Full Set of Financial Statements

The amount and variety of information that financial reporting should provide about an entity require several financial statements. A full set of financial statements for a period should show:

• Financial position at the end of the period
• Earnings (net income) for the period
• Comprehensive income (total non-owner changes in equity) for the period
• Cash flows during the period
• Investments by and distributions to owners during the period

Information about earnings, comprehensive income, cash flows, and transactions with owners have in common that they are different kinds of information about the effects of transactions and other events and circumstances that change assets and liabilities during a period.

This statement is not considered detail of displaying those different kinds of information and does not include the possibility that some entities might choose to combine so that information in a single statement. Present practice, for example, a reconciliation of beginning and ending balances of retained earnings is sometimes appended to an income statement.