Name: Statement of Income / Comprehensive Income - IFRS - Intermediate Accounting I
Uploaded: 2017-06-23T14:10:09.000Z
Duration: 15 min 39 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

And today, we're talking about the statement

of income, comprehensive income under IFRS.

I have already produced a series of videos

where I introduce students to all the financial statements

using IFRS, but at the introductory accounting level.

comprehensive income for intermediate accounting.

with regards to the format of financial statements.

Because the objective of financial reporting

is to provide financial information which

generally decisions that investors, lenders,

They're called capital providers for a reason.

may not be the same as the information a bank

That's why IFRS allows a lot of freedom with regard

to the format of the financial statements.

Different industries need to show different things

to be useful to their stakeholders, their decision

Having said that, IFRS does not allow total freedom.

To ensure a minimum level of information for all businesses,

IFRS has some basic presentation requirements.

Let's go through the listing of basic items

that need to be presented on the statement of income,

Second, costs incurred for financing the business.

Third, profit or loss from associates or joint ventures

Fifth, discontinued operations, net of income taxes.

Six, profit or loss, also called net income or net loss.

Seven, earnings per share for continuing and discontinuing

Eight, other comprehensive income with details.

get a better idea of what each of these line items requires.

First, revenues are likely the most important number

is the key to a business's performance, which is what

For example, income from selling products

must be separated from interest income and income

Each category of revenue, if it's material,

must be reported separately, either on the face

On the face of the financial statement means

it is placed on the actual financial statement,

broken down line by line item and providing a total.

However, in some cases, it is impossible to provide

That problem is solved by providing a condensed statement

and then providing supplementary schedules in the notes

These schedules in the notes support the total

This can reduce the statement to just a few lines

must pay attention to the supporting schedules,

their growth and expansion and their day-to-day operations?

and it will absolutely affect the assessment

This is with regards to providing the business

Third is the profit or loss from investments which are accounted

Subtitles ListPlay Video

Statement of Income / Comprehensive Income - IFRS - Intermediate Accounting I

specific

significant

concept

associate