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PFRS Financial Statements Overview

This document summarizes the key differences between financial statements prepared under full PFRS and PFRS for SMEs. Both require the same general features in preparing financial statements such as fair presentation, going concern basis, accrual basis, materiality etc. The main components of financial statements are also the same except a single statement of income and retained earnings is permitted for SMEs but not under full PFRS. Both require the clear identification of each statement and notes. Measurement of elements can be either historical cost, current cost or fair value. Both require an explicit statement of compliance in the notes.

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Joel Jimenez
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22 views2 pages

PFRS Financial Statements Overview

This document summarizes the key differences between financial statements prepared under full PFRS and PFRS for SMEs. Both require the same general features in preparing financial statements such as fair presentation, going concern basis, accrual basis, materiality etc. The main components of financial statements are also the same except a single statement of income and retained earnings is permitted for SMEs but not under full PFRS. Both require the clear identification of each statement and notes. Measurement of elements can be either historical cost, current cost or fair value. Both require an explicit statement of compliance in the notes.

Uploaded by

Joel Jimenez
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

FINANCIAL STATEMENTS

Financial
Full PFRS PFRS for SMEs
Statements
presentation

General Features: 1. Fair Presentation PFRS for SMEs has the same provisions
2. Going Concern on the general features in the
3. Accrual Basis preparation of Financial Statements.
4. Materiality and aggregation
5. Offsetting
6. . Frequency of reporting
7. Comparative Information
8. Consistency of presentation

[Link] of Financial Position 1. [Link] of Financial Position


Components: [Link] Statement 2. [Link] a single statement of
3. Statement of Comprehensive comprehensive income or a separate
Income income statement and a separate
[Link] of Changes in Equity statement of comprehensive income
[Link] of Cash Flows 3. [Link] of Changes in Equity
[Link], comprising a summary of 4. [Link] of Cash Flows
significant accounting policies and
5. [Link], comprising a summary of
other explanatory information significant accounting policies and other
explanatory information
A single statement of income and
retained earnings is not permitted A single statement of income and
under full PFRS retained earnings can be presented by
an SME.

Identification of Financial statements shall be clearly An SME shall clearly identify each of the
Financial identified and distinguished in the financial statements and notes and
Statements same published document. distinguish them from other information.
Accordingly, an entity shall display the PFRS for SMEs has the same required
following information: informations as to Full PFRS.

A. Name of reporting entity and


any change of its name of the
preceding reporting period

B. Whether financial statements cover


the individual entity or group of
entities.
C. Date of the end of reporting period
and period covered by financial
statements.
D. Presentation currency
E. Level of rounding

Measurement of Historical Cost Historical cost


elements of Current Cost Fair value
financial Realizable Value
statements
Present value

An entity whose financial statements An entity whose financial statements


Compliance of comply with Full PFRS shall make an comply with PFRS for SMEs shall make
Financial explicit and unreserved statement of an explicit and unreserved statement of
Statements such compliance in the notes. such compliance in the notes.

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