IFRScommunity.com

Hi All Awesome Accountants

I have a question about financial report presentation.
So I look at the financial report of some companies prepared under IFRS. On the balance sheet, I don't see the accumulated amortization and depreciation. I wonder if this is because IFRS requires the presentation of accumulated depreciation to be net off with the Fixed Assets? Therefore what's presented on the report is the amount net of depreciation (reduced amount)?

Thanks in advance
Sowrudy

Yes in fact I've only ever seen fixed assets shown at net book value on the balance sheet (rather than gross with a separate line) with the split then shown in the note.

It would be impractical and confusing to separately show all the amounts that make up the carrying amount of all assets and liabilities in the primary financial statements. You would have like 5x the number of lines in a statement of financial position