Our top Los Angeles Certified Public Accountants (CPAs) answer basic accounting questions:
The best CPAs in 90210 know that the concept of earnings is similar to net income in present practice. It includes almost all of what is in present net income for a period, and a statement of earnings based on it will be much like a present income statement. Present practice accepts a variety of terms for net income, and the Board anticipates that net income, profit, net loss, and other equivalent terms will continue to be used in financial statements as best practices. However, earnings is not exactly the same as present net income, and this Statement uses the term earnings in part to distinguish the concept from present net income.
Earnings does not include the cumulative effect of certain Los Angeles accounting adjustments of earlier periods that are recognized in the current period - in LA or elsewhere. The principal example that is included in present net income but excluded from earnings is the cumulative effect of a change in accounting principle but others may be identified in the future. Earnings is a measure of performance for a period and to the extent feasible excludes items that at extraneous to that period - items that belong primarily to other periods.
Since the parts of a financial statement may be more useful to decision makers than the whole, CPA best practices emphasizes usefulness of components, interrelationships, and different perspectives as well as usefulness, collectively and individually, of financial statements.
Earnings does not include the cumulative effect of certain Los Angeles accounting adjustments of earlier periods that are recognized in the current period - in LA or elsewhere. The principal example that is included in present net income but excluded from earnings is the cumulative effect of a change in accounting principle but others may be identified in the future. Earnings is a measure of performance for a period and to the extent feasible excludes items that at extraneous to that period - items that belong primarily to other periods.
Since the parts of a financial statement may be more useful to decision makers than the whole, CPA best practices emphasizes usefulness of components, interrelationships, and different perspectives as well as usefulness, collectively and individually, of financial statements.
What is a statement of earnings and comprehensive income? A best LA accountant explains:
Statements of earnings and comprehensive income together reflect the extent to which and the ways in which the equity of an entity increased or decreased from all sources other than transactions with owners during a period. Investors, creditors, managers, and others need information about the causes of changes in an entity's assets and liabilities - including results of its ongoing major or central operations, results of its incidental or peripheral transactions, and effects of other events and circumstances stemming from the environment that are are often partly or wholly beyond the control of the entity, even the best CPAs, and company management.
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