Primary statements: Difference between revisions
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These normally include statements of: | These normally include statements of: | ||
* Financial position. | * Financial position (balance sheet). | ||
* Comprehensive income. | * Comprehensive income (profit or loss). | ||
* Changes in equity. | * Changes in equity. | ||
* Cash flows. | * Cash flows. | ||
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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. | ||
Revision as of 13:01, 21 May 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 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.
