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[null,3,"IAS 1.10, 39","An additional statement of financial position and related notes are presented as at the\r\nbeginning of the earliest comparative period following a retrospective change in accounting\r\npolicy, a retrospective correction of an error, or a reclassification of items in the financial\r\nstatements. The current IAS 1 provides no further guidance in terms of how this requirement\r\nshould be interpreted. In our view, the requirement to present a ‘third’ statement of financial\r\nposition should be interpreted having regard to materiality based on the particular facts and\r\ncircumstances. In our view, ‘related notes’ should be interpreted as requiring disclosure of those\r\nnotes that are relevant to the reason why the third statement of financial position is presented"]
[null,null,null,"– i.e. not all notes are required in every circumstance. This issue is discussed in the 9 th Edition\r\n2012/13 of our publication Insights into IFRS (2.1.35)."]
[null,null,null,"Forthcoming requirements"]
[null,null,null,"In Annual Improvements to IFRS – 2009–2011 Cycle , which is effective for annual periods\r\nbeginning on or after 1 January 2013, the IASB amends IAS 1 to clarify, among other things,\r\nthe requirements regarding the presentation of the third statement of financial position."]
[null,null,null,"●● The third statement of financial position is required only if a retrospective change in\r\naccounting policy, a retrospective correction of an error or a reclassification has a material\r\neffect on the information in the statement of financial position."]
[null,null,null,"●● Except for the disclosures required under IAS 8, notes related to the third statement of\r\nfinancial position are no longer required."]
[null,null,null,"●● The third statement of financial position to be presented is that at the beginning of the\r\npreceding period, rather than at the beginning of the earliest comparative period presented.\r\nThis is also the case even if an entity provides additional comparative information beyond\r\nthe minimum comparative information requirements."]
[null,4,null,"In our view, derivative assets and liabilities should be presented as separate line items in the\r\nstatement of financial position if they are significant. If derivative instruments are not significant,\r\nthen they may be included within other financial assets and other financial liabilities, respectively,\r\nwith additional details disclosed in the notes. This issue is discussed in the 9 th Edition 2012/13 of\r\nour publication Insights into IFRS (7.8.120.40)."]