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The purpose of the statement of profit or loss and other comprehensive income (PLOCI) is to show an entity’s financial performance in a way that is useful to a wide range of users. The statement should be classified and aggregated in a manner that makes it understandable and comparable.
Mar 29, 2022 · Certified and compiled statements contain very similar information about a company's financial status. A compiled financial statement will include figures on income, expenses, cash...
Jun 18, 2024 · Comprehensive income is the sum of a company's net income, as recorded on the income statement, and unrealized income (or "other comprehensive income") that is not included on an...
- Will Kenton
- 1 min
The financial statements (usually income statement, balance sheet, and cash flow statement) prepared by an external accountant based on the amounts or accounting data provided by the client business entity are called compiled financial statements.
Definition: Comprehensive income is the net change in equity for a period not including any owner contributions or distributions. In other words, it includes all revenues, gains, expenses, and losses incurred during a period as well as unrealized gains and losses during an accounting period.
Feb 2, 2023 · The statement of comprehensive income is a tool to provide a more comprehensive and complete picture of a company’s performance financially than the income statement. The shareholders can see the full range of factors impacting the company’s financial performance. Other Comprehensive Income.
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Definition: Compiled financial statements represent a set of financial reports meticulously organized by a certified public accountant (CPA) based on information provided by a company's management.
