Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 30 views

    Statement of Comprehensive Income

    Uploaded by

    Kent Raysil Pamaong
    This document defines key accounting concepts and financial statement elements. It discusses the components of comprehensive income, including profit or loss and other comprehensive income. Other comprehensive income contains items that may or may not be reclassified to profit or loss in the future. The document also covers accounting changes, estimates, and the classification of items that can and cannot be recycled to profit or loss.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Statement of Comprehensive Income

    Uploaded by

    Kent Raysil Pamaong
    30 views1 page
    This document defines key accounting concepts and financial statement elements. It discusses the components of comprehensive income, including profit or loss and other comprehensive income. Other comprehensive income contains items that may or may not be reclassified to profit or loss in the future. The document also covers accounting changes, estimates, and the classification of items that can and cannot be recycled to profit or loss.

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document defines key accounting concepts and financial statement elements. It discusses the components of comprehensive income, including profit or loss and other comprehensive income. Other comprehensive income contains items that may or may not be reclassified to profit or loss in the future. The document also covers accounting changes, estimates, and the classification of items that can and cannot be recycled to profit or loss.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    30 views1 page

    Statement of Comprehensive Income

    Uploaded by

    Kent Raysil Pamaong
    This document defines key accounting concepts and financial statement elements. It discusses the components of comprehensive income, including profit or loss and other comprehensive income. Other comprehensive income contains items that may or may not be reclassified to profit or loss in the future. The document also covers accounting changes, estimates, and the classification of items that can and cannot be recycled to profit or loss.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    STATEMENT OF COMPREHENSIVE INCOME 3.

    Unrealized gain or loss of derivative contracts designated


     Reflects the company’s true income or financial as a cash flow hedge
    performance during a specific time period
    Comprehensive income: change in equity during a period OCI THAT MAY NOT BE RECYCLE TO P/L
    resulting from transactions and other events, other than those (RECYCLED TO RE)
    changes from transactions with owners in their capacity as 1. Change in FV of an equity investment measured at
    owners FVOCI
    1. Components of profit or loss – total of income less 2. Net remeasurement gain or loss on defined benefit plans
    expenses excluding components of OCI 3. Gain or loss on credit risk of a financial liability
    2. Components of other comprehensive income – items designated at FVPL (fair value option)
    of income and expenses including reclassification 4. Revaluation surplus during the year
    adjustments that are not recognized in P/L
    a. May be reclassified to P/L ACCOUNTING CHANGES
    b. May not be reclassified to P/L thus recycled to ACCOUNTING POLICY: arises when an entity adopts a
    RE GAAP which is different from the one previously used by the
    entity
    FUNCTIONAL PRESENTATION 1. Principles, bases, conventions, rules and practices applied
    Net Sales xx in preparing and presenting the FS
    Cost of goods sold (xx) 2. Change in accounting policy
    Gross Profit xx a. Required by PFRS
    Investment income xx b. If there is no requirement by PFRS, the change
    Other income xx will result more relevant and faithfully
    Total income xx represented information (voluntary change)
    Selling expense (xx) 3. Reporting change in accounting policy
    Administrative expense (xx) a. Transitional provisions
    Finance cost (xx) b. If no transitional provisions, apply
    Other expense (xx) retrospectively
    Income before tax xx i. If retrospectively, restate the FS of prior
    Income tax expense (xx) periods
    Income from continuing operations xx
    Income from discontinued operation xx ACCOUNTING ESTIMATE: an adjustment of the CA of an
    Net Income xx asset or liability or the amount of the periodic consumption of
    Other comprehensive income an asset, that results from the assessment of the present status
    May be reclassified to P/L xx of, and expected future benefits and obligations associated
    May not be reclassified to P/L xx xx with assets and liabilities
    Total comprehensive income xx 1. Change in accounting estimate
    a. Normal recurring correction or adjustment to an
    NATURAL PRESENTATION asset or liability
    Net sales xx b. New information or new development
    Other income xx 2. Reporting change in accounting estimate
    Investment income xx a. Currently and prospectively by including in P/L
    Total Income xx i. Period of change only
    Purchase of inventory (xx) ii. Period of change and future periods
    Increase in inventory xx
    Decrease in inventory (xx)
    Depreciation (xx)
    Doubtful accounts (xx)
    Salaries expense (xx)
    Finance cost (xx)
    Income before tax xx
    Income tax expense (xx)
    Income from continuing operations xx
    Income from discontinued operation xx
    Net income xx
    Other comprehensive income
    May be reclassified to P/L xx
    May not be reclassified to P/L xx xx
    Total comprehensive income xx
    OCI THAT MAY BE RECYCLED TO P/L
    1. Change in FV of a debt investment measured at FVOCI
    2. Gain or loss on translating the FS of a foreign operation

    You might also like