Mandatory financial statements in the annual reports
Statement of Financial Position (Balance sheet), Notes on accounting policies and other explanatory notes, Statement of Comprehensive Income (Profit and Loss statement), Statement of Changes in Equity, Statement of Cash flow
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Other name for the Statement of Financial position
Balance Sheet
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Other name for the Statement of Comprehensive income
Profit and loss statement, income statement
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Statement of Comprehensive income (P&L) summary
Losses/gains that do and don’t have cash transactions (such as depreciation), shows the flow during the year
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IAS 1
Prescribes the formats of the financial statements, but not the businesses that must prepare them
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Features of the Consolidated (Group financial statements)
Exclude all internal transactions, aggregation of individual financial statements, companies could be in different countries and different legal entitities\`
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2 dimensions of the balance sheet
The economic resources that are controlled, where the finances come from
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Liability definition
Present (at the balance sheet date) responsibility obligating the company to act or perform in a certain way towards a 3rd party
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Liability 3 bullet point definition
* Arising from an obligating event in the past * Leading to a transfer of economic resources * No practical ability to avoid the transfer