Quantitative Business Analysis
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Under which accounting system will you find the Statement of Financial Position and the Statement of Comprehensive Income? In an essay of about 250 words, explain why these terms are becoming adopted.
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The solution writes a brief explanation for where you will find the Statement of Financial Position and the Statement of Comprehensive Income.
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The International Accounting Standard No. 1, Disclosure of Accounting Policies, specifically stated the different components of a complete set of financial statements which are the:
1. Statement of financial position (or balance sheet) at the end of the accounting period
2. Statement of comprehensive income for the accounting period which can be supplemented by an income statement and a statement of comprehensive income
3. Statement of changes in equity ...
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