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Financial Statements

Rahul Shinde (13 Points)

05 June 2018

Distinguish Between Single Set Of Financial Statements & Complete Set Of Financial Statements ?

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Siddharth Goel (Chartered Accountant) (3026 Points)
Replied 05 June 2018

A complete set of financial statements comprises:

a statement of financial position as at the end of the period;
a statement of profit and loss
a Other Comprehensive Income for the period. Other comprehensive income is those items of income and expense that are not recognised in profit or loss in accordance with IFRS Standards.
a statement of changes in equity for the period;
a statement of cash flows for the period;
notes, comprising a summary of significant accounting policies and other explanatory information; and
a statement of financial position as at the beginning of the preceding comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements.

Whereas, a Single set of statement consists of all the above except that the entity presents a single combined statement of profit and loss and other comprehensive income.

Rahul Shinde (13 Points)
Replied 10 June 2018

what you mean by single combined statement of profit & loss ? #SiddharthGoel

Siddharth Goel (Chartered Accountant) (3026 Points)
Replied 10 June 2018

Its read as "A single combined statement of P&L and OCI (Other Comprehensive Income). So, in single set, there is only one statement which contains bothe P&L and OCI together.
And in Complete set, there are different statements for P&L and OCI respectively.

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