3.5.1 Interpretation of financial statements

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Last updated 1:24 PM on 4/20/26
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4 Terms

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The statement of comprehensive income (SOCI)

Used to be profit and loss account. Has to be published once a year by Ltds and PLCs - how much profit or a loss was made during the year.

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What is included in the SOCI?

Sales revenue, cost of sales, gross profit, expenses, operating profit.

3
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The statement of financial position (SOFP)

Balance sheet - what a business owns and owes on one day of the year.

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What is included in the SOFP?

Current assets, non-current assets, current liabilities, non-current liabilities.