Statement of Comprehensive Income Mind Map

hannaholiviaalas
Mind Map by hannaholiviaalas, updated more than 1 year ago
hannaholiviaalas
Created by hannaholiviaalas over 6 years ago
129
0

Description

Mind map about Statement of Comprehensive Income

Resource summary

Statement of Comprehensive Income Mind Map
  1. IAS 1
    1. Presents all items of income and expense recognised in a period
      1. in a single statement of comprehensive income
        1. in 2 statements
          1. a statement displaying components of profit and loss
            1. a statement of other comprehensive income
          2. information required to be presented in the following
            1. Statement of comprehensive (IAS 1.82 -87)
              1. Profit or Loss (IAS 1.88)
                1. Other comprehensive income (IAS 1.90 - 96)
                  1. Further information required to be presented on the face or in the notes to the statement of Comprehensive Income (IAS 1.97)
                  2. Entities must choose between
                    1. Function of expense method
                      1. Nature of expense method
                      2. The change in a companies net assets from none owner sources over a period of time
                        1. It shows profits for the year,
                          1. A further statement (statement of Equity) shows how the profit has been distributed and provides a link to the statement of financial position
                          2. Does not have to detail every single overhead and expense
                            1. Tax enpense
                              1. Share of the profit & loss of associates
                                1. Finance Costs
                                  1. Revenue
                                    1. Other Comprehensive income
                                      1. i.e revaluation of the property
                                    Show full summary Hide full summary

                                    Similar

                                    Cash Management
                                    Sharon Yates
                                    The Frameworks
                                    Gemma Doney
                                    statement of cash flow - QUIZ
                                    kandiewhitehead
                                    What are the overall considerations of IAS 1?
                                    julie17kershaw
                                    Overall Considerations Quiz
                                    brio32
                                    AAT L4 External Audit
                                    Emma White
                                    Which reports make up a set financial statements?
                                    jglendinning8
                                    Conceptual Framework
                                    kelly whittingham
                                    Cost measurement
                                    shuma32
                                    Stament of Comprehensive Income
                                    Mark Platt
                                    Who are the main users of Financial Statements
                                    David McGuinness