What are the elements of the statement of comprehensive income?

The statement of comprehensive income reports the net equity of a business enterprise over a given period. The financial statement includes two key parts: the income statement, which outlines the net income, and other comprehensive income, which incorporates the items excluded from the income statement.

What is the purpose of the 3 major financial statements?

The balance sheet, income statement, and cash flow statement each offer unique details with information that is all interconnected. Together the three statements give a comprehensive portrayal of the company's operating activities.

What is the meaning of Lkas?

Sri Lanka Financial Reporting. Standards (SLFRS/LKAS)

What is the objective of financial statements as per Lkas 01?

The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity to wide range of users in making economic decisions.

What is the objective of financial statements as per Lkas 01?

The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity to wide range of users in making economic decisions.

What is the meaning of Lkas?

Sri Lanka Financial Reporting. Standards (SLFRS/LKAS)

What is the purpose of financial statements as per Lkas?

General purpose financial statements (referred to as 'financial statements') are those intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information needs.

What is the objective of a financial statement?

"The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions." Financial statements should be understandable, relevant, reliable and comparable.

What are the 3 primary financial statements?

They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders' equity. Balance sheets show what a company owns and what it owes at a fixed point in time. Income statements show how much money a company made and spent over a period of time.

What are the two main parts of total comprehensive income according to the Lkas 1?

Total comprehensive income is the change in equity during a period resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners. Total comprehensive income comprises all components of 'profit or loss' and of 'other comprehensive income'.

Get Lkas 1

Q: What is the purpose of financial statements as per Lkas?

General purpose financial statements (referred to as &#039;financial statements&#039;) are those intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information needs.

Q: What is the objective of a financial statement?

&quot;The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions.&quot; Financial statements should be understandable, relevant, reliable and comparable.

Ph 93A of LKAS 19 Employee Benefits; (c) gains and losses arising from translating the financial statements of a foreign operation (see LKAS 21 The Effects of Changes in Foreign Exchange Rates); (d) gains and losses on remeasuring available-for-sale financial assets (see LKAS 39 Financial Instruments: Recognition and Measurement); -300- LKAS 1 (e) the effective portion of gains and losses on hedging instruments in a cash flow hedge (see LKAS 39). Owners are holders of instruments classi.

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