46) IFRS - Tell me if "Profit and Loss account" is now "Income Statement" then what is Balance sheet and other related terms under IFRS.

Saturday, April 10, 2010


Under IFRS, some terms are redefined as follows:
  • Profit and Loss Account = "Income Statement" or a "Statement of Comprehensive Income"
  • Balance Sheet = "Statement of Financial Position"
  • Cash Flow Statement = "Statement of Cash Flows"
  • Stock = "Inventory"
  • Debtors = "Receivables"
  • Creditors = "Payables"

Other than above IFRS also requires followings:
  • "Statement of Changes in Equity"
  • Components of comprehensive income may not be presented in the statement of changes in equity
  • Present all non-owner changes in equity (i.e., "Comprehensive income")
    - either in one statement of comprehensive income or
    - in two statements (a separate income statement and a statement of comprehensive income).


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