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Wiley Interpretation and Application of IFRS Standards
book

Wiley Interpretation and Application of IFRS Standards

by PKF International Ltd
May 2018
Intermediate to advanced content levelIntermediate to advanced
1016 pages
38h 56m
English
Wiley
Content preview from Wiley Interpretation and Application of IFRS Standards

5Statements of Profit or Loss and Other Comprehensive Income, and Changes in Equity

  1. Introduction
  2. Future Developments
  3. Scope
  4. Definitions of Terms
    1. Elements of Financial Statements
    2. Other Terminology
  5. Concepts of Income
  6. Recognition and Measurement
      1. Income
      2. Expenses
      3. Gains and losses
  7. Statement of Profit or Loss and Other Comprehensive Income
  8. Presentation in the Profit or Loss Section
      1. Statement Title
      2. Reporting Period
      3. Comparative Information
      4. Classification of Expenses
      5. Aggregating items
      6. Offsetting Items of Revenue and Expense
  9. Other Comprehensive Income
    1. Reclassification Adjustments: An Example
  10. Statement of Changes in Equity
  11. US GAAP Comparison

Introduction

The IASB's conceptual framework emphasises 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 judgements about the effectiveness with which the entity might employ additional resources. For a period of time from mid-2004, the IASB and the FASB collaboratively pursued projects on Financial Statement Presentation (originally entitled Performance Reporting), which 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 was bifurcated. The first phase of the project addressed what constituted a complete set of financial statements and a requirement to present comparative ...

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Publisher Resources

ISBN: 9781119461500