Financial & Managerial Accounting
Instructor: Alexis Kythreotis

Financial statements according to IFRS:
1.Balance sheet/Statement of financial position …A list of all assets owned , all liabilities owed by a business and Owners’ equity, as at a particular date. Basically, it is a snapshot of the financial position of the business at a particular moment (it does not cover a period). …An asset is something valuable which a business owns or can use. According to IFRS/IAS an asset is a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity. …A liability is something which is owed to somebody else. According to IAS/IFRS a liability is a present obligation to the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.

Financial statements according to IFRS (continue):
2.Income statement …An Income statement is a record of income generated and expenditure incurred (irrelevant to cash payment or cash received) over a given period (and not as at a particular date like the statement of financial position).

3.Comprehensive Income statement … Comprehensive income is the sum of net income and other items that must bypass the income statement because they have not been realized, including items like an unrealized holding gain or loss from available for sale securities and foreign currency translation gains or losses.
* Income statement and comprehensive income statement can be merged in one statement

Financial statements according to IFRS (continue):
4. Statement of changes equity …A statement which provides to the users information regarding changes in equity. 5. Cash flow statement …The cash flow statement is concerned with the flow of cash in and cash out of the business. Moreover it