Primary statements

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.

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