Objective of financial statements

9 The objective of financial statements is to provide financial information about a reporting entity's assets, liabilities, equity, income and expenses that is useful to users of financial statements in assessing the prospects for future net cash inflows to the entity and in assessing management's stewardship of the entity's economic resources.

A complete set of financial statements

10 A complete set of financial statements comprises:

(a) a statement (or statements) of financial performance for the reporting period (see paragraph 12);

(b) a statement of financial position as at the end of the reporting period;

(c) a statement of changes in equity for the reporting period;

(d) a statement of cash flows for the reporting period;

(e) notes for the reporting period;

(f) comparative information in respect of the preceding period as specified in paragraphs 31-32; and

(g) a statement of financial position as at the beginning of the preceding period if required by paragraph 37.