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Financial Statements


 
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The Context and Purpose of Financial Reporting

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Financial Statements

The financial statements are the documents that are provided to the users to help them understand the financial position and performance of the reporting entity.

The components of financial statements

A set of financial statements include:

the statement of financial position

this summarises the assets, liabilities and equity balances of the business at the end of the reporting period. This used to be referred to as a 'balance sheet.'

the statement of comprehensive income

this summarises the revenues earned and expenses incurred by the business throughout the whole of the reporting period. This used to be referred to as a 'profit and loss account.'

the statement of changes in equity

this summarises the movement in equity balances (share capital, share premium, revaluation reserve and retained earnings) from the beginning of the reporting period to the end.

the statement of cash flows

this summarises the cash physically paid and received throughout the reporting period.

the notes

these comprise the accounting policies disclosures and any other disclosures required to enable to the shareholders to make informed decisions about the business.

Created at 10/23/2012 12:37 PM  by System Account  (GMT) Greenwich Mean Time : Dublin, Edinburgh, Lisbon, London
Last modified at 12/17/2013 3:03 PM  by System Account  (GMT) Greenwich Mean Time : Dublin, Edinburgh, Lisbon, London

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ACCAPEDIA - Financial Statements