Chapter 4, Problem 4.3IFRS

To determine

International Financial Reporting Standards (IFRS): The common set of rules and regulations (standards) of accounting which are followed at global level for the preparation of the financial statements.

Statement of Financial Position: The statement of financial position represents the financial information about a company with regards to its assets, liabilities and the stockholder’s equity.

Current Assets: Current assets are those assets owned by the organization which are convertible into cash within next financial year to pay off the current liabilities of the business.

To prepare: Current Assets section in the Statement of Financial Position.