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Sankey Diagram - Income Statement (by Adrián Chiogna) An income statement or profit and loss account [1] (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) [2] is one of the financial statements of a company and ...
Comprehensive income is the sum of net income and other items that must bypass the income statement because they have not been realized, including items like an unrealized holding gain or loss from available for sale securities and foreign currency translation gains or losses. These items are not part of net income, yet are important enough to ...
a statement of comprehensive income. This may be presented as a single statement or with a separate statement of profit and loss and a statement of other comprehensive income; a statement of changes in equity; a statement of cash flows; notes, including a summary of the significant accounting policies.
The government financial statements usually include a statement of activities (similar to an income statement in the private sector), a balance sheet and often some type of reconciliation. Cash flow statements are often included to show the sources of the revenue and the destination of the expenses.
A comparative graph of Revenue and Tax Effort from 2001 to 2010 [3] A comparative graph of Tax and Non-Tax Revenue contribution from 2001 to 2010 [4]. The Philippine government generates revenues mainly through personal and income tax collection, but a small portion of non-tax revenue is also collected through fees and licenses, privatization proceeds and income from other government ...
total comprehensive income; owners' investments; dividends; owners' withdrawals of capital; treasury share transactions; They can omit the statement of changes in equity if the entity has no owner investments or withdrawals other than dividends, and elects to present a combined statement of comprehensive income and retained earnings.
As explained in the Journal of Accountancy, [1] under Statement on Auditing Standards (United States) No. 62, Special Reports, an OCBOA is any one of: A statutory basis of accounting (for example, a basis of accounting that insurance companies use under the rules of a state insurance commission). Income-tax-basis financial statements.
This statement expands the traditional income statement beyond earnings to include OCI in order to present comprehensive income. Under the revised IAS 1, all non-owner changes in equity (comprehensive income) must be presented either in one Statement of comprehensive income or in two statements (a separate income statement and a statement of ...