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Financial Statements

As per schedule under companies’ ordinance 1984, a listed company is required to provide the following financial statements. tement of financial position/balance sheet

2. Profit and loss account /income statement

3. Statement of changes in equity

4. Cash flow statement

Financial statement is the presentation financial position, financial performance, equity changes and liquidity performance. Each statement has a different objective. Statement of financial position describes financial performance of the business. It shows the financial position of a business by detailing the source of funds and utilization of funds. It has two parts;

1. Assets

2. Liabilities

Income statement is a presentation of operation of the business. It includes expenses and revenues. Income statement shows the result of operating for a period of time. It is usually called operating statement (OS) or the statement of operations. It shows how well the organization is performing its operations.

Statement of changes in equity describes increase or decrease in equity of the business. Whereas cash flow statement describes liquidity position of the company /business. Cash flow Statement is analysis of evaluating the effectiveness with which entity has managed working capital. It expresses how much cash flows business is generating from its all operating, all investing and all financing activities.