Each Rule

Equity = Equity Attributable to Parent + Equity Attributable to Noncontrolling Interest

Total equity is comprised of the amount attributable to parent and to any noncontrolling interests. If an economic entity has no noncontrolling interests; then parent equity and total equity are the same amount.

Assets = Liabilities and Equity

Balance sheets balance. Always.

Assets = Current Assets + Noncurrent Assets.

All economic entities report a classified balance sheet, unless it is industry practice to report an unclassified balance sheet. While noncurrent assets may, or may not, be explicitly reported; it can be imputed as Asset less Current Assets.

Liabilities = Current Liabilities + Noncurrent Liabilities

All economic entities report a classified balance sheet, unless it is industry practice to report an unclassified balance sheet. While noncurrent liabilities may, or may not, be explicitly reported; it can be imputed as Liabilities less Current Liabilities.

Gross Profit = Revenues - Cost Of Revenue

While not all reporting entities report gross profit; if they do, then this relationship must be true.

Operating Income (Loss) = Gross Profit - Operating Expenses + Other Operating Income (Expenses)

This relationship is not applicable to economic entities that do not report gross profit or operating income (loss).

Income (Loss) from Continuing Operations Before Tax = Operating Income (Loss) + Nonoperating Income (Loss) - Interest And Debt Expense

This relation is not applicable to all economic entities. For example, if operating income (loss) is not reported then this rule does not apply.

Income (Loss) from Continuing Operations after Tax = Income (Loss) from Continuing Operations Before Tax - Income Tax Expense (Benefit)

Most economic entities have this relation, but not all.

Income (Loss) from Continuing Operations after Tax = Income (Loss) from Continuing Operations Before Tax - Income Tax Expense (Benefit) + Income (Loss) from Equity Method Investments

A minority of economic entities report in this manner. Notice the line item 'Income (Loss) from Equity Method Investments'.

Net Income (Loss) = Income (Loss) from Continuing Operations After Tax + Income (Loss) from Discontinued Operations, Net of Tax + Extraordinary Items, Gain (Loss)

This relation is generally true for most economic entities; but not all.

Net Income (Loss) = Income (Loss) from Continuing Operations After Tax + Income (Loss) from Discontinued Operations, Net of Tax + Extraordinary Items, Gain (Loss) + Income (Loss) from Equity Method Investments

This rule is rare, but it does exist. Notice the inclusion of the line item 'Income (Loss) from Equity Method Investments' within special reporting items.

Net Income (Loss) = Net Income (Loss) Attributable to Parent + Net Income (Loss) Attributable to Noncontrolling Interest

While not every entity reports a noncontrolling interest (i.e. the value could be 0); this relationship is universally true for all economic entities.

Net Income (Loss) Available to Common Stockholders, Basic = Net Income (Loss) Attributable to Parent - Preferred Stock Dividends and Other Adjustments

While not every entity reports adjustments for preferred stock (i.e. the value could be 0); this relationship is universally true for all economic entities.

Comprehensive Income (Loss) = Comprehensive Income (Loss) Attributable to Parent + Comprehensive Income (Loss) Attributable to Noncontrolling Interest

This relationshiop is universally true for all economic entities.

Comprehensive Income (Loss) = Net Income (Loss) + Other Comprehensive Income (Loss)

While a majority of economy entities start their reconciliation to comprehensive income (loss) using 'Net income (loss)'; some do use 'Net income (loss) attributable to parent' and a few even use 'Net income (loss) available to common stockholders'.

Net Cash Flow = Net Cash Flows, Operating + Net Cash Flows, Investing + Net Cash Flows, Financing + Exchange Gains (Losses)

This relation is generally true for most economic entities; but not all.

Net Cash Flow = Net Cash Flows, Operating + Net Cash Flows, Investing + Net Cash Flows, Financing

A minority of economic entities do not include 'exchange gains (losses)' in net cash flows; rather, they include it in the roll forward of 'cash and cash equivalents'.