FINANCIAL REPORTING UNDER INTERNATIONAL STANDARDS: KEY FEATURES OF PREPARING THE STATEMENT OF FINANCIAL RESULTS

Abstract

This article examines the core principles, structural requirements, and practical considerations involved in preparing the Statement of Financial Results (also known as the Statement of Profit or Loss and Other Comprehensive Income) under International Financial Reporting Standards (IFRS). While national regulations often shape how companies present their financial outcomes, IFRS provides a globally accepted framework that ensures transparency, comparability, and consistency across jurisdictions. The paper discusses recognition and measurement rules, revenue reporting, treatment of expenses, presentation of comprehensive income, and challenges organizations face when transitioning to or applying IFRS. Real-world examples and analytical explanations highlight how IFRS-based reporting influences managerial decisions, investor confidence, and long-term financial strategy.