3.5 CAPTIONS AND LINE ITEMS

3.5.1 Minimum Content on the Face of the Statement of Financial Position

IAS 1 requires certain captions that entities must present on the face of the statement of financial position. Conversely, U.S. GAAP has no standardized minimum requirement for line items displayed on a balance sheet. Subsection 958-210-45-5 (FASB Statement No. 117) expresses minimum grouping of not-for-profit organizations in conceptual terms of similarity.129

Exhibit 3-6 compares the minimum captions of the statement of financial position under IFRSs, U.S. GAAP, and SEC rules and regulations. Exhibit 3-8, Exhibit 3-10, Exhibit 3-12, Exhibit 3-14, and Exhibit 3-16 propose a similar analysis for insurance companies, banks and finance companies, investment companies, employee benefit plans, and real estate companies, respectively. Exhibit 3-5 reports a general key to all these Exhibits. These Exhibits should be read in conjunction with the Exhibits in Paragraph 3.5.2 that list items either to present in the statement of financial position or to disclose in the notes. Under IFRSs, the term “disclosure” does not exclude presentation:130 hence, display on the face of financial statements is always an option.

Exhibit 3-5 General Key to the Exhibits Relating to Items of the Statement of Financial Position

Occurrences mentioned are based on requirements in accounting pronouncements, although they should not be construed as being exclusive. However, the Exhibits may report some nonpromulgated ...

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