My heads pickled with all these new terms I've been doing today. I can accept statement of comprehensive income and statement of financial position, but non current assets? Really?
Pretty sure that non current assets originates from IFRS rather than US GAAP. Whats more I think that change came under David Tweedie's watch during the convergeance project so it was actually IFRS dictated from the UK.
That will come under IAS1 Presentation of Financial statements.
What do you think of the sequence of the SOFP? I think that Mark thought that I had lost the plot when I answered someone on the site with the balance sheet in the standard SOFP format.
You must prefer the IFRS Cashflow Statements to UK GAAP. Much simpler.
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Shaun
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Just been busy with work. I accept it's not US GAAP but have you ever heard a more Yankee term than non current assets, what was wrong with fixed assets. Also taking a bit of getting used to taking discount allowed from revenue rather than as an expense.
