Category: Fundamentals of Financial Reporting

What is a Cash Flow Statement? A Cash Flow Statement (CFS) is a financial statement that provides a summary of a company’s cash inflows and outflows over a specific period. It categorizes cash [Read More...]

Elements of the Income Statement The Income Statement is a fundamental component of financial reporting, summarizing an entity’s financial performance over a specific period. Its main elements [Read More...]

The Income Statement, officially referred to as the Statement of Profit or Loss and Other Comprehensive Income under International Financial Reporting Standards (IFRS), is a vital financial report [Read More...]

Here’s a detailed explanation of Equity items on the Balance Sheet as per IFRS: What is Equity? Equity represents the residual interest in an entity's assets after deducting liabilities. It [Read More...]

Here’s a detailed explanation of Liabilities items on the Balance Sheet as per IFRS: Current Liabilities Current Liabilities are obligations the entity expects to settle within one year or the [Read More...]

Here’s a detailed explanation of all Assets items on the Balance Sheet as per IFRS: Current Assets Current Assets are expected to be realized, sold, or consumed within one year or the operating [Read More...]

The Balance Sheet, also known as the Statement of Financial Position, is a financial statement that provides a snapshot of an entity's financial position at a specific point in time. It is structured [Read More...]

Book-Keeping Book-keeping is the systematic recording of financial transactions. It involves recording daily business activities such as sales, purchases, expenses, and receipts. The primary purpose [Read More...]

Here's a brief overview of all key IFRS Standards: IFRS 1: First-time Adoption of IFRS Provides guidelines for entities adopting IFRS for the first time to ensure transparent and comparable financial [Read More...]

Financial statements are formal records of a company’s financial activities, providing insights into its financial position, performance, and cash flows. They are essential for stakeholders like [Read More...]