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Forensic Accounting

Change in name of financial statement line item


I want to ask if there is any guidance in the ifrs/ias regarding the change in name of a financial statement line item.

For example, if in 2015 there was an item 'debtors' in the current assets in the statement of financial position, and the entity wants to present it as 'accounts receivable' in 2016, does the entity need to give any additional disclosures? If so, where can I find the guidance in the IFRS?


asked Jul 25, 2016 in General IFRS Discussion by anonymous

1 Answer

0 votes
Presentation guidelines are given in IAS 1 - Presentation of Financial Statements. In your case, you can change it to accounts receivable if management thinks it is the best wording. I dont think this little change will require any additional disclosure.
answered Jul 25, 2016 by Mysio Level 5 Member (20,610 points)

Thanks for the quick reply. I used the accounts receivable as an example because the real change would need a lot of context i think, which i can't give and would take too long to explain. An entity is changing the name of an fsli from 'advance to transaction advisor' to advance for shares in associates.

So it's not really as simple as debtors to accounts receivable. Just wanted to see if there is anything in IFRS for a change in name of an fsli and then take it from there.

Thanks again
Still is all about management judgement on the suitability of the wording. If you think it is the best way and your auditors are not objecting, you can change the wording.