Financial statements

Simply put

A complete set of financial statements under international standards consists of: the statement of financial position, the income statement (or comprehensive income), the statement of changes in equity, the statement of cash flows, and then the notes.

The Kingdom applies the international standards endorsed by the Saudi Organization for Chartered and Professional Accountants (SOCPA), and the statements are prepared from the trial balance after adjusting and closing entries.

Example

At year end the accountant of a trading business extracts the trial balance after adjustments, builds the income statement and then the financial position from it, adds the cash flows, the changes in equity and the notes, and then hands them to the external auditor.

Don't confuse it with