What Are Financial Statements?

A complete set of financial statements comprises:

• A statement of financial position as at the end of the period;
• A statement of comprehensive income for the period;
• A statement of changes in equity for the period;
• A statement of cash flows for the period;
• notes, comprising a summary of significant accounting policies and other explanatory information; and
• A statement of financial position as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements.