Income statement

Accountants Enterprise in Australia only

The Income Statement is mandatory for all non- reporting entities. Management Reports have the option to replace the Income Statement with the Profit and Loss Appropriation Statement.

Four formats have been provided for the generation of the Income Statement:

• Income Statement by Function

• Income Statement by Function Database

• Income Statement by Nature

• Income Statement by Nature Database.

These formats allow the Income Statement to report by Function or by Nature or use data from the Database Map instead of the general ledger values.

The choice of which format to use is determined by the following two Database Map items:

• DB.#EntityDetails.ReportingExtraDetails. IncomeStatementDatabase (Yes /No)

• DB.#EntityDetails.ReportingExtraDetails. IncomeStatementNatureOrFunction (Function / Nature).

For example, setting IncomeStatementDatabase = “Yes“ and IncomeStatementNatureOrFunction = “Function“ will trigger use of the format Income Statement by Function Database.

Superannuation Funds may choose to print the Operating Statement in place of Income Statement. See Operating statement.

The Income Statement supersedes the Statement of Financial Performance by Nature or by Function as per the AASB standards since 2006. All Formats, Chart Maps, Database Maps and Reports for Statement of Financial Performance are redundant from Reporter Year 2006 onwards.