Primary statements and Sanctions: Difference between pages

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''Financial reporting''.
1.  ''International trade.''


In financial reporting, primary statements are the main accounting statements required to be presented.  
In the context of international trade, economic sanctions are government regulations which prohibit trade with specified countries or prohibit the trading of particular goods (usually military in nature) with specified countries.




These normally include statements of:
2.  ''International relations.''


* Financial position (balance sheet).
Sanctions may also impose tariffs, other economic disadvantages or sporting or cultural restrictions on a specified country, with the aim of exerting political pressure on its government.
* Comprehensive income (profit or loss).
* Changes in equity.
* Cash flows.




The primary statements are supported by ''notes'' providing additional and more detailed financial information.
3.  ''Law - international law.''


More broadly, a sanction can be any legally imposed penalty, punishment, or the threat of one.


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.


 
== See also ==
====Comprehensive income and profit or loss====
* [[Blocking Regulation]]
 
* [[Boycott]]
Comprehensive income includes both:
* [[Geopolitical risk]]
 
* [[International law]]
*Profit or loss for the period; and
* [[International trade]]
 
* [[Law]]
*Other comprehensive income for the period.
* [[OFAC]]
 
* [[OFSI]]
 
* [[Quota]]
Many entities report their profit or loss and other comprehensive income in two separate statements.
* [[Sanction]]
 
* [[Sanctions screening]]
In these cases, there are FIVE primary financial statements: cash flows, changes in equity, comprehensive income, financial position, and profit or loss.
* [[Side pocket]]
 
* [[Tariff]]
 
The statement of profit or loss is also known as the ''income statement''.




 
== Other ACT resources==
== See also ==
*[https://www.treasurers.org/hub/technical/russia-ukraine Russia-Ukraine crisis - resources for treasurers - sanctions lists]
* [[Entity]]
* [[FVTOCI]]
* [[FVTPL]]
* [[IAS 1]]
* [[Income statement]]
* [[International Accounting Standards]]
* [[Notes]]
* [[Primary financial statements]] (IAS)
* [[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]]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Accounting,_tax_and_regulation]]

Revision as of 21:51, 13 April 2022

1. International trade.

In the context of international trade, economic sanctions are government regulations which prohibit trade with specified countries or prohibit the trading of particular goods (usually military in nature) with specified countries.


2. International relations.

Sanctions may also impose tariffs, other economic disadvantages or sporting or cultural restrictions on a specified country, with the aim of exerting political pressure on its government.


3. Law - international law.

More broadly, a sanction can be any legally imposed penalty, punishment, or the threat of one.


See also


Other ACT resources

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