FEATURES OF PREPARING THE STATEMENT OF FINANCIAL PERFORMANCE IN ACCORDANCE WITH INTERNATIONAL STANDARDS

Abstract

The Statement of Financial Performance, also known as the Income Statement or Statement of Profit or Loss, is one of the most important components of financial reporting. It provides users with essential information about an entity’s revenues, expenses, profits, and losses over a specific reporting period. This article examines the key features of preparing the Statement of Financial Performance in accordance with International Financial Reporting Standards (IFRS). Special attention is given to the conceptual framework, recognition and measurement principles, structure and presentation requirements, as well as the role of professional judgment. The study highlights the importance of IFRS-based financial reporting for ensuring transparency, comparability, and reliability of financial information in the global economic environment.