Primary statements: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson (Layout.) |
imported>Doug Williamson (Expand definition.) |
||
| Line 1: | Line 1: | ||
''Financial reporting''. | ''Financial reporting''. | ||
In financial reporting, primary statements are the main accounting statements required to be presented. | |||
Revision as of 19:45, 1 February 2019
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.
Many entities report their profit or loss and other comprehensive income in two separate statements.
The statement of profit or loss is also known as the income statement.
