Financial statements are prepared for a specified period of time
Comparative information
Financial statements also provide comparative information for at least one preceding reporting period to help users identify and assess changes and trends
Going concern assumption
Financial statements are normally prepared on the assumption that the reporting entity is a going concern and will continue in operation for the foreseeable future
Reporting entity
An entity that is required, or chooses, to prepare financial statements. A reporting entity can be a single entity or a portion of an entity or can comprise more than one entity
Consolidated financial statements
Provide information about the assets, liabilities, equity, income and expenses of both the parent and its subsidiaries as a single reporting entity
Unconsolidated financial statements
Provide information about the assets, liabilities, equity, income and expenses of both the parent and its subsidiaries as a single reporting entity
