Elements of Financial Statements

Elements of Financial Statements

1. Statement of financial position, Balance sheet
--> Assets
--> Liabilities
--> Shareholders' equity

2. Statement of comprehensive income, Income statement
--> Revenue
--> Expenses

[U.S. GAAP]
Net income = revenue - expenses
Comprehensive income = net income + other comprehensive income

[IFRS]
Profit or loss = revenue - expenses
Comprehensive income = profit or loss + other comprehensive income

3. Statement of cash flows
--> Cash flows from operating activities
--> Cash flows from investing activities
--> Cash flows from financing activities

4. Statement of changes in equity, Statement of shareholder equity
--> Beginning balances of the components of shareholders' equity
--> Changes in the components of shareholders' equity
--> Ending balances of the components of shareholders' equity