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SLPSAS 1 Presentation of Financial Statements. P.Ariyasena Chief Accountant Ministry of Foreign Employment Promotion and Welfare. Introduction. All paragraph have equal authority Effective date 2011.01.01. Objective.

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slpsas 1 presentation of financial statements

SLPSAS 1 Presentation of Financial Statements

P.Ariyasena

Chief Accountant

Ministry of Foreign Employment Promotion and Welfare

introduction
Introduction
  • All paragraph have equal authority
  • Effective date 2011.01.01
objective
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
scope
Scope
  • GPFS prepared and presented under the accrual basis
  • GPFS 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 entity
FSs provide following information of the entity
  • Assets
  • Liabilities
  • Net assets/Equity
  • Revenue
  • Expenses
  • Changes in net assets/equity
  • Cash flows
responsibility for fs
Responsibility for FS
  • Ministry/Department

Secretary/Head of Dept/CA/Accountant

  • Provincial Council

Chief Secretary/DCS(F)

  • Central Government

ST/DGSA

components of fs
Components of FS
  • Statement of Financial Position
  • Statement of Financial Performance
  • Statement of changes in net assets/equity
  • Cash flow statement
  • Budget comparison
  • Accounting policies and notes
overall consideration
Overall Consideration
  • Fair presentation
  • Going Concern
  • Consistency of Presentation
  • Materiality and Aggregation
  • Offsetting
  • Comparative information
structure and content
Structure and Content
  • Main items to be presented on the face of statement of financial position and statement of financial performance
identification
Identification
  • The 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 document
    • Name of the reporting entity
    • Whether the FS cover the individual entity or economic entity
    • Reporting date and period
    • Presentation currency/LKR
    • The level of rounding
reporting period
Reporting Period
  • Annually
  • Longer or shorter than on year, an entity shall disclose in addition to the period covered by the FS with the reason
timeliness
Timeliness
  • Within the period fix by the legislature
slide13
SOFP
  • Current/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 assets
Current Assets
  • An assets shall be classified as current when it satisfied any of the following criteria
    • It 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 liabilities
Current Liabilities
  • A liability shall be classified as current when it satisfied any of the following criteria
    • It is expected to be settled in the entity’s normal operating cycle
    • It is held primarily for the purpose of being traded
    • It is due to be settled within twelve months after the reporting date
    • The 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 sofp
Minimum Requirement face of the SOFP
  • PPEs
  • Investment Property
  • Intangible Assets
  • Financial Assets
  • Short Term Investments
  • Recoverable from non exchange transaction
  • Receivables from exchange transactions
  • Cash and cash equilents
  • Tax and other payables etc
statement of financial performance
Statement of Financial Performance
  • All 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 performance
Minimum disclosure on the face of SOF Performance
  • Revenue
  • Financial Cost
  • Share 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
On the face of changes in net assets/equity disclosures
  • Surplus/deficit
  • Revenue and expenses as required by other standards
  • Controlling interest and minority interest
  • Correction of prior periods errors
qualitative characteristics of fs
Qualitative Characteristics of FS
  • Understandability
  • Relevance
  • Materiality
  • Reliability
  • Faithful representation
  • Substance over form
  • Neutrality
  • Prudence
  • Completeness
  • Comparability