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Unravelling the Profit and Loss Account and the Balance Sheet

Trevor Pijper

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Abstract

The ASB’s statement of the objective of financial statements requires them ‘to provide information about the financial position, performance and financial adaptability’ 1 of the reporting entity. To use more common terminology, financial statements have to include a balance sheet, a profit and loss account, a statement of total recognised gains and losses and a statement of cash flows, in addition to various note disclosures. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

About this research paper

What this paper is about

The ASB’s statement of the objective of financial statements requires them ‘to provide information about the financial position, performance and financial adaptability’ 1 of the reporting entity. To use more common terminology, financial statements have to include a balance sheet, a profit and loss account, a statement of total recognised gains and losses and a statement of cash flows, in addition to various note disclosures. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Available abstract

The ASB’s statement of the objective of financial statements requires them ‘to provide information about the financial position, performance and financial adaptability’ 1 of the reporting entity. To use more common terminology, financial statements have to include a balance sheet, a profit and loss account, a statement of total recognised gains and losses and a statement of cash flows, in addition to various note disclosures. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Key concepts: Balance sheet, Cash flow statement, Statement of changes in financial position, Income statement, Financial statement analysis, Financial statement, Terminology, Accounting

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