Chapter 5STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME, AND CHANGES IN EQUITY
- INTRODUCTION
- AMENDMENTS EFFECTIVE DURING 2011
- SCOPE
- DEFINITIONS OF TERMS
- CONCEPTS OF INCOME
- RECOGNITION AND MEASUREMENT
- STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
- PRESENTATION IN THE PROFIT OR LOSS SECTION
- OTHER COMPREHENSIVE INCOME
- STATEMENT OF CHANGES IN EQUITY
- US GAAP COMPARISON
INTRODUCTION
The IASB's conceptual framework emphasizes the importance of information about the performance of an entity, which is useful to assess potential changes in the economic resources that are likely to be controlled in the future, predict future cash flows, and form judgments about the effectiveness with which the entity might employ additional resources. Since mid-2004, the IASB and the FASB have been collaboratively pursuing projects on Financial Statement Presentation (originally entitled Performance Reporting), which has resulted in fundamental changes to the format and content of what is commonly referred to as the income statement (or the profit or loss account). This joint effort has been bifurcated. The first phase of the project addressed what constitutes a complete set of financial statements and a requirement to present ...
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