Specific Conceptual Reporting Guidelines
Ways of putting together an income statement
1. Those items that are judged to be unusual in amount based on past experience should be reported seperately (helps us predict)
2. Revenues, expenses, gains and losses that are affected in different ways by changes in economic conditions should be distinguished from one another.
3. Sufficient detail should be given to help understand the primary relationships among revenues, expenses, gains, and losses
4. When the measurements of revenues, expenses, gains and losses are subject to different levels of reliability, they should be reported seperately
5. Items whose amounts must be known for the calculations of summary indicators(ex. rate of return) should be reported seperately