Primary statements: Difference between revisions
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''Financial reporting''. | ''Financial reporting''. | ||
In financial reporting, primary statements are the main accounting statements required to be presented. | |||
These normally include statements of: | These normally include statements of: | ||
* Financial position. | * Financial position (balance sheet). | ||
* Comprehensive income. | * Comprehensive income (profit or loss). | ||
* Changes in equity. | * Changes in equity. | ||
* Cash flows. | * Cash flows. | ||
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====Comprehensive income and profit or loss==== | |||
Comprehensive income includes both: | |||
*Profit or loss for the period; and | *Profit or loss for the period; and | ||
*Other comprehensive income for the period. | *Other comprehensive income for the period. | ||
(The statement of profit or loss is also known as the ''income statement''.) | |||
Many entities report their profit or loss and other comprehensive income in two separate statements. | Many entities report their profit or loss and other comprehensive income in two separate statements. | ||
In these cases, there are '''FIVE''' primary financial statements: | |||
1. Financial position/balance sheet | |||
2. Cash flow | |||
3. Profit or loss/income statement | |||
4. Other comprehensive income | |||
5. Changes in equity | |||
== See also == | == See also == | ||
* [[Accounting]] | |||
* [[Balance sheet]] | |||
* [[Cash flow statement]] | |||
* [[Entity]] | |||
* [[Financial reporting]] | |||
* [[FVTOCI]] | |||
* [[FVTPL]] | * [[FVTPL]] | ||
* [[IAS 1]] | * [[IAS 1]] | ||
* [[Income statement]] | * [[Income statement]] | ||
* [[International Accounting Standards]] | * [[International Accounting Standards]] (IAS) | ||
* [[Notes]] | * [[Notes]] | ||
* [[Primary]] | |||
* [[Primary financial statements]] (under IAS) | |||
* [[Reporting entity]] | |||
* [[Statement of cash flows]] | * [[Statement of cash flows]] | ||
* [[Statement of changes in equity]] | * [[Statement of changes in equity]] | ||
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* [[Statement of financial position]] | * [[Statement of financial position]] | ||
* [[Statement of profit or loss and other comprehensive income]] | * [[Statement of profit or loss and other comprehensive income]] | ||
[[Category:Accounting,_tax_and_regulation]] | |||
Latest revision as of 15:42, 5 April 2022
Financial reporting.
In financial reporting, primary statements are the main accounting statements required to be presented.
These normally include statements of:
- Financial position (balance sheet).
- Comprehensive income (profit or loss).
- Changes in equity.
- Cash flows.
The primary statements are supported by notes providing additional and more detailed financial information.
The names of the primary financial statements are not normally mandatory, and they also differ according the accounting regime under which an entity is reporting.
Comprehensive income and profit or loss
Comprehensive income includes both:
- Profit or loss for the period; and
- Other comprehensive income for the period.
(The statement of profit or loss is also known as the income statement.)
Many entities report their profit or loss and other comprehensive income in two separate statements.
In these cases, there are FIVE primary financial statements:
1. Financial position/balance sheet
2. Cash flow
3. Profit or loss/income statement
4. Other comprehensive income
5. Changes in equity
See also
- Accounting
- Balance sheet
- Cash flow statement
- Entity
- Financial reporting
- FVTOCI
- FVTPL
- IAS 1
- Income statement
- International Accounting Standards (IAS)
- Notes
- Primary
- Primary financial statements (under IAS)
- Reporting entity
- Statement of cash flows
- Statement of changes in equity
- Statement of comprehensive income
- Statement of financial position
- Statement of profit or loss and other comprehensive income
