INFORMATIVE VALUE OF A COMPREHENSIVE INCOME

Izabela Emerling
University of Economics in Katowice
INFORMATIVE VALUE OF A COMPREHENSIVE
INCOME STATEMENT IN THE ERA OF ECONOMY
GLOBALIZATION
1. Introduction
In recent years numerous attempts have been undertaken to increase the
comparability of financial statements, including financial results. Basic accounting patterns and standards are contained in European Union Directives,
International Accounting Standards and US Generally Accepted Accounting Principles (US GAAP). The aim of international accounting standards’
development is to standardize information in many accounting categories
and introducing uniform methods of these categories’ measurement, as they
influence the values shown in the financial statement. The need to adjust
statements results from the progressing globalization and financial market
development. Application of international regulations is not easy and sometimes leads to contradictions from the point of view of national accounting
regulations. The aim of the article is to present the informative value of
a very important statement, i.e. comprehensive income statement according
to Polish and international solutions as well as to present similarities and
differences in its presentation in the light of different regulations.
2. Globalization and its importance for the accounting
system in Poland
Globalization is a higher, more advanced and complex stage of the process of economic activity internationalization. Globalization of economy is
tantamount to its internationalization, i.e. creation of uniform global economy, based on free flow of all kinds of goods, services and capital. Its basic
characteristics include:
– growing mobility of capital, goods and services,
– dynamic technological progress and fast spreading of innovations,
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development of a global transport system network and, in consequence,
reduced transport costs,
– creation of a global information system and a drop in telecommunications prices,
– liberalization of many spheres of economic activity,
– the opening of economies to international trade,
– increased foreign investments,
– formation of regional integration organizations in the form of: free trade
zones, customs unions or common markets (e.g. European Union),
– standardization and mass industrial production as well as an increase
in the unit efficiency of work,
– deconcentration of production and manufacturing processes,
– concentration of capital and management, among others due to enterprise mergers, conclusion of joint business agreements, creation of
so-called global cities, such as: New York, London, Frankfurt, Tokyo,
Hong Kong, Amsterdam,
– increased competitiveness and innovation of economic subjects,
– increased mobility of population (migrations).
Globalization consequences include:
– decreased importance of countries and their economic authorities
in global economy on behalf of international concerns,
– increased production of goods,
– a growing gap between poor and rich countries (in the process of globalization take part mainly highly developed countries and some medium developed ones, whereas the poorest countries are not included
in the process),
– increased international co-dependence (countries’ economies are dependent on each other),
– degradation of natural environment and depletion of natural resources.
Economy globalization offers a lot of chances related to greater openness of countries’ economies, which is among others reflected in the
elimination of development differences and the sense of having common
interests. However, it also involves enormous threats, such as economies’
sensitivity to all kinds of crisis and global markets’ breakdown (Zaorska,
2004, pp. 6–15).
In the conditions of globalization, comparability of financial statements
on an international scale is becoming an essential issue. The process of globalization gave rise to a new term in subject literature – “international accounting” (Jarugowa, 1998, p. 141; Rachunkowość międzynarodowa, 2001;
Harmonizacja rachunkowości, 2000), which means:
–
Informative value of a comprehensive income statement…
–
–
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an international comparative analysis,
unique problems related to accounting and financial reporting which occur in multinational economic transactions and business forms of multinational companies,
– information-related needs of international financial markets,
– harmonization of the variety of standards applied in accounting, in particular in financial reporting all over the world, through political, organisational and professional activities aimed at establishing these standards
(Choi, Muller, 1992, p. 12).
What deserves special attention in this definition is the fact that information-related needs of financial markets have been taken into consideration.
The need for international regulation of accounting rules, financial reporting and financial revision (Bednarski, Gierusz, 2001, p. 73) results from
the development of transnational economic and capital connections between
enterprises. Uniform accounting rules allow obtaining comparable and reliable information on economic subjects’ activity and its results. The problem
of international harmonization of accounting law results from the essence of
accounting (Messner, 2001, pp. 9–17), which, on the one hand, plays a major role in the system of economic information of each economic unit and,
on the other hand, is a specific language of communication between capital
owners, as it describes the history as well as the current condition of an
enterprise (financial accounting) and provides necessary information which
is used to take decisions regarding the present and the future (management
accounting).
To fulfil international requirements, accounting, including financial reporting, must apply harmonized solutions on an international scale. However, this does not change the fact that accounting systems of particular
countries have their specific character, which may cause that financial statements of various organizations are not comparable. This creates a considerable barrier in minimizing the risk of the owners of invested capital in the
event economic transactions cross their borders.
Globalization and the development of financial markets have determined
the new economy. Today new economy means a market economy one with
sustainable development and the knowledge, all of with has ushered in new
challenges and paradigms for contemporary accountancy and the practice
of accounting. New economy resulted a change in regulations both national
and international as well as financial reporting. Financial reporting is closely
associated with corporate responsibility (Michalczyk, 2013, pp. 59–60). It is
therefore important to find a right balance between the category of profit and
ethical considerations maximization (Kwiecień, 2013, pp. 106–114).
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Globalization has caused so new accounting paradigm. Accounting began to have a global dimension and financial reporting new functions especially the usefulness of the information (Micherda, Szulc, 2013, pp. 11–20).
Since 2001 International Accounting Standards have been introduced
into Polish accounting system. Poland’s formal accession to European
Community made it necessary to use International Accounting Standards
in Polish conditions. In 2002 European Parliament passed EC regulation
No. 1606/2002 regarding the application of international accounting standards. The amendment to the Accounting Act of 27th August 2004 introduced
a definition of IAS according to which IAS is understood as International
Accounting Standards and International Standards of Financial Reporting as
well as relevant European Commission’s interpretations.
The amended accounting regulations were particularly important to subjects obliged to draw up consolidated financial statements. Therefore, the
year 2005 was crucial for companies quoted on Warsaw Stock Exchange
as well as for public companies which applied for marketing authorization
in European Union.
3. Influence of globalization processes on US GAAP
In US GAAP a very important role in the shaping of financial result is
played by investor’s needs and protection of his interests. The US Securities and Exchange Commission is an institution established to provide
such protection. GAAP was formed in the aftermath of the Stock Market
crash in 1929.
International solutions also influence the manner of shaping the financial result, i.e. how a profit and loss account is drawn up.
The profit and loss account is usually referred to as a results account.
US GAAP describes two approaches, which result in preparation of two
separate statements. One statement is a concept of net financial result as
a measure of effectiveness. According to this concept, the net result is the
effect of comparing the increased value of assets (revenues, profits) and
their decreases (costs, losses) in a particular period of time, within an operational cycle.
The other approach and, in consequence, the other kind of statement, is
a concept of a general comprehensive income. The comprehensive income
is therefore a manner of measuring the results of all kinds of events leading
to changes in the value of a particular unit’s equity capital in a given period
of time, without investments made by the owners and distribution of assets
on their behalf.
Informative value of a comprehensive income statement…
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According to US GAAP, revenue is both a real and future receipt of cash
and its equivalents, which is understood as a stream of resources. It also includes an increase in the remaining assets and payment of liabilities related
to basic activity (Statement of Financial Accounting Concepts, No. 6 & 78).
On the other hand, profit is defined as every increase in the value of net assets, i.e. own capitals, due to small transactions for a particular economic
subject which are not related to its basic activity, apart from the ones related
to investments or other revenues from the owners (Turyna, 2003, p. 158).
Costs, according to US GAAP, are cash outgoings, incurring of liabilities, use of non-financial assets, which are directly related to the provision
or manufacture of products as well as all kinds of activities related to the
unit’s basic business. Similarly to profits, losses are understood as a decrease of assets related to incidental activities.
US GAAP does not impose the scope of information to be contained
in a profit and loss account or its variant, giving the freedom of choice
to enterprises. It only imposes the necessity of separating three segments
in a profit and loss account: result on basic activity (continuous), result on
discontinued operations and result on extraordinary events. Notions characteristic of our profit and loss account, i.e. operational or economic activity,
are not defined there.
The first part of a profit and loss account drawn up by American economic units usually contains revenues from the sale of services, commodities and products, costs resulting from the manufacture of products sold as
well as operational costs. Next, the remaining revenues, operational and financial costs are recognized. The further part includes results on discontinued operations (“Accountica”, 2010).
Regulations contained in US GAAP have been transferred to Europe by
means of IAS (Messner, 2006, p. 393). Only correct estimation of a financial
report should be used to forecast a difficulty in an activity of an enterprise.
Because the project of business concept of financial report in the process
of convergence according to IASB/FASB has fundamental significance
(Gierusz, 2009). This project was created by the Joint International Group
and Financial Institutions Advisory Group with the participation of other
stakeholders in the issues related to the presentation of the report (Gierusz,
2010, pp. 49–56).
The financial statements to be useful for the assessment of future ability
to generate cash and to assess the fulfilment of the functions of the board of
trustees (Gierusz, 2013, pp. 551–567).
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4. Informative value of a comprehensive income
statement
Units that draw up financial statements according to IFRSs have been
obliged to observe updated regulations since 1st January 2009. Since 1st January 2009 the profit and loss account has been referred to as a comprehensive
income statement (Bek-Gaik, 2012, p. 327). The new concept of recognition
of income and expenses is the result of a comprehensive (Walińska, 2013,
pp. 653–660).
Comprehensive income includes a profit or a loss as well as other comprehensive incomes. Other comprehensive incomes include:
– changes in revaluation surplus (IAS No. 16 Fixed assets in property and
IAS No. 38 Intangible assets),
– actuarial profits and losses resulting from a particular benefits scheme,
recognized in accordance with § 93A of IAS No. 19 Employee benefits,
– profits and losses resulting from converting an item in the financial
statement of a unit operating abroad (IAS No. 21 Effects of changes
in foreign exchange rates),
– profits and losses resulting from revaluation of financial assets available
for sale (IAS No. 30 Financial instruments: recognition and valuation),
– effective part of profits and losses related to a hedging instrument to
secure cash flows (IAS 39).
On the other hand, components of other comprehensive incomes include
revenues or costs settled directly with equity capital.
In the comprehensive income statement a unit has to recognize any
changes in the equity capital resulting from economic transactions, apart
from transactions with shareholders. According to previous solutions, in the
profit and loss account it was only the effects of transactions that were settled directly with the financial result. The current solution to a greater degree
meets the prospective needs, as the part devoted to other comprehensive income includes profits and losses settled with revaluation capital (Emerling,
2011, pp. 169–171).
Units can choose whether the costs and revenues will be recognized
in a separate comprehensive income statement or in two statements:
– a statement presenting the components of profits and losses (separate
profit and loss account) and,
– in the second statement, which starts with a profit or loss and presents
the components of other comprehensive incomes (comprehensive income statement).
Informative value of a comprehensive income statement…
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Table 1
Comprehensive income statement
Comprehensive income statement
Elements of statement:
Similarities to the profit and loss account
Revenues
Part in which profits and losses are
recognized
Costs
Share in the profits and losses of affiliated
units and joint ventures valued by the
equity method
Tax burdens
Differences in relation to the profit and
loss account
Total amount of net profit or loss on
An economic unit should separate all
discontinued operations after tax,
profits and losses belonging to:
recognized upon revaluation to fair value, – dominant unit owners,
decreased by the costs of sale or upon sale – minority interests,
of assets or a group to be sold, which is
A part including other incomes, divided
a discontinued operation
into:
Net profit or loss
– dominant unit’s owners,
Other comprehensive incomes
Share in profits and losses of affiliated units – minority interests
and joint ventures valued by the equity
method
Total comprehensive incomes
Source: author’s own study on the basis of EC Regulation No. 1274/2008 dated 17th December 2008.
When a unit recognizes revenues and costs in two statements, it must
draw up a separate profit and loss account. This is the first part of a comprehensive income statement. The second statement begins with the financial
result established in the separate profit and loss account: a profit or loss, and
includes other comprehensive incomes.
Table 2
Two-component statement of revenues and costs
Separate profit and loss account
Revenues
Costs
Share in the profits and losses of affiliated units and joint ventures valued by the equity
method
Tax burdens
Total amount
of net profit or loss on discontinued operations
of profit or loss after tax recognized upon revaluation to fair value, decreased by sale
costs or upon the sale of assets or a group to be sold, which is a discontinued operation
Net profit or loss
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Statement of other comprehensive incomes
Net profit or loss
Other comprehensive incomes
Share in the profits and losses of affiliated units and joint ventures valued by the equity
method
Total comprehensive incomes
Source: author’s own study on the basis of EC Commission Regulation No. 1274/2008
dated 17th December 2008.
Tables 1 and 2 show the general content of a profit and loss account and
a comprehensive income statement. It does not change the previous structure of the profit and loss account, which can be organized in two ways:
in a comparative or multi-step variant.
According to the full disclosure concept, a unit must recognize all the
revenues and costs incurred in the comprehensive income statement, if they
meet the definition. However, there are exceptions to this rule: in the profit
and loss account one should not recognize the correction of errors and the
effects of changes in the accounting policy.
Attention needs to be paid to the fact that the profit and loss account can
contain items which were recognized in other comprehensive incomes. To
avoid double inclusion of these items, appropriate corrections due to reclassification have to be made in other comprehensive incomes. This concerns
e.g. financial assets available for sale. Pursuant to § 55b of IAS No. 39,
profits or losses resulting from a financial assets component included in the
available for sale category should be recognized directly in equity capital
by listing changes in equity capital until the financial assets component was
excluded from balance sheet. Upon exclusion, the cumulative profits and
losses which were previously recognized in equity capital should be recognized in the profit and loss account.
5. Example
A company recognizes financial assets available for sale in its books.
The purchase price of these assets was PLN 6,000. The fair value of the
assets on the first balance sheet day was PLN 6,300, on the second balance
sheet day – PLN 5,850, and on the third day – PLN 6,500. The company sold
these assets for PLN 6,200.
On subsequent balance sheet days the unit recognized an increase and
drop of the value of financial assets available for sale in revaluation reserve.
Finally – pursuant to the regulations contained in IAS No. 39 – the cumulative profit must be transferred to revenues: an increase – PLN 300, a drop
Informative value of a comprehensive income statement…
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– PLN 450, an increase – PLN 350. The balance of PLN 200 should be
transferred as a revenue from the profit and loss account, and other comprehensive incomes should be corrected by this amount.
Changes in the profit and loss account resulted in relevant changes in the
statement of changes in equity capital. Previously the role of the profit and
loss account was to determine the financial result (profit or loss). In a comprehensive income statement one has to show changes in the unit’s equity
capital between the beginning and end of the reporting period, which reflect
an increase or drop of its net assets in this period. These changes are mainly
due to the profits and losses generated as a result of the unit’s business activity.
6. Conclusion
This study describes the influence of globalization on changes in the
manner of presenting the results account. Similarities and differences in the
presentation of profit and loss account which have been forced by adjusting
this statement to international requirements have been discussed. The aim
of the work was to present these changes in a clear and understandable way
as they have an enormous impact on the cognitive value of the profit and
loss account. The main advantage of statement of comprehensive income
is a comprehensive disclosure of financial information about the joint-stock
company, but it also involves additional costs and time-consuming preparation of these reports (Andrzejewski, 2002, p. 28). Statement of comprehensive income meets more information needs of the investor capital. This
allows you to build a proper relationship between the investors and opinionenvironment (Niedziółka, 2008, p. 8). It gives very detailed information on
the capital, which contributes to a more readable and reliable presentation
of information about the company (Usarkiewicz, 2003, p. 113) and take action to ensure that the shares have reached their fair value (Seitel, 2003,
p. 504). The report also contains a fair market valuation of securities jointstock company, which in the capital market are the basis for evaluation of
performance and decision making by stock market investors. A very important advantage is also mandatory disclosure of certain information by listed
companies. One of such information is the information on the net profit and
total profit of the company. Its importance stems from many reasons. It can
be assumed that a stable basis for growth in the market value of the company
creates high economic efficiency of enterprise activities (Ezzameli, 2008,
pp. 107–140; Gleadle, Cornelius, 2008, pp. 1219–1238; Kraus, Lind, 2010,
p. 265–277). It may be measured and evaluated both traditional financial result and the result overall, introduced for financial reporting in Poland in 2009.
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In conclusion it should be noted that there is no uniform pattern in how
the additional information should be presented which is the reason differences and may sometimes cause difficulties in interpretation of information
resulting from the statement of comprehensive income.
It is very important therefore strive to harmonize requirements for the
preparation of the statement of comprehensive income.
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Abstract
The contemporary accounting trend shows many new assumptions
which have been made to provide precise information for financial markets.
Contrary to the overriding substance over form concept, formulated in conceptual assumptions of financial reporting, the frequently proposed solutions do not have any economic and logical explanation, while they cause
various financial effects and influence the results of enterprises as well as the
picture of economic situation presented in a financial statement.
The aim of the article is to present the informative value of a very important statement, namely a comprehensive income statement at the time of
adjusting Polish economy to international requirements as well as to show
similarities and differences in its presentation. The research methods used
in the article are based on literature studies, an overview of legal acts and
application of the method of comparison and concluding.
Keywords: information, informative value, comprehensive income statement, international accounting, globalization.
Informative value of a comprehensive income statement…
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Wartość informacyjna sprawozdania z całkowitych
dochodów w czasach globalizacji gospodarki
Streszczenie
Współczesny nurt rachunkowości pokazuje wiele nowych założeń,
które poczynione zostały z myślą dostarczenia precyzyjnych informacji dla
rynków finansowych. Wbrew nadrzędnej zasadzie o wyższości treści nad
formą sformułowanej w koncepcyjnych założeniach raportowania finansowego często proponowane rozwiązania nie mają wytłumaczenia ekonomicznego i logicznego, natomiast powodują różne skutki finansowe i wpływ
na wyniki przedsiębiorstw oraz obraz sytuacji ekonomicznej przedstawiony
w sprawozdaniu finansowym.
Celem artykułu jest przedstawienie wartości informacyjnej bardzo
ważnego sprawozdania jakim jest sprawozdanie z całkowitych dochodów
w czasach dostosowywania się polskiej gospodarki do wymogów międzynarodowych oraz przedstawienie podobieństw i różnic w jego ujęciu. Przyjęte
w artykule metody badawcze opierają się na studiach literatury, przeglądzie
aktów prawnych, zastosowaniu metody porównań oraz wnioskowaniu.
Słowa kluczowe: informacja, wartość informacyjna, sprawozdanie z całkowitych dochodów, rachunkowość międzynarodowa, globalizacja.