Unravelling the Profit and Loss Account and the Balance Sheet
The ASB’s statement of the objective of financial statements requires them ‘to provide information about the financial position, performance and financial adaptability’1 of the reporting entity. To use more common terminology, financial statements have to include a balance sheet, a profit and loss account, a statement of total recognised gains and losses and a statement of cash flows, in addition to various note disclosures.
KeywordsExpense Volatility Plague
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- 5.Paterson, Ron (1990), ‘Primacy For The P&L Account’, Accountancy, August, p. 82.Google Scholar