- new terminologies

A revised IAS 1- Presentation of Financial Statements was issued in September 2007. It changes much of the terminology used in IAS and IFRSes. Soon, we would be greeted with new terminology terms. Better get into the habit of referring the statements by their new terms. Some important terminology changes are:

Old Terminology	New Terminology
Balance Sheet	Statement of financial position
Income statement	Statement of comprehensive income
Cash flow statement	Statement of cash flow statement
Recognized in the income statement	Recognized in profit or loss
‘On the face of’	‘in’
‘Reporting date’	‘end of the reporting period’
‘Each balance sheet date’	‘the end of each reporting period’
‘Events after the balance sheet date’	‘Events after the reporting period’