Under TFRS, a complete set of financial statements consists of the statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, the statement of cash flows and the notes.
Management is responsible for preparing the financial statements, and the independent auditor for auditing them.
Related terms
Statement of financial positionThe statement showing an entity's assets, liabilities and equity at a specific date; also known as the balance sheet.Statement of profit or lossThe statement showing an entity's revenue and expenses for a period and the resulting profit or loss.Statement of cash flowsThe statement showing an entity's cash inflows and outflows for a period, classified into operating, investing and financing activities.Notes to the financial statementsDisclosures that explain the amounts in the financial statements, set out accounting policies and additional information, and form an integral part of the statements.Accounting policiesThe specific principles, bases, conventions, rules and practices an entity applies in preparing its financial statements.Amortised costThe amount at which a financial asset or liability is measured at initial recognition, minus principal repayments, plus cumulative amortisation calculated using the effective interest method.
Last updated: October 22, 2026 · This definition is for general information only.