Difference between revisions of "Financial Statements"
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== Common Financial Statements == | == Common Financial Statements == | ||
| + | The precise composition (number, title and content of financial statements) is part of the [[Financial Reporting Standards]] under which an entity is [[Reporting]] its financial condition. A typical set includes: | ||
* The [[Balance Sheet]] or [[Statement of Financial Position]] offers a snapshot of a company's assets and liabilities at a given point in time. | * The [[Balance Sheet]] or [[Statement of Financial Position]] offers a snapshot of a company's assets and liabilities at a given point in time. | ||
Revision as of 15:00, 29 March 2021
Definition
Financial Statements is a collection of disclosures, typically by incorporated legal entities
Common Financial Statements
The precise composition (number, title and content of financial statements) is part of the Financial Reporting Standards under which an entity is Reporting its financial condition. A typical set includes:
- The Balance Sheet or Statement of Financial Position offers a snapshot of a company's assets and liabilities at a given point in time.
- The Income Statement or Profit and Loss Statement profit and loss report (P&L report)
- The Cash Flow Statement reports on an entity's Cash Flow
- The Statement of Comprehensive Income, or statement of revenue & expense
- The Statement of Changes in Equity or statement of equity, or statement of retained earnings
