Hi All,
As part of my study, I have verified many statutory reports. In most of the reports, I have noticed the below to be the classification. In my understanding, the most liquidity-natured items comes first like, Cash In Hand & Bank / Inventory / Accounts Receivable / Property & Plant.
But in statutory reports, it is given in a different classification; can anyone please throw some light on this..
Plant & Equipment, Accounts Receivable, Related Party (Due From) Inventory, Cash & bank (All Assets Side)
Equity, Accounts payable & accruals, Related Party (Due To), Bank Borrowings. (Liability Side)
Is there any particular article as per IFRS/IAS or any other standards. Please help in this regard.
As part of my study, I have verified many statutory reports. In most of the reports, I have noticed the below to be the classification. In my understanding, the most liquidity-natured items comes first like, Cash In Hand & Bank / Inventory / Accounts Receivable / Property & Plant.
But in statutory reports, it is given in a different classification; can anyone please throw some light on this..
Plant & Equipment, Accounts Receivable, Related Party (Due From) Inventory, Cash & bank (All Assets Side)
Equity, Accounts payable & accruals, Related Party (Due To), Bank Borrowings. (Liability Side)
Is there any particular article as per IFRS/IAS or any other standards. Please help in this regard.