Balance Sheet
– Horizontal balance sheet. – Vertical balance sheet. Page 4. 4. 7. Financial ▫ The Balance Sheet format is established in the new P.G.C. in: ▫ Section III ...
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Balance Sheet
– Horizontal balance sheet. – Vertical balance sheet. Page 4. 4. 7. Financial ▫ The Balance Sheet format is established in the new P.G.C. in: ▫ Section III ...
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Balance Sheet
Format of the Balance Sheet. 3.3. Assets. Sheet. ? A balance sheet can be presented according to two basic formats: – Horizontal balance sheet.
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Balance Sheet
Format of the Balance Sheet. 3.3. Assets. Sheet. ? A balance sheet can be presented according to two basic formats: – Horizontal balance sheet.
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It shows the company's assets along with how they are financed which may be by debt equity or a combination of both Financial Statements can be presented in
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[PDF] Balance Sheet
Horizontal Balance Sheet Liquidity measures how quickly an item can be converted to cash A balance sheet usually lists assets and liabilities in the order
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Horizontal Analysis - This type of analysis studies the changes in the items on the Balance Sheet the Total Assets is used as the base amount Examples
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What is horizontal format of balance sheet?
A horizontal balance sheet shows assets on the right-hand side, while a vertical one shows it below liabilities. The assets of a company may be either tangible or intangible. Tangible assets are basically those which can be seen physically. Thus, these include land, buildings, fixtures, machinery, vehicles, etc.Is the balance sheet format vertical or horizontal?
The new format of balance sheet of a company is known as the vertical format (Figure 2). In this format, equities and liabilities are at the top along while assets are at the bottom.- A) When all the figures in a balance sheet are stated as percentage of the total, it is termed as horizontal analysis. B) When financial statements of several years are analyzed, it is termed as vertical analysis.
Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
LESSON 3
Balance Sheet
2Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Outline
3.1. Introduction: definition and purpose.
3.2. Format of the Balance Sheet.
3.3. Assets.
2.3.1. Non-current assets.
2.3.2. Current assets.
3.4. Equity.
3.4.1. Shareholders' equity.
3.4.2. Adjustments for changes in value: amounts recognized directly in equity.
3.4.3. Grants, donations and legacies received.
3.5. Liabilities.
3.5.1. Non-current liabilities.
3.5.2. Current liabilities.
2 3Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
The annual accounts
Balance Sheet
Income Statement
Statement of Changes in Equity
Cash Flow Statement
Notes to the Financial Statements
4Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Balance Sheet
Shows, at a given date, the company's
financial position: - the economic resources (assets) it controls and - where its finance comes from (liabilities and equity)From an economic point of view:
Represents financial resources received either from shareholders (equity) or from external agents (liabilities) that allow the firm to make the necessary investments (assets) in order to be able to develop its business. 3 5Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Balance Sheet
OWNER'S EQUITY
LIABILITIESASSETS
RESOURCESINVESTMENTS
6Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Format of the Balance
SheetA balance sheet can be presented according
to two basic formats: - Horizontal balance sheet - Vertical balance sheet 4 7Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Horizontal Balance Sheet
OWNER'S EQUITY
LIABILITIESASSETS
RESOURCESINVESTMENTS
8Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Horizontal Balance Sheet
The structure of the Balance Sheet
reproduces the accounting equationAssets = Owners' Equity + Liabilities
5 9Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Horizontal Balance Sheet
Assetsappear on the left-hand side and liabilitieson the right-hand side. Assetsare sorted by liquidity - from less liquid (long- term assets) to more liquid (current assets) - and liabilities are sorted by payment - starting with those that will be paid back in the long run (i.e. owners' equity and long-term liabilities) and finishing with those that are due in the short run (current liabilities). 10Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Horizontal Balance Sheet
Liquiditymeasures how quickly
an item can be converted to cash.A balance sheet usually lists assets and
liabilities in the order of their relative liquidity.Source: Harrison & Horngren (2001)
6 11Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Horizontal balance sheet
Fourth EC Accounting
Directive
Assets Liabilities and equity
Intangible assets 943 Ordinary shares 2,455
Tangible assets 1,988 Reserves 982
Investments 213 Retained profit 947
Fixed Assets 3,144Shareholders' equity 4,384
Stocks 1,589 Provisions 520
Debtors 973 Financial liabilities 1,500
Cash at bank 881 Trade liabilities 359
Deferred charges 176
Total 6,763 Total 6,763
LIQUIDITY
12Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Horizontal balance sheet
US format
Assets Liabilities and equity
Cash at bank 881 Trade payables 359
Deferred charges 176 Debt 1,500
Receivables 973 Provisions 520
Inventory 1,589
Fixed assets: Equity
Investments 213 Ordinary stock 2,455
Tangible assets 1,988 Reserves 982
Intangible assets 943 Retained profit 947
Total 6,763 Total 6,763
LIQUIDITY
7 13Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Vertical Balance Sheet
Assets
- Liabilities = Owners'equity => Residual claims of ownersEquity
The residual interest in the assets of the
enterprise after deducting all its liabilities. 14Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Balance Sheet - Vertical
format € '000€ '000Intangibles 943
Tangible assets 1,988
Investments 213 3,144
Fixed assets
Stocks 1,589
Debtors and prepaid
1 1,149Cash at bank 881
Current assets 3,619
Creditors due in less than one year (359)
Net current assets 3,260
Creditors due in more than one year (1,500)
Provisions (520)
4,384Capital
Ordinary shares 2,455
Reserves 982
Retained profits 947
4,384 8 15Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Balance Sheet - Vertical
format 16Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Format of the Balance
Sheet in new P.G.C.
The Balance Sheet format is
established in the new P.G.C. in:Section III. Annual Accounts:
1. Rules for the preparation of the Annual
Accounts
2. Normal models of the Annual Accounts
3. Abbreviated models of the Annual
Accounts
9 17Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Format of the Balance
Sheet in new P.G.C.
"The Balance Sheet includes, with the appropriate division, the assets, liabilities and equity of the company (PGC, 2007).There are two models:
-Normal - Abbreviated 18Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Format of the Balance
Sheet in new P.G.C.
The firm has the possibility of formulating
abbreviated balance sheet if it complies with the following criteria during 2 consecutive years: 10 19Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Format of the Balance
Sheet in new P.G.C.
Normal model:
C) Current liabilitiesB) Current assetsA) Equity
B) Non-current liabilitiesA) Non-current assetsLIABILITIESASSETS 20Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Format of the Balance
Sheet in new P.G.C.
Assets and liabilities are classified as:
-Non-current vs. current 11 21Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Current vs. non-current
Current assets
An asset shall be classified as current when it satisfies any of the following criteria: •it is expected to be sold, consumed or realized in the entity's normal operating cycle •it is expected to be sold, consumed or realized in the short-term that is,within twelve months after the balance sheet date; •it is a financial asset classified as "held for trading " (held primarily for the purpose of being traded); or •it is cash or a cash equivalent. All other assets shall be classified as non-current. 22Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Current vs. non-current
Normal
operating cycleThe operating cycle of an entity is the time
between the acquisition of assets for processing and their realisation in cash or cash equivalents.1Entityhascash
1Entityhascash
2Entityholdsinventory
2Entityholdsinventory3
Entityhas areceivable3Entityhas areceivable
Purchase of
inventoryCollection of the receivableSale of inventory on account
Source: Harrison & Horngren (2001)
12 23Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Current vs. non-current
Current assets include assets (such as inventories and trade receivables) that are sold, consumed or realised as part of the normal operating cycle even when they are not expected to be realised within 12 monthsafter the balance sheet date.Normal
operating cycleWhen the entity's normal operating cycle is not
clearly identifiable, its duration is assumed to be12 months
24Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Current vs. non-current
Current liabilities
A liability shall be classified as current when it satisfies any of the following criteria: •it is expected to be settled in the entity's normal operating cycle; •it is due to be settledin the short-term , that is,within twelve months after the balance sheet date; in particular, those for which the entity does not have an unconditional right to defer settlement of the liability for at least twelve months after the balance sheet date. •it is a financial liability classified as "held for trading "(held primarily for the purpose of being traded); All other liabilities shall be classified as non-current. 13 25Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Current vs. non-current
Some current liabilities, such as trade payables and some accruals for employee and other operating costs, are part of the working capital used in the entity's normal operating cycle. Such operating items are classified as current liabilities even if they are due to be settled more than twelve monthsafter the balance sheet date.Normal
operating cycleWhen the entity's normal operating cycle is not
clearly identifiable, its duration is assumed to be12 months
26Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Assets -normal model
I. Intangible assets
II. Tangible fixed assets
III. Investment property
IV. Long-term investments in subsidiaries and associated companiesV. Long-term financial investments
VI. Deferred tax assets
A) Non-current assetsASSETS
14 27Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Non-current assets
I. Intangible assets
Noncurrent, nonmonetary assets without
physical substance that are held for use in the production or supply of goods or services or for administrative purposes and which are expected to be used during more than one period 28Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Non-current assets
I. Intangible assets
1. Research and development.
2. Administrative concessions.
3. Intellectual property, trademarks and others.
4. Goodwill.
5. Computer software.
6. Other intangible assets.
Net of accumulated depreciation
Net of losses for assets impairment
NET BOOK
VALUE 15 29Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Non-current assets
Assets impairment
Possible diminution in value that might
be associated with long-lived assetAssets should be periodically reviewed
for possible impairmentImpairment loss = excess of the
carrying amount (net book value) of an asset over its recoverable amount 30Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Non-current assets
II. Tangible fixed assets
Assets of physical substance that are held by an
enterprise for use in the production or supply of goods or services or for administrative purposes and which are expected to be used during more than one period. 16 31Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Non-current assets
II. Tangible fixed assets
1. Land and structures.
2. Plant and machinery, tools, furniture and
other tangible assets.3. Tangible fixed assets in progress and
advances.Net of accumulated depreciation
Net of losses for assets impairment
NET BOOK
VALUE 32Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Non-current assets
III. Investment property
Real state (land and buildings) being held to:
earn rentals, or for capital appreciation, or both, rather than for use in production or supply of goods or services, or for administrative purposes, or for sale in the ordinary course of business. 17 33Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Non-current assets
III. Investment property
An investment property generates cash-flows
that are largely independent from the entity's other assets.Examples:
Land held for long-term capital
appreciationA current vacant building that will be leased out
34Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Non-current assets
III. Investment property
1. Land.
2. Structures.
Net of accumulated depreciation
Net of losses for assets impairment
NET BOOK
VALUE 18 35Financial Accounting 09/10 2ºDE - LESSON 3
© Mª Cristina Abad Navarro, 2009
Non-current assets
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