Financial Services Compensation Scheme and Primary statements: Difference between pages

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''Financial services - regulation - retail depositors - UK.''
''Financial reporting''


(FSCS).
The main accounting statements required to be presented.  


The UK scheme that guarantees certain bank, building society or credit union depositors' funds - subject to limits - should the bank, building society or credit union fail.


These normally include statements of:


The guaranteed amount in the UK is limited and may vary from one year to the next. For failures from 2017 to 2021, the guaranteed amount in the UK was limited to £85,000.  
* Financial position (balance sheet).
* Comprehensive income (profit or loss).
* Changes in equity.
* Cash flows.




The FSCS is funded by a levy on financial firms authorised and regulated by the UK's Financial Conduct Authority and the Prudential Regulation Authority.
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.


Similar deposit guarantee schemes operate in the majority of developed economies, under different names and with differing conditions and degrees of formality.


====Comprehensive income and profit or loss====


==See also==
Comprehensive income includes both:
* [[BIP]]
* [[Compensation]]
* [[Credit union]]
* [[Deposit Guarantee Scheme]]
* [[Deposit insurance]]
* [[DGSD]]
* [[Financial Conduct Authority]]
* [[Financial Ombudsman Service]]
* [[Insolvency waterfall]]
* [[International Association of Deposit Insurers]]
* [[Levy]]
* [[Prudential Regulation Authority]]
* [[Regulation]]
* [[Retail]]
* [[Stability]]


*Profit or loss for the period; and


==External link==
*Other comprehensive income for the period.


* [https://www.fscs.org.uk/ FSCS website]


[[Category:The_business_context]]
Many entities report their profit or loss and other comprehensive income in two separate statements.
[[Category:Financial_risk_management]]
 
 
The statement of profit or loss is also known as the ''income statement''.
 
 
 
== See also ==
* [[Entity]]
* [[FVTPL]]
* [[FVTOCI]]
* [[IAS 1]]
* [[Income statement]]
* [[International Accounting Standards]]
* [[Notes]]
* [[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]]

Revision as of 20:57, 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.


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.


See also