Topic: Balance sheet not formated according to IFRS and IAS
when I designed the hierarchy chart of account which is consists of 3 levels I meant to test how is the shape of the output in balance sheet and income statement , I entered few transaction to test how it will be and found its shape need to be revised
first of all you can view the balance sheet from this link press Here
and you can view the income statement from this link press Here
in balance sheet we are all follow this formula : assets = owner equity + liabilities , this mean that the sign in the side of assets must be positive and the sign of all the figures in the side of owner equity and liabilities must be positive too , in our case here the side of assets positive and the side of capital and liabilities is negative
second thing here is the hierarchy query here not retrieve all the levels created through the accounts groups section , and if you have a look you will find that the sql query just obtain the top level but it must obtain all the levels as like this
L1-Assets
L2-Current Assets
L3-Account Name
but in the balance sheet report and profit and loss report you are doing like this
L1-Assets
L3-Account Name
so for me as an end user that need to read the detailed and good classified financial reports when I'm reading some kind of reports like what it is now I'll be not satisfied at all
also the name of profit and loss not according to the modern practice of accounting and not according to the international financial reporting standards , so you have to change it to Income Statement
Thank you in advance
Abdelhamid & Co Certified Public Accountants & Auditors - UAE - Sharjah
(ACPA & IACPA) - (International Arab Certified Public Accountant)- IASCA Fellow Member
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