Financial statements according to International Accounting Standards

Some still insist on the use of the budget in shape, which resembles the famous (T-English), where he represented the government balance between assets on the left side and liabilities and property rights in the left side ..
However, the international accounting standards required the display of specific elements of a minimum budget (balance sheet), has started many countries including Egypt, to abide by those standards, included the Minister of Economy No. (503) for the year 1997 models of the balance sheet in its modern form which is consistent with the disclosure requirements Incoming international accounting standards.
The list was tabulated elements in its financial position (vertical) New to the following order:

1. Fixed assets
2. Current assets
3. Current Liabilities
4. Property rights
5. Long-term liabilities




The identification of assets and current liabilities of the important sources of information that will help users of financial statements when their analysis of the financial position of the facility, called the difference between current assets and current liabilities term "net current assets" or "working capital"
And is classified assets and liabilities to current and non-current selecting assets and liabilities of the facility that revolves continuously in the framework of the operating cycle Regular, based on this tab to whether the terms of the assets have been exhausted and the terms of the obligations are settled through the process of generating revenue during the session of the normal operating of the facility, usually represent the average period elapse between the acquisition of raw materials that go into operating cash flow and check the final installation.
Items of current assets:
Must include the following items are included within current assets:

* Cash balances held in the facility and available to banks and to the requirements of the current operation
* Securities that have the purpose of acquisition of trading operations
* Balances owed by clients and debtors Almtnoon
* Stock
* Prepayments for the purchase of assets traded
* Prepaid expenses expected to use or depletion within one year from the balance sheet date

Items of current liabilities:
Include commitments traded those obligations that mature at the request of the creditors, as well as what is expected of paid or settled within one year from the balance sheet date according to the following:

* Bank loans
* Parts of the current outstanding long-term liabilities
* Balances owed to creditors of the activity as well as accrued expenses
* Custom taxes and provision for disputed tax claims outstanding
* Dividends payable dividend or creditors.
* Deferred revenue and advances from customers.
* Receivables to meet potential liabilities.