What is total comprehensive income?

Nic 1

Financial Statements are not only financial accounting concepts, they are a very important instrument for the economic and patrimonial diagnosis of a company. Knowing and mastering concepts such as Income Statement, Cash Flows, Liquidity and Cash Analysis is essential for any manager’s strategic decision making. The Finance Specialist program, with a mixed face-to-face and online methodology, prepares professionals for the analysis and control of financial accounting.

Financial statements are documents that show all the operations of companies during a given period. How much has been invoiced, what is the total balance of purchases, how much a supplier owes, how much is left to amortize a loan, what is the amount paid in social security contributions for my workers, etc., are common operations in the day to day life of a company.

Our Finance Specialist program prepares professionals in the understanding of financial concepts that allow them to make the best decisions in their organizations.  And it trains them to analyze data for economic-financial management through the Microsoft Power BI business intelligence tool.

Nic 1 financial statement presentation summary

(2) Non-recurring impacts include: (I) after-tax results of discontinued operations at 12/31/21, 12/31/20 and 12/31/19; (II) net costs associated with the restructuring process at 12/31/21; and (III) net goodwill from the bancassurance operation with Allianz at 12/31/20.

(7) Phased-in ratios include the transitional treatment of IFRS 9, calculated in accordance with the amendments to Article 473a of the Capital Requirements Regulation (CRR), introduced by European Union Regulation 2020/873.

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What is the income statement?

The first final provision of Law 16/2007, of July 4, 2007, on the reform and adaptation of mercantile legislation in accounting matters for its international harmonization based on European Union regulations, authorizes the Government to approve the General Accounting Plan, as well as its amendments and supplementary regulations, by Royal Decree, in order to develop the aspects contained in the Law itself.

The first final provision of Law 16/2007 also provides for the approval of the complementary rules of the General Chart of Accounts. In particular, this authorization will lead in the short term to a revision of the Rules for the Preparation of the Consolidated Financial Statements approved by Royal Decree 1815/1991, of December 20, 1991.

In relation to the process followed in the preparation of the General Chart of Accounts, it is worth highlighting the creation of a group and several working subgroups through the Resolutions of July 12, 2005 and September 22, 2005, of the Instituto de Contabilidad y Auditoría de Cuentas, which were entrusted with the task of preparing a document that would serve as a basis for the reform of the General Chart of Accounts. The main objective pursued in the composition of this working group and subgroups was to achieve adequate representation of the different groups related to economic and financial information. In addition, it should be noted that, for the purpose of assessing its suitability and compliance with the Conceptual Framework for Accounting contained in the Commercial Code, the draft standard was submitted to the Accounting Board at its meeting held on July 10, 2007, after hearing the Accounting Advisory Committee at its meeting held on June 28, 2007.

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Nic 1 pdf

Profit or loss is a measure of the change in a company’s net worth over a period of time as a result of its activity. In other words, it is the flow of income (positive or negative) generated by the use of wealth (patrimony) in a fiscal year.

It will collect the profits or losses that are obtained in its activity during the fiscal year. This account will be debited with all the expenses accrued in the fiscal year and credited with all the income attributable to it.

It is the recipient of the debit balance of the Profit and Loss account when it is not decided to write off the loss immediately. It will include all the losses of the years in progress until their definitive offsetting.

This account includes the balances of the three Profit and Loss accounts that we have analyzed, i.e. the balances of the Profit and Loss from Operations, Profit and Loss from Securities Portfolio and Extraordinary Profit and Loss. It therefore reflects the overall result of the company.