46) IFRS - Tell me if "Profit and Loss account" is now "Income Statement" then what is Balance sheet and other related terms under IFRS.
Saturday, April 10, 2010Hint:
Under IFRS, some terms are redefined as follows:
- Profit and Loss Account = "Income Statement" or a "Statement of Comprehensive Income"
- Balance Sheet = "Statement of Financial Position"
- Cash Flow Statement = "Statement of Cash Flows"
- Stock = "Inventory"
- Debtors = "Receivables"
- Creditors = "Payables"
Other than above IFRS also requires followings:
- "Statement of Changes in Equity"
- Components of comprehensive income may not be presented in the statement of changes in equity
- Present all non-owner changes in equity (i.e., "Comprehensive income")
- either in one statement of comprehensive income or
- in two statements (a separate income statement and a statement of comprehensive income).
Theme -
IFRS,
Technical Interview Question
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