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

Hint:

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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