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[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section admin_label=”Section” fullwidth=”off” specialty=”off”][et_pb_row admin_label=”Row”][et_pb_column type=”1_2″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”center” text_font_size=”14″ use_border_color=”off” border_color=”#ffffff” border_style=”solid”] [button link=”http://www.frs102.com/members/premium-toolkit/” type=”big” color=”red”] Return to Main Index[/button] [/et_pb_text][/et_pb_column][et_pb_column type=”1_2″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”center” text_font_size=”14″ use_border_color=”off” border_color=”#ffffff” border_style=”solid”] [button link=”https://uk.frs102.com/members/premium-toolkit/section-3/” type=”big” color=”red”] Return to Section 3 Home[/button] [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section admin_label=”Section” fullwidth=”off” specialty=”off” transparent_background=”off” allow_player_pause=”off” inner_shadow=”off” parallax=”off” parallax_method=”off” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” make_equal=”off” use_custom_gutter=”off” gutter_width=”3″][et_pb_row admin_label=”Row”][et_pb_column type=”4_4″][et_pb_text admin_label=”Main Body Text” background_layout=”light” text_orientation=”justified” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]Complete set of financial statements
Extract from FRS102: Section 3.17-3.22
3.17 A complete set of financial statements of an entity shall include all of the following:
(a) a statement of financial position as at the reporting date;
(b) either:
(i) a single statement of comprehensive income for the reporting period displaying all items of income and expense recognised during the period including those items recognised in determining profit or loss (which is a subtotal in the statement of comprehensive income) and items of other comprehensive income;or
(ii) a separate income statement and a separate statement of comprehensive income. If an entity chooses to present both an income statement and a statement of comprehensive income, the statement of comprehensive income begins with profit or loss and then displays the items of other comprehensive income;
(c) a statement of changes in equity for the reporting period;
(d) a statement of cash flows for the reporting period; and
(e) notes, comprising a summary of significant accounting policies and other explanatory information.
3.18 If the only changes to equity during the periods for which financial statements are presented arise from profit or loss, payment of dividends, corrections of prior period errors, and changes in accounting policy, the entity may present a single statement of income and retained earnings in place of the statement of comprehensive income and statement of changes in equity (see paragraph 6.4).
3.19 If an entity has no items of other comprehensive income in any of the periods for which financial statements are presented, it may present only an income statement, or it may present a statement of comprehensive income in which the ‘bottom line’ is labeled ‘profit or loss’.
3.20 Because paragraph 3.14 requires comparative amounts in respect of the previous period for all amounts presented in the financial statements, a complete set of financial statements means that an entity shall present, as a minimum, two of each of the required financial statements and related notes.
3.21 In a complete set of financial statements, an entity shall present each financial statement with equal prominence.
3.22 An entity may use titles for the financial statements other than those used in this FRS as long as they are not misleading.
OmniPro comment
The two methods mentioned above in relation to the Statement of Comprehensive Income have been illustrated in Section 5. Please refer to that section for an example of each type.
An example of the statement of financial position has been included in Section 4 of this website. Please refer to that section for an example of same.
An example of the statement of changes in equity has been included in Section 6 of this website. Please refer to that section for an example of same. Section 6 also provides an example of the way in which the statement of income and retained earnings should be shown.
Section 3.22 makes it clear that entities can name the primary statements under the companies Act language as shown below.
Income statement= profit and loss account
Statement of financial position = balance sheet
An entity cannot bold one years results over another, both years must be shown consistently.
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