Investor Presentaiton

CA Offsetting THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SRI LANKA Note that measuring assets net of valuation allowances is not offsetting Obsolescence allowances on inventories Doubtful debts allowances on receivables Examples of acceptable offsetting ('netting' of accounts): Revenue measured net of trade discounts and volume rebates Gains and losses on the disposal of non-current assets reported net of carrying amount and selling expenses Gains and losses arising from a group of similar transactions CAT THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SRI LANKA Overall Considerations 11 SLFRS financial statements should: Disclose comparative information for previous period ◇ If presentation or classification is amended, comparative amounts should be reclassified, unless impracticable ◇ Nature, amount, and reasons for the change should be disclosed Present an additional statement of financial position at the beginning of the preceding period when: Entity applies an accounting policy retrospectively, or Makes a retrospective restatement (e.g. error correction), or Reclassifies items in its financial statements * In each case, the additional statement of financial position is only required where adjustment(s) have a material effect on information 12 60

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