Reasons & objectives of financial reporting

[kamran_bsh]

yes acid,PTCL means the same as you said,this is for the sake of easy learning:-)

[Mukund]

Material information for all the users of financial statements

IAS 1 changes the titles of financial statements as they will be used in IFRSs:

'balance sheet' will become 'statement of financial position'
'income statement' will become 'statement of comprehensive income'
'cash flow statement' will become 'statement of cash flows'.