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Understanding Statement of financial position
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[QUOTE="Ebram kamal, post: 304433, member: 97691"] Differentiating between current and non-current assets and liabilities is crucial, as it helps users to understand the liquidity and financial health of the business. Current assets and liabilities are those that are expected to be realized or settled within the next 12 months, while non-current assets and liabilities are those that will not be realized or settled within the next 12 months. Presenting these items separately on the face of the statement of financial position provides clarity and transparency to users. However, if a liquidity presentation provides more relevant and reliable information, it may be appropriate to present assets and liabilities in order of liquidity instead. In addition to presenting these items on the face of the statement of financial position, IAS 1 requires disclosure of the amount expected to be recovered or settled after more than twelve months for each asset and liability line item that combines current and non-current amounts. This disclosure provides further transparency and helps users to understand the long-term financial position of the business. [/QUOTE]
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