Now that we have a basic understanding around the recording of transactions – in this chapter, we will learn how to construct financial reports for external users. However, before we get to the final output of financial statements, there are some other things we need to learn along the way.
In this chapter, we will learn how to
- Incorporate opening balances into transaction recording
- Creating a profit and loss statement
- Creating a statement of changes in equity
- Creating a balance sheet
- Understand a statement of cash flows
- Understanding financial reporting requirements in Australia for different types of businesses