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Four types of financial statements
1. Statement of financial position
2. Statement of comprehensive income
3. Statement of changes in equity
4. Statement of cash flows
Statement of financial position
Reports the position of the entity at a specific point in time.
Assets = liabilities + shareholder's equity
Statement of comprehensive income
Reports the change in shareholder's equity during a period from business activities, excluding exchanges with shareholders.
Revenues - expenses =
Net earnings + Other Comprehensive Income =
Comprehensive Income
Statement of changes in equity
Reports all changes to shareholder's equity during the accounting period.
Equity (beginning of the period)
+ Net earnings for the years
+ Other comprehensive income
- Dividends
+/- Other changes =
Equity, end of the period
Statement of cash flows
Reports cash inflows and outflows that are related to operating, investing, and financing activities during the accounting period.
+/- Cash flows from operating activities
+/- Cash flows from investing activities
+/- Cash flows from financing activities
= Change in Cash
Basic accounting equation
Assets = Liabilities + Shareholder's Equity
IFRA
International Financial Reporting Standards are guidelines for the measurement rules used to develop the information in financial statements.
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