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Classification of income and expenses
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[QUOTE="Ebram kamal, post: 304437, member: 97691"] is important to identify and classify the components of income and expenses if they have different characteristics as this can provide more useful information for financial statement users. For example, changes in the value of assets may include both value changes and the accrual of interest, and presenting these components separately can help users better understand the underlying factors affecting the financial position of the entity. The classification of income and expenses into profit or loss and other comprehensive income is also important for financial statement users. Profit or loss represents the entity's transactions and events that have occurred during the reporting period, while other comprehensive income represents items that have not been recognized in profit or loss but are still relevant to the financial position of the entity. Finally, the aggregation of assets, liabilities, equity, income, or expenses that have shared characteristics and are included in the same classification can provide a more meaningful picture of the financial position and performance of the entity. Aggregation can help to simplify financial statements and make them more understandable for users [/QUOTE]
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