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Sample income statementThe following income statement is a very brief example prepared in accordance with IFRS. It does not show all possible kinds of items appeared a firm, but it shows the most usual ones. Please note the difference between IFRS and US GAAP when interpreting the following sample income statements. Fitness Equipment Limited INCOME STATEMENTS (in millions) Year Ended March 31, 2009 2008 2007 ---------------------------------------------------------------------------------- Revenue $ 14,580.2 $ 11,900.4 $ 8,290.3 Cost of sales (6,740.2) (5,650.1) (4,524.2) ------------- ------------ ------------
------------- ------------ ------------ SGA expenses (3,624.6) (3,296.3) (3,034.0) ------------- ------------ ------------ Operating profit $ 4,215.4 $ 2,954.0 $ 732.1 ------------- ------------ ------------ Gains from disposal of fixed assets 46.3 - - Interest expense (119.7) (124.1) (142.8) ------------- ------------ ------------ Profit before tax 4,142.0 2,829.9 589.3 ------------- ------------ ------------ Income tax expense (1,656.8) (1,132.0) (235.7) ------------- ------------ ------------
DEXTERITY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In millions) Year Ended December 31, 2009 2008 2007 ---------------------------------------------------------------------------------------------- Revenue $ 36,525.9 $ 29,827.6 $ 21,186.8 Cost of sales (18,545.8) (15,858.8) (11,745.5) ----------- ----------- ------------
----------- ----------- ------------ Operating expenses: Selling, general and administrative expenses (4,142.1) (3,732.3) (3,498.6) Depreciation (602.4) (584.5) (562.3) Amortization (209.9) (141.9) (111.8) Impairment loss (17,997.1) — — ----------- ----------- ------------ Total operating expenses (22,951.5) (4,458.7) (4,172.7) ----------- ----------- ------------ Operating profit (or loss) $ (4,971.4) $ 9,510.1 $ 5,268.6 ----------- ----------- ------------ Interest income 25.3 11.7 12.0 Interest expense (718.9) (742.9) (799.1) ----------- ----------- ------------ Profit (or loss) from continuing operations before tax, share of profit (or loss) from Associates and non-controlling interest $ (5,665.0) $ 8,778.9 $ 4,481.5 ----------- ----------- ------------ Income tax expense (1,678.6) (3,510.5) (1,789.9) Profit (or loss) from associates, net of tax (20.8) 0.1 (37.3) Profit (or loss) from non-controlling interest, net of tax (5.1) (4.7) (3.3) ----------- ----------- ------------ Profit (or loss) from continuing operations $ (7,348.7) $ 5,263.8 $ 2,651.0 ----------- ----------- ------------ Profit (or loss) from discontinued operations,
----------- ----------- ------------ Profit (or loss) for the year $ (8,439.0) $ 4,461.4 $ 2,815.6 Bottom line"Bottom line" is the net income that is calculated after subtracting the expenses from revenue. Since this forms the last line of the income statement, it is informally called "bottom line." It is important to investors as it represents the profit for the year attributable to the shareholders. After revision to IAS 1 in 2003, the Standard is now using profit or loss for the year rather than net profit or loss or net income as the descriptive term for the bottom line of the income statement. Requirements of IFRSOn 6 September 2007, the International Accounting Standards Board issued a revised IAS 1: Presentation of Financial Statements, which is effective for annual periods beginning on or after 1 January 2009. A business entity adopting IFRS must include:
All non-owner changes in equity (i.e. comprehensive income ) shall be presented in either in the statement of comprehensive income (or in a separate income statement and a statement of comprehensive income). Components of comprehensive income may not be presented in the statement of changes in equity. Comprehensive income for a period includes profit or loss (net income) for that period and other comprehensive income recognised in that period. All items of income and expense recognised in a period must be included in profit or loss unless a Standard or an Interpretation requires otherwise. (IAS 1.88) Some IFRSs require or permit that some components to be excluded from profit or loss and instead to be included in other comprehensive income. (IAS 1.89) Items and disclosuresThe statement of comprehensive income should include: (IAS 1.82)
The following items must also be disclosed in the statement of comprehensive income as allocations for the period: (IAS 1.83)
No items may be presented in the statement of comprehensive income (or in the income statement, if separately presented) or in the notes as extraordinary items. Directory: forms forms -> Form a-122 File No. Retirement homes act, 2010 application under section 116 of the act forms -> Course overview forms -> Pre-matric scholarship for students belonging to the minority communities forms -> Cutting Greenhouse Gases Global warming forms -> Bowl game blarney: Why Sports Tourism Trumps Logic in the Quest for a true College Football Champion in the United States” Prepared for: Dr. Tom Hinch Reviewed by: Tim Enger 0845772 Due Date: December 10, 2005 Word Count: 6,677 forms -> Steven m. Glassman forms -> Teresa k. Blodgett forms -> Atlanta Falcons Internet Scavenger Hunt forms -> Registration information forms -> Chapter 8 seaman to admiral-21 (sta-21) program Download 7.78 Mb. Share with your friends:
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