【学习笔记】c4 income statement and related info LO -understand the uses ...

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c4 income statement and related info
LO
-understand the uses and limitations of an income statement
-describe the content of the income statement
-prepare an income statement
-understand the reporting of accounting changes and errors
-prepare a retained earnings statement
-explain how to report other comprehensive income

usefulness of the income statement
-evaluate the past performance of the company
-provide a basis for predicting future performance
-help assess the risk or uncertainty of achieving future cash flows

limitations of the income statement
-companies omit items from the income statement that they cannot measure reliably
-income numbers are affected by the accounting methods employed
-income measurement involves judgment

format
elements
revenues/expenses/gains/losses

intermediate components
-operating section
-nonoperating section
-income tax
-discontinued operations
-noncontrolling interest
-earning per share

condensed income statements and supporting schedules

single-step income statements
only consist of two groupings revenues and expenses
primary advantage-simple presentation and the absence of any implication that one type of revenue or expense item has priority over another


current operating performance approach verses
modified all-inclusive concept
-unusual and infrequent gains and losses
-discontinued operations
-noncontrolling interest
-earnings per share

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关键词：Understand statement Statemen Related Statem