New format under Ind AS 118 aims to bring global consistency and clarity to financial reporting; implementation timeline hinges on NFRA and ministry approvals.

The profit and loss (P&L) statement is a financial statement that summarizes a company's revenues, costs, and expenses incurred during a specified period.

Learn how to read an income statement, break down revenue and expenses, and analyze a company’s profitability before investing.

A business bank statement tracks transactions, balances, and cash flow. Learn key components and tips for better financial management.

The World Bank today released the following statement on its climate finance accounting: “The World Bank Group is by far the largest provider of climate finance to developing countries. Last year, 44 ...

The Financial Accounting Standards Board released an update to clarify the interim effective date of its standard on disaggregation of income statement expenses for non-calendar year-end companies.

The Financial Accounting Standards Board published new rules Monday that will require public companies to break out more details related to certain expenses in tabular-style notes to financial ...

Previous research suggests that economy-wide poverty traps are rarely observed in the data. In this paper, we explore a related hypothesis: low-income countries rarely improve their position relative ...

Generally accepted accounting principles require companies to use the traditional income statement format for external reporting.

Each financial statement can show potential problems or areas of weakness that are not evident in the other statements. Take a look to learn more about the format of financial accounting statements.