Financial Stability Board and Primary statements: Difference between pages

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(FSB).
''Financial reporting''


The Financial Stability Board was established by the G20 to coordinate, at the international level, the work of national financial authorities and international standard setting bodies (SSBs).  
The main accounting statements required to be presented.  




The Board is established to:
These normally include statements of:


(1) Develop and promote the implementation of effective regulatory, supervisory and other financial sector policies, and
* Financial position (balance sheet).
* Comprehensive income (profit or loss).
* Changes in equity.
* Cash flows.


(2) Thereby promote international financial stability.  
 
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''.




The FSB consists chiefly of central banks, government departments and other national financial and monetary authorities, international standard setting bodies and other groupings.


== See also ==
== See also ==
* [[Standard Setting Body]]
* [[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

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