Mod 1 Non-Financial + Current Liabilities

F ile topic 3 if rs and priv ate enterprise gaap c

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Unformatted text preview: 884. F ile: Topic 3: IF RS and Priv ate Enterprise GAAP C omparison Mo dule 1: No n- F ina nc ia l a nd... T opic 3: IFRS and Private E nterprise GAAP C omparison T he dif f erenc es bet ween IF RS and privat e ent erprise st andards are summarized in Illust rat ion 13- 15, on pages 874–875. IF RS and Ac c ount ing St andards f or Privat e Ent erprise (PE GAAP/ASPE) are relat ively similar wit h respec t t o c urrent liabilit ies and c ont ingenc ies. However, t here are some c lassif ic at ion dif f erenc es; f or example, under GAAP liabilit ies payable wit hin t he c oming year are c lassif ied as long- t erm liabilit ies if ref inanc ing is c omplet ed bef ore t he dat e of issuanc e of t he f inanc ial st at ement s. Under IF RS, ref inanc ing must be c omplet ed bef ore t he balanc e sheet dat e. Classif ic at ion of liabilit ies t o be ref inanc ed, wit h respec t t o c urrent liabilit ies, whic h are c ommonly present ed as t he f irst c lassif ic at ion in t he liabilit y sec t ion of t he balanc e sheet ; alt hough, under IF RS, a c ommon present at ion is t o present c urrent asset and liabilit ies at t he bot t om of t he st at e...
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