Primary statements: Difference between revisions
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imported>Doug Williamson (Remove duplication.) |
imported>Doug Williamson (Example made clearer.) |
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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. | 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. | ||
For example: | |||
Comprehensive income includes both: | 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. | ||
Revision as of 11:17, 5 July 2017
Financial reporting
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.
For example:
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.
