1. Statement of Financial Position:
The Statement of Financial Position, also known as the balance sheet, provides a snapshot of a company's assets, liabilities, and equity at a specific point in time.
2. Statement of Comprehensive Income:
This statement includes not only the net profit or loss for the period but also other comprehensive income items, such as unrealized gains or losses on investments.
3. Statement of Changes in Equity:
It outlines the changes in a company's equity over a specific period, including transactions with shareholders and changes in accounting policies.
4. Statement of Cash Flows:
This statement details a company's cash inflows and outflows, categorized into operating, investing, and financing activities.
5. Accounting Policies:
Clear and consistent accounting policies ensure uniformity in financial reporting, and they should be disclosed to help users understand the basis for preparing financial statements.
6. Revenue Recognition:
Disclosure should explain how revenue is recognized, including the timing, amount, and conditions required for revenue recognition.
7. Property, Plant, and Equipment:
Information on the cost, depreciation methods, and useful lives of tangible assets should be disclosed.
8. Leases:
Details about lease agreements, such as lease terms, payment obligations, and significant leasing arrangements, should be disclosed.
9. Employee Benefits:
Disclosure should include information on employee benefits like pensions, post-employment benefits, and share-based payments.
10. Contingencies and Commitments:
Any significant legal or contractual obligations, along with their potential financial impact, should be disclosed.
