A complete set of financial statements includes the following components:

  1. Balance sheet;
  2. Income statement;
  3. A statement of changes in equity showing either:
    1. All changes in equity; or
    2. Changes in equity other than those arising from capital transactions with owners and distributions to owners;
  4. A cash flows statement; and
  5. Notes, comprising a summary of significant accounting policies and explanatory notes.

Other Statements, Which are not part of financial statements but are annexed to the financial statements to explain the main features of entity’s financial performance and financial position and the principal uncertainties it faces?

  1. A financial review by the management
  2. Environmental reports
  3. Entity’s sources of funding and its targeted ratio of liabilities to equity; and
  4. Entity’s resources not recognized in the balance sheet in accordance with IFRS