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Presentation of Current Assets and Current Liabilities

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Presentation of Current Assets and Current Liabilities SLAS 15 Sri Lanka Accounting Standard SLAS 15 Presentation of Current Assets and Current Liabilities SLAS 15 Contents Sri Lanka Accounting Standard SLAS 15 Presentation of Current Assets and Current Liabilities Scope Paragraphs 1 - 3 Alternative Views of Current Assets and Current Liabilities 4 - 6 Limitations of the Current: Non-current Distinction 7 - 12 Current Assets 13 - 14 Current Liabilities 15 - 18 Presentation in the Financial Statements 19 - 21 Compliance with International Accounting Standards 22 Effective Date 23 SLAS 15 Sri Lanka Accounting Standard SLAS 15 Presentation of Current Assets and Current Liabilities The standards, which have been set in bold italic type, should be read in the context of the background material and implementation guidance in this Standard, and in the context of the Preface to Sri Lanka Accounting Standards. Sri Lanka Accounting Standards are not intended to apply to immaterial items. Scope 1. This Standard should be applied in presenting current assets and current liabilities in financial statements. 2. This Standard does not deal with the basis of valuation of current assets and current liabilities. 3. The identification of current assets and current liabilities has traditionally been considered useful information to assist users of financial statements in analysing an enterprise's financial position. An excess of current assets over current liabilities is often referred to either as "net current assets" or as "working capital". Alternative Views of Current Assets and Current Liabilities 4. Some regard the classification of assets and liabilities into "current" and "non-current" as being intended to give an approximate measure of an enterprise's liquidity, that is, its ability to carry on its activities on a day to day basis without encountering financial stringencies. Others regard this classification as providing an identification of those resources and obligations of the enterprise that are continuously circulating. 5. These purposes are to a certain extent incompatible. This is because, in measuring liquidity, the criterion for classifying assets and liabilities as current or non-current is whether the items will be realised or liquidated in the near future. The criterion for identifying assets and liabilities as circulating, however, is whether they are consumed or settled in the production of revenue within the normal operating cycle of an enterprise. The operating cycle of an enterprise normally refers to the average time between the acquisition of materials entering into the process and the final cash realisation. For example, construction work in progress would, under the first criterion, be largely excluded from current assets, while under the second criterion it would be included. 6. These competing considerations have led to the adoption in some cases of a position whereby items are included in current assets on the basis of whether they are expected to be realised within one year or within the normal operating cycle of the enterprise, whichever is the longer; items are included in current liabilities if they are payable at the demand of the creditor or are expected to be liquidated within one year. Even when this approach is used as the general rule, there are instances of the inclusion or exclusion of individual items based on different criteria. Hence, the classification of items as current or non current in practice is largely based on convention rather than on any one concept. Limitations of the Current: Non-current Distinction 7. Each enterprise should determine whether or not to present current assets and current liabilities as separate classifications in its financial statements. Paragraphs 13-21 of this Standard apply when the current: non-current distinction is made. 8. When the current: non-current distinction is not made in the financial statements of an enterprise, no sub-totals of the amounts of assets and of liabilities should be given that would imply that such distinction is made. 9. The current: non-current distinction is generally believed to provide an identification of a relatively liquid portion of an enterprise's total capital that constitutes a margin or buffer for meeting obligations within the ordinary operating cycle of an enterprise. However, as long as a business is a going concern, it must, for example, continuously replace the inventory that it SLAS 15 realises with new inventory in order to carry on its operations. Also, current assets may include inventories that are not expected to be realised in the near future. On the other hand, many enterprises finance their operations with bank loans that are stated to be payable on demand and are hence classified as current liabilities. Yet, the demand feature may be primarily a form of protection for the lender and the expectation of both borrower and lender is that the loan will remain outstanding for some considerable period of time. l0. Many regard an excess of current assets over current liabilities as providing some indication of the financial well-being of an enterprise, while an excess of current liabilities over current assets is regarded as an indication of financial problems. It is not appropriate to draw such conclusions without considering the nature of the operations of the enterprise and the individual components of its current assets and current liabilities. 11. The segregation of assets and liabilities between current and non-current is usually not considered appropriate in the financial statements of enterprises with indeterminate or very long operating cycles. 12. Thus, while many believe that the identification of current assets and liabilities is a useful tool in financial analysis, others believe that the limitations of the distinction make it of little use or even misleading in many circumstances. Imposition of a general requirement to identify current assets and liabilities in financial statements might impede further consideration of these questions. Accordingly, this Standard is intended only to harmonise practices followed by enterprises that choose to identify current assets and liabilities in their financial statements. Current Assets 13. Among the items included in current assets should be: (a) cash and bank balances available for current operations. Cash or bank balances whose use for current operations is subject to restrictions should be included as a current asset only if the duration of the restrictions is limited to the term of an obligation that has been classified as a current liability or if the restrictions lapse within one year; (b) securities not intended to be retained and capable of being readily realised; (c) trade and other receivables expected to be realised within one year of the balance sheet date. Trade receivables may be included in their entirety in current assets, provided that the amount not expected to be realised within one year is disclosed; (d) inventories; (e) advance payments on the purchase of current assets; and (f) expense prepayments expected to be used up within one year of the balance sheet date. 14. Inventories are usually included in current assets in their entirety, notwithstanding that they may include items not expected to be realised within one year or within the normal operating cycle. Current Liabilities 15. Among the items included in current liabilities should be obligations payable at the demand of the creditor and those parts of the following obligations whose liquidation is expected within one year of the balance sheet date: SLAS 15 (a) bank and other loans. If a loan is repayable in accordance with a schedule of repayment agreed with the creditor, the loan may be classified in accordance therewith, notwithstanding a right of the creditor to demand current payment; (b) the current portion of long-term liabilities, unless excluded under the provisions of paragraph 16; (c) trade liabilities and accrued expenses; (d) provision for taxes payable (see Sri Lanka Accounting Standard SLAS 14, Accounting for Taxes on Income); (e) dividends payable; (f) deferred revenues and advances from customers; and (g) accruals for contingencies (see Sri Lanka Accounting Standard SLAS 12, Contingencies and Events Occurring After the Balance Sheet Date). 16. The current portion of a long-term liability may be excluded from current liabilities if the enterprise intends to refinance the obligation on a long-term basis and there is reasonable assurance that the enterprise will be able to do so. Demonstration of this ability would require either: (a) the issue of share capital or a long-term obligation after the date of the balance sheet; or (b) a non-cancellable financing agreement that does not expire within one year of the balance sheet date and that the lender or investor is financially capable of honouring. 17. The portion of a long-term liability payable within one year is sometimes classified as non-current if assets existing at the balance sheet date, out of which settlement is to be made, have been excluded from current assets. 18. When an enterprise excludes a liability from the current classification in accordance with paragraph 16, the amount of the liability and the terms of the refinancing should be disclosed. Presentation in the Financial Statements 19. The total amount of current assets and the total amount of current liabilities should be disclosed in the financial statements. 20. The amount at which a current asset or current liability is stated in the financial statements should not be reduced by the deduction of another current liability or current asset unless a legal right of set-off exists and the offsetting represents the expectation as to the realisation of the asset or settlement of the liability. 21. Progress payments and advances may be deducted from the amount of related construction work in progress, provided disclosure is made in accordance with Sri Lanka Accounting Standard SLAS 13, Construction Contracts. Compliance with International Accounting Standards 22. Compliance with this SLAS ensures compliance in all material respects with International Accounting Standard IAS 13, Presentation of Current Assets and Current Liabilities.
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