01 - Illustrative Examples - Illustrative Financial Statements For Small and Medium-Sized Entities (SMEs)

3/25/2015
IllustrativeexamplesIllustrativefinancialstatementsforSmallandMediumsizedEntities(SMEs)
IFRSFoundation
IFRSTaxonomy2015Illustrativeexamples
IllustrativefinancialstatementsforSmallandMediumsizedEntities(SMEs)
ExamplesfromIllustrativefinancialstatementsforSmallandMediumsizedEntities(SMEs)whichhavebeentaggedwithXBRL.
Examplereflectsfullsetofillustrativefinancialstatementswiththenotesblockaswellasdetailtagged.
XYZGroup:Consolidatedstatementofcomprehensiveincomeandretainedearningsfortheyearended31December20X2
(Alternative1illustratingtheclassificationofexpensesbyfunction)
Notes
20X2
20X1
CU
CU
6,863,545
5,808,653
Costofsales
(5,178,530)
(4,422,575)
Grossprofit
1,685,015
1,386,078
88,850
25,000
Distributioncosts
(175,550)
(156,800)
Administrativeexpenses
(810,230)
(660,389)
Otherexpenses
(106,763)
(100,030)
Revenue
Otherincome
Financecosts
(26,366)
(36,712)
Profitbeforetax
654,956
457,147
Incometaxexpense
(270,250)
(189,559)
Profitfortheyear
384,706
267,588
Retainedearningsatstartofyear
2,171,353
2,003,765
Dividends
(150,000)
(100,000)
Retainedearningsatendofyear
2,406,059
2,171,353
Note:Theformatillustratedaboveaggregatesexpensesaccordingtotheirfunction(costofsales,distribution,administrativeetc).As
theonlychangestoXYZGroupsequityduringtheyeararosefromprofitorlossandpaymentofdividends,ithaselectedtopresenta
singlestatementofcomprehensiveincomeandretainedearningsinsteadofseparatestatementsofcomprehensiveincomeand
changesinequity.
XYZGroup:Consolidatedstatementofcomprehensiveincomeandretainedearningsfortheyearended31December20X2
http://www.ifrs.org/XBRL/Resources/Documents/2015/ixbrl_example1_20150311.xhtml
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(Alternative2illustratingtheclassificationofexpensesbynature)
Notes
20X2
20X1
CU
CU
Revenue
6,863,545
5,808,653
Otherincome
88,850
25,000
Changesininventoriesoffinishedgoodsandworkinprogress
3,310
(1,360)
Rawmaterialandconsumablesused
(4,786,699)
(4,092,185)
Employeesalariesandbenefits
(936,142)
(879,900)
Depreciationandamortisationexpense
(272,060)
(221,247)
Impairmentofproperty,plantandequipment
(30,000)
Otherexpenses
(249,482)
(145,102)
Financecosts
(26,366)
(36,712)
Profitbeforetax
654,956
457,147
Incometaxexpense
(270,250)
(189,559)
Profitfortheyear
384,706
267,588
Retainedearningsatstartofyear
2,171,353
2,003,765
Dividends
(150,000)
(100,000)
Retainedearningsatendofyear
2,406,059
2,171,353
Note:Theformatillustratedaboveaggregatesexpensesaccordingtotheirnature(rawmaterialsandconsumables,employeesalaries
andbenefits,depreciationandamortisation,impairmentetc).AstheonlychangestoXYZGroupsequityduringtheyeararosefrom
profitorlossandpaymentofdividends,ithaselectedtopresentasinglestatementofcomprehensiveincomeandretainedearnings
insteadofseparatestatementsofcomprehensiveincomeandchangesinequity.
XYZGroup:Consolidatedstatementoffinancialpositionat31December20X2
Notes
ASSETS
20X2
20X1
20X0
CU
CU
CU
28,700
22,075
18,478
Currentassets
Cash
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Tradeandotherreceivables
10
585,548
573,862
521,234
Inventories
11
57,381
47,920
45,050
671,629
643,857
584,762
Noncurrentassets
Investmentinassociate
12
107,500
107,500
107,500
Property,plantandequipment
13
2,549,945
2,401,455
2,186,002
Intangibleassets
14
850
2,550
4,250
Deferredtaxasset
15
4,309
2,912
2,155
2,662,604
2,514,417
2,299,907
3,334,233
3,158,274
2,884,669
Totalassets
LIABILITIESANDEQUITY
Currentliabilities
Bankoverdraft
16
83,600
115,507
20,435
Tradepayables
17
431,480
420,520
412,690
Interestpayable
2,000
1,200
271,647
190,316
173,211
Currenttaxliability
Provisionforwarrantyobligations
18
4,200
5,040
2,000
Currentportionofemployeebenefitobligations
19
4,944
4,754
4,571
XYZGroup:Consolidatedstatementoffinancialpositionat31December20X2
Currentportionofobligationsunderfinanceleases
20 21,461
819,332
19,884
18,423
757,221
631,330
Noncurrentliabilities
Bankloan
16 50,000
150,000
150,000
Longtermemployeebenefitobligations
19 5,679
5,076
5,066
Obligationsunderfinanceleases
20 23,163
44,624
64,508
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78,842
199,700
219,574
898,174
956,921
850,904
Sharecapital
22 30,000
30,000
30,000
Retainedearnings
2,406,059
2,171,353
2,003,765
2,436,059
2,201,353
2,033,765
3,334,233
3,158,274
2,884,669
Totalliabilities
Equity
Totalliabilitiesandequity
Note:TheIFRSforSMEsdoesnotrequireastatementoffinancialpositionatthebeginningoftheearliestcomparativeperiodhence
theshading.Itispresentedheretoaidunderstandingofthecalculationsunderlyingamountsinthestatementofcashflows.
XYZGroup:Consolidatedstatementofcashflowsfortheyearended31December20X2
Notes
20X2
20X1
CU
CU
384,706
267,588
Noncashfinancecosts(a)
800
1,200
Noncashincometaxexpense(b)
79,934
16,348
Depreciationofproperty,plantandequipment
270,360
219,547
Impairmentloss
30,000
Amortisationofintangibles
1,700
1,700
(63,850)
Decrease(increase)intradeandotherreceivables
(11,686)
(52,628)
Decrease(increase)ininventories
(9,461)
(2,870)
Increase(decrease)intradepayables(c)
10,120
10,870
Cashflowsfromoperatingactivities
Profitfortheyear
Adjustmentsfornoncashincomeandexpenses:
Cashflowincludedininvestingactivities:
Gainonsaleofequipment
Changesinoperatingassetsandliabilities
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Increaseincurrentandlongtermemployeebenefitpayable
793
193
Netcashfromoperatingactivities
693,416
461,948
Proceedsfromsaleofequipment
100,000
Purchasesofequipment
(485,000)
(435,000)
Netcashusedininvestingactivities
(385,000)
(435,000)
Paymentoffinanceleaseliabilities
(19,884)
(18,423)
Repaymentofborrowings
(100,000)
Dividendspaid
(150,000)
(100,000)
Netcashusedinfinancingactivities
(269,884)
(118,423)
Netincrease(decrease)incashandcashequivalents
38,532
(91,475)
Cashandcashequivalentsatbeginningofyear
(93,432)
(1,957)
(54,900)
(93,432)
(a)Financecostspaidincash
25,566
35,512
(b)Incometaxespaidincash
190,316
173,211
(c)Includesunrealisedforeignexchangeloss
1,000
Cashflowsfrominvestingactivities
Cashflowsfromfinancingactivities
Cashandcashequivalentsatendofyear
23
XYZGroup:Accountingpoliciesandexplanatorynotestothefinancialstatementsfortheyearended31December20X2
1.Generalinformation
XYZ(Holdings)Limited(theCompany)isalimitedcompanyincorporatedinALand.Theaddressofitsregisteredofficeandprincipal
placeofbusinessis_________.XYZGroupconsistsoftheCompanyanditswhollyownedsubsidiaryXYZ(Trading)Limited.Their
principalactivitiesarethemanufactureandsaleofcandles.
2.Basisofpreparationandaccountingpolicies
TheseconsolidatedfinancialstatementshavebeenpreparedinaccordancewiththeInternationalFinancialReportingStandardforSmall
andMediumsizedEntitiesissuedbytheInternationalAccountingStandardsBoard.Theyarepresentedinthecurrencyunits(CU)ofA
Land.
Basisofconsolidation
TheconsolidatedfinancialstatementsincorporatethefinancialstatementsoftheCompanyanditswhollyownedsubsidiary.All
intragrouptransactions,balances,incomeandexpensesareeliminated.
Investmentsinassociates
Investmentsinassociatesareaccountedforatcostlessanyaccumulatedimpairmentlosses.
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DividendincomefrominvestmentsinassociatesisrecognisedwhentheGroupsrighttoreceivepaymenthasbeenestablished.Itis
includedinotherincome.
Revenuerecognition
Revenuefromsalesofgoodsisrecognisedwhenthegoodsaredeliveredandtitlehaspassed.Royaltyrevenuefromlicensingcandle
makingpatentsforusebyothersisrecognisedonastraightlinebasisoverthelicenceperiod.Revenueismeasuredatthefairvalueof
theconsiderationreceivedorreceivable,netofdiscountsandsalesrelatedtaxescollectedonbehalfofthegovernmentofALand.
Borrowingcosts
Allborrowingcostsarerecognisedinprofitorlossintheperiodinwhichtheyareincurred.
Incometax
Incometaxexpenserepresentsthesumofthetaxcurrentlypayableanddeferredtax.
Thetaxcurrentlypayableisbasedontaxableprofitfortheyear.
Deferredtaxisrecognisedondifferencesbetweenthecarryingamountsofassetsandliabilitiesinthefinancialstatementsandtheir
correspondingtaxbases(knownastemporarydifferences).Deferredtaxliabilitiesarerecognisedforalltemporarydifferencesthatare
expectedtoincreasetaxableprofitinthefuture.Deferredtaxassetsarerecognisedforalltemporarydifferencesthatareexpectedto
reducetaxableprofitinthefuture,andanyunusedtaxlossesorunusedtaxcredits.Deferredtaxassetsaremeasuredatthehighest
amountthat,onthebasisofcurrentorestimatedfuturetaxableprofit,ismorelikelythannottoberecovered.
Thenetcarryingamountofdeferredtaxassetsisreviewedateachreportingdateandisadjustedtoreflectthecurrentassessmentof
futuretaxableprofits.Anyadjustmentsarerecognisedinprofitorloss.
Deferredtaxiscalculatedatthetaxratesthatareexpectedtoapplytothetaxableprofit(taxloss)oftheperiodsinwhichitexpectsthe
deferredtaxassettoberealisedorthedeferredtaxliabilitytobesettled,onthebasisoftaxratesthathavebeenenactedor
substantivelyenactedbytheendofthereportingperiod.
Property,plantandequipment
Itemsofproperty,plantandequipmentaremeasuredatcostlessaccumulateddepreciationandanyaccumulatedimpairmentlosses.
Depreciationischargedsoastoallocatethecostofassetslesstheirresidualvaluesovertheirestimatedusefullives,usingthestraight
linemethod.Thefollowingannualratesareusedforthedepreciationofproperty,plantandequipment:
Buildings
2percent
Fixturesandequipment
1030percent
Ifthereisanindicationthattherehasbeenasignificantchangeindepreciationrate,usefullifeorresidualvalueofanasset,the
depreciationofthatassetisrevisedprospectivelytoreflectthenewexpectations.
Intangibleassets
Intangibleassetsarepurchasedcomputersoftwarethatisstatedatcostlessaccumulateddepreciationandanyaccumulatedimpairment
losses.Itisamortisedoveritsestimatedlifeoffiveyearsusingthestraightlinemethod.Ifthereisanindicationthattherehasbeena
significantchangeinamortisationrate,usefullifeorresidualvalueofanintangibleasset,theamortisationisrevisedprospectivelyto
reflectthenewexpectations.
Impairmentofassets
Ateachreportingdate,property,plantandequipment,intangibleassets,andinvestmentsinassociatesarereviewedtodetermine
whetherthereisanyindicationthatthoseassetshavesufferedanimpairmentloss.Ifthereisanindicationofpossibleimpairment,the
recoverableamountofanyaffectedasset(orgroupofrelatedassets)isestimatedandcomparedwithitscarryingamount.Ifestimated
recoverableamountislower,thecarryingamountisreducedtoitsestimatedrecoverableamount,andanimpairmentlossisrecognised
immediatelyinprofitorloss.
Similarly,ateachreportingdate,inventoriesareassessedforimpairmentbycomparingthecarryingamountofeachitemofinventory(or
groupofsimilaritems)withitssellingpricelesscoststocompleteandsell.Ifanitemofinventory(orgroupofsimilaritems)isimpaired,
itscarryingamountisreducedtosellingpricelesscoststocompleteandsell,andanimpairmentlossisrecognisedimmediatelyinprofit
orloss.
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Ifanimpairmentlosssubsequentlyreverses,thecarryingamountoftheasset(orgroupofrelatedassets)isincreasedtotherevised
estimateofitsrecoverableamount(sellingpricelesscoststocompleteandsell,inthecaseofinventories),butnotinexcessofthe
amountthatwouldhavebeendeterminedhadnoimpairmentlossbeenrecognisedfortheasset(groupofrelatedassets)inprioryears.A
reversalofanimpairmentlossisrecognisedimmediatelyinprofitorloss.
Leases
Leasesareclassifiedasfinanceleaseswheneverthetermsoftheleasetransfersubstantiallyalltherisksandrewardsofownershipof
theleasedassettotheGroup.Allotherleasesareclassifiedasoperatingleases.
RightstoassetsheldunderfinanceleasesarerecognisedasassetsoftheGroupatthefairvalueoftheleasedproperty(or,iflower,the
presentvalueofminimumleasepayments)attheinceptionofthelease.Thecorrespondingliabilitytothelessorisincludedinthe
statementoffinancialpositionasafinanceleaseobligation.Leasepaymentsareapportionedbetweenfinancechargesandreductionof
theleaseobligationsoastoachieveaconstantrateofinterestontheremainingbalanceoftheliability.Financechargesaredeductedin
measuringprofitorloss.Assetsheldunderfinanceleasesareincludedinproperty,plantandequipment,anddepreciatedandassessed
forimpairmentlossesinthesamewayasownedassets.
Rentalspayableunderoperatingleasesarechargedtoprofitorlossonastraightlinebasisoverthetermoftherelevantlease.
Inventories
Inventoriesarestatedatthelowerofcostandsellingpricelesscoststocompleteandsell.Costiscalculatedusingthefirstin,firstout
(FIFO)method.
Tradeandotherreceivables
Mostsalesaremadeonthebasisofnormalcreditterms,andthereceivablesdonotbearinterest.Wherecreditisextendedbeyond
normalcreditterms,receivablesaremeasuredatamortisedcostusingtheeffectiveinterestmethod.Attheendofeachreportingperiod,
thecarryingamountsoftradeandotherreceivablesarereviewedtodeterminewhetherthereisanyobjectiveevidencethattheamounts
arenotrecoverable.Ifso,animpairmentlossisrecognisedimmediatelyinprofitorloss.
Tradepayables
Tradepayablesareobligationsonthebasisofnormalcredittermsanddonotbearinterest.Tradepayablesdenominatedinaforeign
currencyaretranslatedintoCUusingtheexchangerateatthereportingdate.Foreignexchangegainsorlossesareincludedinother
incomeorotherexpenses.
Bankloansandoverdrafts
Interestexpenseisrecognisedonthebasisoftheeffectiveinterestmethodandisincludedinfinancecosts.
Employeebenefitslongservicepayment
Theliabilityforemployeebenefitobligationsrelatestogovernmentmandatedlongservicepayments.Allfulltimestaff,excluding
directors,arecoveredbytheprogramme.Apaymentismadeof5percentofsalary(asdeterminedforthetwelvemonthsbeforethe
payment)attheendofeachoffiveyearsofemployment.ThepaymentismadeaspartoftheDecemberpayrollinthefifthyear.The
Groupdoesnotfundthisobligationinadvance.
TheGroupscostandobligationtomakelongservicepaymentstoemployeesarerecognisedduringtheemployeesperiodsofservice.
Thecostandobligationaremeasuredusingtheprojectedunitcreditmethod,assuminga4percentaverageannualsalaryincrease,with
employeeturnoverbasedontheGroupsrecentexperience,discountedusingthecurrentmarketyieldforhighqualitycorporatebonds.
Provisionforwarrantyobligations
AllgoodssoldbytheGrouparewarrantedtobefreeofmanufacturingdefectsforaperiodofoneyear.Goodsarerepairedorreplacedat
theGroupsoption.Whenrevenueisrecognised,aprovisionismadefortheestimatedcostofthewarrantyobligation.
3.Keysourcesofestimationuncertainty
Longservicepayments
Indeterminingtheliabilityforlongservicepayments(explainedinnote19),managementmustmakeanestimateofsalaryincreasesover
thefollowingfiveyears,thediscountrateforthenextfiveyearstouseinthepresentvaluecalculation,andthenumberofemployees
expectedtoleavebeforetheyreceivethebenefits.
4.Restrictiononpaymentofdividend
Underthetermsofthebankloanandbankoverdraftagreements,dividendscannotbepaidtotheextentthattheywouldreducethe
balanceofretainedearningsbelowthesumoftheoutstandingbalanceofthebankloanandthebankoverdraft.
5.Revenue
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3/25/2015
20X2
20X1
CU
CU
Saleofgoods
6,743,545
5,688,653
Royaltieslicensingofcandlemakingpatents
120,000
120,000
6,863,545
5,808,653
6.Otherincome
OtherincomeincludesdividendsreceivedfromanassociateofCU25,000inboth20X1and20X2andgainondisposalofproperty,plant
andequipmentofCU63,850in20X2.
7.Financecosts
20X2
20X1
CU
CU
Interestonbankloanandoverdraft
(21,250)
(30,135)
Interestonfinanceleases
(5,116)
(6,577)
(26,366)
(36,712)
8.Profitbeforetax
Thefollowingitemshavebeenrecognisedasexpenses(income)indeterminingprofitbeforetax:
20X2
20X1
CU
CU
Costofinventoriesrecognisedasexpense
5,178,530
4,422,575
Researchanddevelopmentcost(includedinotherexpenses)
31,620
22,778
Foreignexchangelossontradepayables(includedinotherexpenses)
1,000
Warrantyexpense(includedincostofsales*)
5,260
7,340
*Iftheentityclassifiesitsexpensesbynatureinitsincomestatement,thiswouldsayincludedinrawmaterialsandconsumables
used.
9.Incometaxexpense
20X2
20X1
CU
CU
8/15
3/25/2015
Currenttax
271,647
190,316
Deferredtax(note15)
(1,397)
(757)
270,250
189,559
Incometaxiscalculatedat40percent(20X1:40percent)oftheestimatedassessableprofitfortheyear.
IncometaxexpensefortheyearCU270,250in20X2(CU189,559in20X1)differsfromtheamountthatwouldresultfromapplyingthe
taxrateof40percent(both20X2and20X1)toprofitbeforetaxbecause,underthetaxlawsofALand,someemployeecompensation
expenses(CU20,670in20X2andCU16,750in20X1)thatarerecognisedinmeasuringprofitbeforetaxarenottaxdeductible..
10.Tradeandotherreceivables
20X2
20X1
CU
CU
Tradedebtors
528,788
528,384
Prepayments
56,760
45,478
585,548
573,862
11.Inventories
20X2
20X1
CU
CU
Rawmaterials
42,601
36,450
Workinprogress
1,140
900
Finishedgoods
13,640
10,570
57,381
47,920
12.Investmentinassociate
TheGroupowns35percentofanassociatewhosesharesarenotpubliclytraded.
20X2
20X1
CU
CU
Costofinvestmentinassociate
107,500
107,500
Dividendreceivedfromassociate(includedinotherincome)
25,000
25,000
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13.Property,plantandequipment
Landandbuildings
Fixturesandequipment
Total
CU
CU
CU
1January20X2
1,960,000
1,102,045
3,062,045
Additions
485,000
485,000
Disposals
(241,000)
(241,000)
31December20X2
1,960,000
1,346,045
3,306,045
1January20X2
390,000
270,590
660,590
Annualdepreciation
30,000
240,360
270,360
Impairment
30,000
30,000
Lessaccumulateddepreciationonassetsdisposedof
(204,850)
(204,850)
31December20X2
420,000
336,100
756,100
1,540,000
1,009,945
2,549,945
Cost
Accumulateddepreciationandimpairment
Carryingamount
31December20X2
During20X2theGroupnoticedasignificantdeclineintheefficiencyofamajorpieceofequipmentandsocarriedoutareviewofits
recoverableamount.ThereviewledtotherecognitionofanimpairmentlossofCU30,000.
ThecarryingamountoftheGroupsfixturesandequipmentincludesanamountofCU40,000(20X1:CU60,000)inrespectofassets
heldunderfinanceleases.
On10December20X2thedirectorsresolvedtodisposeofamachine.ThemachinescarryingamountofCU1,472isincludedin
fixturesandequipmentat31December20X2,andtradepayablesincludestheGroupsremainingobligationofCU1,550onthe
acquisitionofthismachine.Becausetheproceedsondisposalareexpectedtoexceedthenetcarryingamountoftheassetandrelated
liability,noimpairmentlosshasbeenrecognised.
14.Intangibleassets
Software:
Cost
CU
1January20X2
8,500
Additions
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Disposals
31December20X2
8,500
Accumulateddepreciationandimpairment
1January20X2
5,950
Annualamortisation(includedinadministrativeexpenses*)
1,700
31December20X2
7,650
Carryingamount
31December20X2
850
*Iftheentityclassifiesitsexpensesbynatureinitsincomestatement,thiswouldsayincludedindepreciationandamortisation
expense.
15.Deferredtax
Differencesbetweenamountsrecognisedintheincomestatementandamountsreportedtotaxauthoritiesinconnectionwithinvestments
inthesubsidiaryandassociateareinsignificant.
Thedeferredtaxassetsarethetaxeffectsofexpectedfutureincometaxbenefitsrelatingto:
(a)thelongservicebenefit(note19),whichwillnotbetaxdeductibleuntilthebenefitisactuallypaidbuthasalreadybeen
recognisedasanexpenseinmeasuringtheGroupsprofitfortheyear.
(b)theforeignexchangelossontradepayables,whichwillnotbetaxdeductibleuntilthepayablesaresettledbuthasalready
beenrecognisedasanexpenseinmeasuringtheGroupsprofitfortheyear.
TheGrouphasnotrecognisedavaluationallowanceagainstthedeferredtaxassetsbecause,onthebasisofpastyearsandfuture
expectations,managementconsidersitprobablethattaxableprofitswillbeavailableagainstwhichthefutureincometaxdeductionscan
beutilised.
Thefollowingarethedeferredtaxliabilities(assets)recognisedbytheGroup:
Software
Foreignexchangeloss
Longservicebenefit
Total
CU
CU
CU
CU
1January20X1
1,700
(3,855)
(2,155)
Charge(credit)toprofitorlossfortheyear
(680)
(77)
(757)
1January20X2
1,020
(3,932)
(2,912)
Charge(credit)toprofitorlossfortheyear
(680)
(400)
(317)
(1,397)
31December20X2
340
(400)
(4,249)
(4,309)
Thedeferredtaxassetsfortheforeignexchangelossandthelongservicebenefitsandthedeferredtaxliabilityforsoftwarerelateto
incometaxinthesamejurisdiction,andthelawallowsnetsettlement.Therefore,theyhavebeenoffsetinthestatementoffinancial
positionasfollows:
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20X2
20X1
CU
CU
Deferredtaxliability
340
1,020
Deferredtaxasset
(4,649)
(3,932)
(4,309)
(2,912)
16.Bankoverdraftandloan
20X2
20X1
CU
CU
Bankoverdraft
83,600
115,507
Bankloanfullyrepayablein20X4,prepayablewithoutpenalty
50,000
150,000
133,600
265,507
ThebankoverdraftandloanaresecuredbyafloatinglienoverlandandbuildingsownedbytheGroupwithacarryingamountofCU
266,000at31December20X2(CU412,000at31December20X1).
Interestispayableonthebankoverdraftat200pointsabovetheLondonInterbankBorrowingRate(LIBOR).Interestispayableonthe
sevenyearbankloanatafixedrateof5percentoftheprincipalamount.
17.Tradepayables
Tradepayablesat31December20X2includeCU42,600denominatedinforeigncurrencies(nilat31December20X1).
18.Provisionforwarrantyobligations
Changesintheprovisionforwarrantyobligationsduring20X2were:
20X2
CU
1January20X2
5,040
Additionalaccrualduringtheyear
5,260
Costofwarrantyrepairsandreplacementduringtheyear
(6,100)
31December20X2
4,200
Theobligationisclassifiedasacurrentliabilitybecausethewarrantyislimitedtotwelvemonths.
19.Employeebenefitobligationlongservicepayments
TheGroupsemployeebenefitobligationforlongservicepaymentsunderagovernmentmandatedplanisbasedonacomprehensive
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actuarialvaluationasof31December20X2andisasfollows:
20X2
CU
Obligationat1January20X2
9,830
Additionalaccrualduringtheyear
7,033
Benefitpaymentsmadeinyear
(6,240)
Obligationat31December20X2
10,623
Theobligationisclassifiedas:
20X2
20X1
CU
CU
Currentliability
4,944
4,754
Noncurrentliability
5,679
5,076
Total
10,623
9,830
20.Obligationsunderfinanceleases
TheGroupholdsonepieceofspecialisedmachinerywithanestimatedusefullifeoffiveyearsunderafiveyearfinancelease.Thefuture
minimumleasepaymentsareasfollows:
20X2
20X1
CU
CU
Withinoneyear
25,000
25,000
Laterthanoneyearbutwithinfiveyears
25,000
50,000
Laterthanfiveyears
50,000
75,000
Theobligationisclassifiedas:
20X2
20X1
CU
CU
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3/25/2015
Currentliability
21,461
19,884
Noncurrentliability
23,163
44,624
44,624
64,508
21.Commitmentsunderoperatingleases
TheGrouprentsseveralsalesofficesunderoperatingleases.Theleasesareforanaverageperiodofthreeyears,withfixedrentalsover
thesameperiod.
Minimumleasepaymentsunderoperatingleasesrecognisedasanexpenseduringtheyear
20X2
20X1
CU
CU
26,100 26,100
Atyearend,theGrouphasoutstandingcommitmentsundernoncancellableoperatingleasesthatfalldueasfollows:
20X2
20X1
CU
CU
Withinoneyear
13,050 26,100
Laterthanoneyearbutwithinfiveyears
13,050
Laterthanfiveyears
13,050 39,150
22.Sharecapital
Balancesasat31December20X2and20X1ofCU30,000comprise30,000ordinaryshareswithparvalueCU1.00fullypaid,issued
andoutstanding.Anadditional70,000sharesarelegallyauthorisedbutunissued.
23.Cashandcashequivalents
20X2
20X1
CU
CU
Cashonhand
28,700
22,075
Overdrafts
(83,600)
(115,507)
(54,900)
(93,432)
24.Contingentliabilities
During20X2acustomerinitiatedproceedingsagainstXYZ(Trading)Limitedforafirecausedbyafaultycandle.Thecustomerasserts
thatitstotallossesareCU50,000andhasinitiatedlitigationclaimingthisamount.
14/15
3/25/2015
TheGroupslegalcounseldonotconsiderthattheclaimhasmerit,andtheCompanyintendstocontestit.Noprovisionhasbeen
recognisedinthesefinancialstatementsastheGroupsmanagementdoesnotconsideritprobablethatalosswillarise.
25.Eventsaftertheendofthereportingperiod
On25January20X3therewasafloodinoneofthecandlestoragerooms.ThecostofrefurbishmentisexpectedtobeCU36,000.The
reimbursementsfrominsuranceareestimatedtobeCU16,000.
On14February20X3thedirectorsvotedtodeclareadividendofCU1.00pershare(CU30,000total)payableon15April20X3to
registeredshareholderson31March20X3.Becausetheobligationarosein20X3,aliabilityisnotshowninthestatementoffinancial
positionat31December20X2.
26.Relatedpartytransactions
TransactionsbetweentheCompanyanditssubsidiary,whichisarelatedparty,havebeeneliminatedinconsolidation.
TheGroupsellsgoodstoitsassociate(seenote12),whichisarelatedparty,asfollows:
Salesofgoods AmountsowedtotheGroupbytherelatedpartyandincludedintradereceivablesatyearend
20X2
20X1
20X2
20X1
CU
CU
CU
CU
Associate 10,000 8,000 800
400
Thepaymentsunderthefinancelease(seenote20)arepersonallyguaranteedbyaprincipalshareholderoftheCompany.Nochargehas
beenrequestedforthisguarantee.
Thetotalremunerationofdirectorsandothermembersofkeymanagementin20X2(includingsalariesandbenefits)wasCU249,918
(20X1:CU208,260).
27.Approvaloffinancialstatements
Thesefinancialstatementswereapprovedbytheboardofdirectorsandauthorisedforissueon10March2013
Copyright2015InternationalFinancialReportingStandards(IFRS)Foundation.Allrightsreserved.Reproductionanduserightsarestrictlylimited.Formore
informationontheIFRSFoundation'scopyrightandthetermsandconditionsofuseforthesefiles,pleaserefertohttp://go.ifrs.org/IFRSTterms.
TheIFRSFoundationlogo,theIASBlogo,theIFRSforSMEslogo,theHexagonDevice,IFRSFoundation,eIFRS,IAS,IASB,IFRSforSMEs,IASs,
IFRS,IFRSs,InternationalAccountingStandardsandInternationalFinancialReportingStandards,IFRIC,SICandIFRSTaxonomyareTradeMarksofthe
IFRSFoundation.ForfurtherinformationaboutwheretheTradeMarksareprotectedand/orareinusepleasecontacttheIFRSFoundation.
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01 - Illustrative Examples - Illustrative Financial Statements For Small and Medium-Sized Entities (SMEs)

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