Fundamental Accounting Concepts

Fundamental Accounting Concepts This is a working prototype of a set of approximately 100 fundamental accounting concepts which appear in financial statements which are organized by statement on which they appear. The idea is to figure out how to best represent this metadata used in financial reporting. One idea is to have one list used for both US GAAP and IFRS. Another approach is to have separate lists for US GAAP and IFRS. Each concept has a separate page. Included with that page, a feature of Wiki books, is a discussion page where accountants can discuss each of the fundamental accounting concepts. Here are some prototype approaches to reading this information: XBRL Taxonomy of FAC. Basic Viewer. Accounting Oracle Graph view Wikidata Reporting styles Balance Sheet The following are the fundamental accounting concepts of the balance sheet: Assets Liabilities Equity Current Assets Noncurrent Assets Current Liabilities Noncurrent Liabilities Commitments and Contingencies Temporary Equity Equity Attributable to Parent Equity Attributable to Noncontrolling Interest Liabilities and Equity Income Statement The following are the fundamental accounting concepts of the income statement: Revenues Cost of Revenue Gross Profit Operating Expenses Operating Income (Loss) Other Operating Income (Expenses) Nonoperating Income (Loss) Including Interest and Debt Expense Income (Loss) from Continuing Operations Before Tax Income Tax Expense (Benefit) Income (Loss) from Continuing Operations After Tax Income (Loss) from Discontinued Operations, Net of Tax Income (Loss) from Equity Method Investments Costs and Expenses Net Income (Loss) Net Income (Loss) Attributable to Parent Net Income (Loss) Attributable to Noncontrolling Interest Statement of Comprehensive Income The following are the fundamental accounting concepts of the statement of comprehensive income: Other Comprehensive Income (Loss) Comprehensive Income (Loss) Comprehensive Income (Loss) Attributable to Parent Comprehensive Income (Loss) Attributable to Noncontrolling Interest Cash Flow Statement The following are the fundamental accounting concepts of the cash flow statement: Net Cash Flow from Operating Activities Net Cash Flow from Investing Activities Net Cash Flow from Financing Activities Net Cash Flow Exchange Gains (Losses)