The secret formula to get out of debt

What is the real secret formula to get out of debt? Actually there is no secret formula to be free from your creditors. There are just some basic financial formulas. But because most people often forget the basic things, those formulas were putted into oblivion. They are ignored and become secrets to people who subsequently [...]

What is a statement of cash flow? Financial definition

International Accounting Standard (IAS 7), issued by International Accounting Standards Board (IASB) states that the statement of cash flow analyzes changes in cash and cash equivalents during a period. Cash and cash equivalents comprise cash on hand and demand deposits, together with short-term, highly liquid investments that are readily convertible to a known amount of [...]

What is a statement of comprehensive income (income statement)?

The statement of comprehensive income illustrates the financial performance and results of operations of a particular company or entity for a period of time. It is one of the five basic components of a complete set of financial statements, the other four being the statement of financial position, statement of cash flows, statement of changes [...]

What is a statement of financial position (balance sheet)?

As amended by International Accounting Standard – IAS 1 (2007), issued by International Accounting Standards Board (IASB) on September 6, 2007, some terminologies in the preparation of financial statements are amended. These amendments include the change of the “balance sheet” term to “statement of financial position; “cash flow statement” to statement of cash flow” and [...]