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
