imported>Doug Williamson |
imported>Doug Williamson |
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| ''Financial reporting''.
| | A model of a financial or other process, especially one containing random components. |
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| In financial reporting, primary statements are the main accounting statements required to be presented.
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| These normally include statements of:
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| * Financial position (balance sheet).
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| * Comprehensive income (profit or loss).
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| * Changes in equity.
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| * Cash flows.
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| The primary statements are supported by ''notes'' providing additional and more detailed financial information.
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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.
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| ====Comprehensive income and profit or loss====
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| Comprehensive income includes both:
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| *Profit or loss for the period; and
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| *Other comprehensive income for the period.
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| Many entities report their profit or loss and other comprehensive income in two separate statements.
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| In these cases, there are FIVE primary financial statements: cash flows, changes in equity, comprehensive income, financial position, and profit or loss.
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| The statement of profit or loss is also known as the ''income statement''.
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| == See also == | | == See also == |
| * [[Entity]] | | * [[Financial model]] |
| * [[FVTOCI]] | | * [[Stochastic]] |
| * [[FVTPL]]
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| * [[IAS 1]]
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| * [[Income statement]]
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| * [[International Accounting Standards]]
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| * [[Notes]]
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| * [[Primary financial statements]] (IAS)
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| * [[Statement of cash flows]]
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| * [[Statement of changes in equity]]
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| * [[Statement of comprehensive income]]
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| * [[Statement of financial position]]
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| * [[Statement of profit or loss and other comprehensive income]]
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| [[Category:Accounting,_tax_and_regulation]] | | [[Category:The_business_context]] |
