Archive / 4.4 Income Statement

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Operating and non-operating items

Often times you hear people talk about operating and non-operating items on the income statement. As it is, those can be defined and separate in various ways, but the principles in doing so remain the same.  (more…)

Extraordinary versus ordinary

There are sometimes terms as ‘extraordinary’ and ‘ordinary’ used in accounting frameworks. Let us define them both and the difference between them.  (more…)

Income statement defined

I get sometimes asked what the entity’s results are. ‘Results’ can be defined in two ways – financial position (e.g. entity’s balances at a certain date) and performance (revenues and expenses for a defined period). Whilst the balance sheet is something we’ll discuss separately, with this I would like to explain the income statement a […]

Continuing operations

What is usually stated, is the fact that a company ‘operates’ in specific field of industry. On the IFRS Income Statement the results of such activities are reflected under ‘continuing operations’. This is to simplify things however. The phrase ‘continuing operations’ means a bit more. As you may guess, the stress is on the word […]

IFRS Income Statement Template – Revenue

IFRS Income Statement Template, an example income statement prepared under IFRS reporting guidelines includes a line called “Revenue”. What it is and how is this disclosed on the income statement? What are the relevant notes that are required by IFRS? With this post I’ll try to answer to those questions. (more…)

IFRS Income Statement Template – What it is?

IFRS Income Statement Template is an example income statement prepared under IFRS reporting guidelines. First off however you may be interested to know what an income statement essentially refers to and what exactly is presented in one. Just for a side note, IFRS is a reporting framework applied globally and most local GAAPs are more […]