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NCEA Accounting Update Income Statement Preparation. 2006 Presented by Elizabeth Pitu St Paul's Collegiate School. Income Statement. Income statements can be shown and assessed with classifications by nature OR by function. Income Statement by Function.

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ncea accounting update income statement preparation

NCEA Accounting UpdateIncome Statement Preparation

2006

Presented by Elizabeth Pitu

St Paul's Collegiate School

© Elizabeth Pitu

income statement
Income Statement
  • Income statements can be shown and assessed with classifications by nature OR by function.

© Elizabeth Pitu

income statement by function
Income Statement by Function
  • Disclosure requirements are to be shown by classification of income and expenses by function using the totals for each function. Where an income statement has been prepared by function, the nature of expenses must be shown by way of note.

© Elizabeth Pitu

example of an income statement prepared according to the function classification
Example of an Income Statement prepared according to the “Function “ classification

© Elizabeth Pitu

income statement by function6
Income Statement by Function

In the Income Statement

Administrative expenses

  • total administrative expenses
  • no disclosure note number
  • Operating Profit - Note 4 will provide the “Expenses by nature” information

© Elizabeth Pitu

slide16
Example of an Income Statement showing disclosure requirements by classification of income and expenses by nature.

© Elizabeth Pitu

income statement by nature3
Income Statement by nature
  • Finance costs and taxation are exactly the same as for an Income Statement by function
  • Details of finance costs are shown by way of a disclosure note
  • There is no disclosure note for taxation

© Elizabeth Pitu