Accounting HELP!!!!?

The 1st used to be called the income statement and the other used to be called the balance sheet. They are very different. The 1st shows how profit for the yr was arrived at and the 2nd shows the position of a co. at a particular date, i.e. what its assets, liabilities and equity were at that date.

As a minimum, the face of the income statement shall include line items that present the following amounts for the period:

(a) revenue;

(b) finance costs;

(c) share of the profit or loss of associates and joint ventures accounted for using the equity method;

(d) tax expense;

(e) a single amount comprising the total of (i) the post-tax profit or loss of discontinued operations and (ii) the post-tax gain or loss recognised on the measurement to fair value less costs to sell or on the disposal of the assets or disposal group(s) constituting the discontinued operation; and

(f) profit or loss.

As a minimum, the face of the balance sheet shall include line items that present the following amounts to the extent that they are not presented in accordance with paragraph 68A:

(a) property, plant and equipment;

(b) investment property;

(c) intangible assets;

(d) financial assets (excluding amounts shown under (e), (h) and (i));

(e) investments accounted for using the equity method;

(f) biological assets;

(g) inventories;

(h) trade and other receivables;

(i) cash and cash equivalents;

(j) trade and other payables;

(k) provisions;

(l) financial liabilities (excluding amounts shown under (j) and (k));

(m) liabilities and assets for current tax, as defined in IAS 12 Income Taxes;

(n) deferred tax liabilities and deferred tax assets, as defined in IAS 12;

(o) minority interest, presented within equity; and

(p) issued capital and reserves attributable to equity holders of the parent.

68A. The face of the balance sheet shall also include line items that present the following amounts:

(a) the total of assets classified as held for sale and assets included in disposal groups classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations; and

(b) liabilities included in disposal groups classified as held for sale in accordance with IFRS 5.

So as you can see, these 2 statements contain quite different things.

http://au.answers.yahoo.com/question/index;_ylt=Ag... even bigger trouble it's matter of life and death!