tax assets (liabilities) as current assets (liabilities).

71. This Standard does not prescribe the order or format in which items are to be presented. Paragraph 68 simply provides a list of items that are sufficiently different in nature or function to warrant separate presentation on the face of the balance sheet. In addition:

(a) line items are included when the size, nature or function of an item or aggregation of similar items is such that separate presentation is relevant to an understanding of the entity’s financial position; and

(b) the descriptions used and the ordering of items or aggregation of similar items may be amended according to the nature of the entity and its transactions, to provide information that is relevant to an understanding of the entity’s financial position. For example, a financial institution may amend the above descriptions to provide information that is relevant to the operations of a financial institution.