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Financial Statements

Understand and prepare balance sheets, income statements, and cash flow reports

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11 min read

IFRS for SMEs Third Edition: What Changes Before 1 January 2027

The IASB's third edition of the IFRS for SMEs Accounting Standard, issued February 2025, takes effect for annual periods beginning on or after 1 January 2027. It rewrites revenue recognition on a simplified IFRS 15 model, moves business combinations to the acquisition method, consolidates financial instruments, adds a dedicated fair value section, and adopts a single control model—while deferring IFRS 16 leases and expected credit losses. This guide covers scope, the key section changes, and a five-step 2026 implementation plan.

Mike Thrift

accountingfinancial-reportingfinancial-statements
12 min read

Tesla Q2 2026 Earnings: 480K Deliveries Could Not Save the Operating Margin

Tesla's Q2 2026 revenue rose 25.5% to $28.24 billion on 480,450 deliveries and a record 13.5 GWh of energy storage, yet operating income fell 57% to $398 million as R&D rose 49%, SG&A rose 45%, and regulatory-credit revenue dropped 67% to $146 million. A $1.0 billion unrealized gain on Tesla's SpaceX stake then lifted net income to $1.13 billion, nearly triple the operating result. Full income statement, balance sheet and FY2021-Q2 2026 history in a public Beancount ledger.

Mike Thrift

financial-reportingfinancial-analysisfinancial-statements
6 min read

Spotify Q2 2026 Earnings: 300 Million Premium Subscribers and a Record 30.1% Gross Margin Meet a Soft €670M Q3 Guide

Spotify's Q2 2026 report put revenue at EUR 4.2 billion (+33.3% year over year), crossed 300 million Premium subscribers for the first time, and set a record 30.1% gross margin — while the EUR 670 million Q3 operating-income guide landed roughly EUR 80 million below consensus. Every figure is reconciled in a public Beancount ledger covering FY2021 through FY2026Q2.

Mike Thrift

financial-reportingfinancial-analysisfinancial-statements
17 min read

Apple's Strongest June Quarter Ever: $109.4B Revenue, $2.02 EPS, and Services and Mac Hit New June Records

Apple's fiscal Q3 2026 (June quarter) delivered $109.4B revenue (+16% YoY), $2.02 diluted EPS (+29%), and a 50.1% gross margin — roughly 2 points of it a one-time tariff refund worth $0.11 of EPS. iPhone, Mac and Services each set June quarter records, every geography grew double digits, and the full FY2021–FY2026Q3 income statements and balance sheets sit in a public Beancount ledger.

Mike Thrift

financial-reportingfinancial-analysisfinancial-statements
14 min read

Related-Party Disclosures Under ASC 850: When Paying Your Spouse's LLC Needs a Footnote

ASC 850 requires four things in the footnote for every material related-party transaction — the nature of the relationship, a description, dollar amounts for each period presented, and any change in how terms were set — and it applies even when the price is fair. This guide identifies who counts as a related party for a small business (10%+ owners, officers, immediate family, and entities they control), shows a model two-paragraph footnote, and gives a 10-step year-end checklist plus a Beancount account structure that turns disclosure into a query.

Mike Thrift

small-businessfinancial-reportingfinancial-statements
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