CHAPTER 5 Balance sheet 173ConsolidatedNotes2015
$’0002014
$’000Current liabilities
Trade and other payables
Provisions
Other current liabilities
Current tax liabilities
Other financial liabilities15
16
17325 604
40 585
4 566
9 474
107302 979
36 840
4 111
8 184
79
Total current liabilities 380 336 352 193
Non-current liabilities
Borrowings
Provisions
Other non-current liabilities
Other financial liabilities18
19
20139 461
6 073
25 664
—179 653
8 699
24 638
25
Total non-current liabilities 171 198 213 015
Total liabilities 551 534 565 208
Net assets 343 479 294 633Equity
Contributed equity
Reserves
Retained earnings21
2256 521
17 636
269 32258 383
16 265
219 985
Total equity 343 479 294 633FIGURE 5.6 JB Hi-Fi Ltd consolidated balance sheetSource: JB Hi-Fi Ltd 2015, preliminary final report, p. 58.
VALUE TO BUSINESS• The balance sheet is usually presented in a narrative format although alternative presentation
formats are acceptable.
• The balance sheet should include relevant details for the current and comparative reporting periods.
• If a company controls other entities, the balance sheet is presented for the group as a single
economic entity.5.9 Presentation and disclosure of elements
on the balance sheet
LEARNING OBJECTIVE 5.9 Describe the presentation and disclosure requirements for elements on the
balance sheet.
The presentation and disclosure of financial information is designed to communicate information to
users in an effective and efficient manner, which enhances the qualitative characteristics of relevance,
faithful representativeness, understandability, and comparability.
The balance sheet details recognised assets, liabilities and equity as at a particular date. Relevant
information is also conveyed through disclosures accompanying the financial statements. The disclo-
sures include additional information pertaining to both recognised and unrecognised items, including
their nature, measurement assumptions and estimations, and risks and uncertainties.