Components or parts of financial statements

As per BAS-1:

Complete set of financial statements has following 5 components:

• Balance sheet; (financial position at a particular time); (list of asset & liability at a particular time)
• Income statement; (financial performance for a particular period); (income recognized and expense incurred for a particular period)
• Statement of changes in equity;
• Cash flow statement; and
• Notes to the financial statements.

From 1 January 2010, name of the components of financial statements has been revised as:

• Balance sheet                : Statement of financial position
• Income statement          : Statement of comprehensive income
• Cash flow statement       : Statement of cash flow

As per Companies Act 1994:

• Balance sheet
• Profit & loss account/ Income & expenditure account