Statement of Financial Position

[Lauren]

When preparing a statement of financial position, does it matter which order you show your assets/liabilities in? Obviously there's the general structure of assets (non-current, then current), equity, liabilities (non-current, current), but does it matter within say current assets what order you put cash, inventory, trade receivables etc?

Also, in the notes to the accounts, does it matter exactly how these are structured, so long as you show how you arrive at each figure?

Thanks!

 

[Lynn Birchall]

Hi Lauren

When preparing a statement of financial position, does it matter which order you show your assets/liabilities in? Obviously there's the general structure of assets (non-current, then current), equity, liabilities (non-current, current), but does it matter within say current assets what order you put cash, inventory, trade receivables etc?

No, the order of the individual items (cash, inventory ...) doesn't matter, just the general structure of the sections (assets - non- current, ....)

Also, in the notes to the accounts, does it matter exactly how these are structured, so long as you show how you arrive at each figure?

Good news here too I think - being clear how you arrive at the figures is the important thing, rather than an exact structure