Income Statement Of Kingfisher
Kingfisher shows its all the financial information in relevant sections of statements and follows the IFRS standard for full disclosure of assets and liabilities and fair value measurement. If it will show a booming profit through designing the accounts by their own wish or if it will focus more on the company’s short term profit and give less focus or a partial projection on the company’s heavy liabilities, then the statements of kingfisher will fail to give a faithful representation of information. That information is not to be called useful for any kind of users.
Some more qualitative characteristics are able to enhance the usefulness of information that is relevant and faithfully represented. This includes, Comparability, Verifiability, Timeliness and Understandability.
If the information can be compared with the similar information about other entity or same entity for another period, then it will be useful. The information of kingfisher financial statement is useful, because it follows the same accounting principles over times consistently. For example, it uses the Straight Line method for depreciation and follows same method for every year. So that it does not affect the profit to go up in one year or down in