what is the difference between underlying results and statutory accounts?
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Statutory figures are those presented by the company in their formal company reports. ... Underlying figures are also usually presented by the company. The underlying figures (sometimes also identified as normalised, or cash figures) are adjusted to remove the impact of items that are considered 'one-off'.
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The current and capital accounts represent two halves of a nation's balance of payments. The current account represents a country's net income over a period of time, while the capital account records the net change of assets and liabilities during a particular year.
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A Real Account is a general ledger account relating to Assets and Liabilities other than people accounts. These are accounts that don't close at year-end and are carried forward. ... A Nominal account is a General ledger account pertaining to all income, expenses, losses and gains.
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The key difference between Accounting Profit and Taxable Profit lies in the fact that Accounting profit means when a company's expenses are less than the company's revenue through a particular period and taxable profit means where a company has to pay tax on the company's profit under income tax regulations.
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Key Takeaways. Operating income is revenue less any operating expenses, while net income is operating income less any other non-operating expenses, such as interest and taxes. ... Net income (also called the bottom line) can include additional income like interest income or the sale of assets.
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It is an audit by a practicing CA which has its operations exterior to the organization which it is auditing. Statutory Auditors are a part of the external audit process are focused on the various financial accounts or risks associated with the domain of finance and are appointed by the shareholders of the company.
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In ULIPS you get returns as per the market performance. In FDs, you will only get fixed returns as decided at the time of policy inception, which is irrespective of the market performance. The maturity amount is taxable in Fixed Deposits but the same is tax-free in ULIPs under section 10(10) D.
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Ordinary income, referring to the income that is derived directly or indirectly from all sources, whether in or out of Australia, during a financial year. ... Statutory income, referring to all amounts that are not ordinary income, but are included in your assessable income by way of a specific rule in tax law.
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One important accounting concept is the difference between principal and income. The principal of an estate or trust is the amount originally received, plus capital gains and less debts, expenses, and capital losses. ... The income is the interest, dividends, and other income earned by the principal.
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In accounting, the sales account is not an asset or a liability account. It's a revenue account. So sales are how your business generates income (revenue). However, when you make a sale, it involves a revenue account and an asset account.
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The balance in a real account is the net amount after subtracting decreases from increases in the account. Nominal accounts are those reported in the income statement, which is the summary of the revenue and expenses of a business for a period of time. Balances in nominal accounts are cumulative over a period of time.
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Balance Sheet shows the position as on a certain date, whereas, Financial Statement is a comprehensive summary of financial transactions and their results during a certain period.
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Answer: In Accounting, Net Income is part of the Profit & Loss statement (Statement of Financial Performance), while Asset is part of the Balance Sheet (Statement of Financial Position), so they are two separate things if you are an accountant.
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Internal audit is of regular nature but final audit is conducted after the preparation of final account. An internal auditor is a staff who is appointed by the management but statutory auditor is an independent person appointed by the shareholders.
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Current and contingent liabilities are both important financial matters for a business. The primary difference between the two is that a current liability is an amount that you already owe, whereas a contingent liability refers to an amount that you could potentially owe depending on how certain events transpire.
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Under GAAP, companies report revenues, expenses and net income. Conversely, tax-basis entities report gross income, deductions, and taxable income. Their nontaxable items typically appear as separate line items or are disclosed in a footnote.
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Financial assets are cash, stocks, bonds, bank accounts, etc. Its value comes from a contractual claim. A tangible asset is simply something you can put your hands on, look at, takes up space. An intangible asset is an asset that is more conceptual like a copyright or goodwill or a patent.