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Under IFRS the balance sheet has to be classified into current and non-current. How will the new balance sheet items be derived?

April 26, 2017balance sheet Classified derived ifrs items non-current

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Under IFRS the balance sheet has to be classified into current and non-current. How will the new balance sheet items be derived?

1 Answer

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10 Posted

In previously published consolidated financial statements the balance sheet classification followed the 4th and 7th directive of the EU with additional disclosures required by US GAAP included in the Notes to the consolidated financial statements. Under IFRS, assets and liabilities are classified as current or non-current in the balance sheet. To simplify the reconciliations of the consolidated balance sheets, the US GAAP presentation has been adjusted to the IFRS current/non-current classification.