Financial statements are the information are a set of following 5 components:
- Balance Sheet also called Statement of Financial Position;
- Profit & Loss Account also called Statement of Profit and Loss and Other Comprehensive Income;
- Statement of changes in equity;
- Cash flow statement; and
- Note to the financial statements
In non-profit and other small organizations, a much simple “Income and Expenditure Account” is used.
The exact format and level of details in these components may be different depending upon the type of entity and applicable reporting framework.