IFRS for SMEs / Third edition changes / Section 11 in the third edition: one section for financial instruments, ageing and maturity
Section 11 in the third edition: one section for financial instruments, ageing and maturity
Section 11 now covers all financial instruments, taking in the former Section 12, and adds two disclosures most small companies will need: a receivables ageing and a maturity analysis of financial liabilities.
What changes
- Section 11 The basic and other financial instruments sections are combined into one section.
- 11.43 An ageing analysis of receivables by due date.
- 11.43A A maturity analysis of financial liabilities on undiscounted contractual cash flows.
What to prepare
- Make sure customer invoices carry due dates so the ageing can be produced at year end.
- Keep each loan agreement's repayment schedule, including interest, to build the maturity analysis.
How Sight handles it
Sight asks for the receivables ageing and each borrowing's maturities on the IFRS Notes tab, and the pre-flight warns until they are captured.
Section 11: Financial Instruments: the section in full.
Other third-edition changes
- Section 2 in the third edition: concepts and pervasive principles
- Section 3 in the third edition: material accounting policy information
- Section 4 in the third edition: disaggregating line items
- Section 6 in the third edition: dividends declared after year end
- Section 7 in the third edition: financing liabilities and supplier finance
- Section 8 in the third edition: material policies and judgements
- Section 12 in the third edition: the new fair value section
- Section 19 in the third edition: business combinations
- Section 23 in the third edition: the five-step revenue model
- Section 29 in the third edition: uncertain tax treatments
Compile IFRS for SMEs financial statements from the ledger. SightAccounting selects the policies, builds the notes and checks the disclosures before you sign. Start a 60-day free trial.