Tuesday, May 15, 2007

Back to accounting school

Back in school there was new maths (though I forget what that was about) and now there's new accounts coming with no net income and replaces net profit with a total comprehensive income figure that includes gains and losses now kept in other parts of the financial statements such as currency and hedge fluctuations. It also combines the balance sheet and cash flow statements resulting in assets and liabilities being group together as operating, investing and financing categories.

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