Under AASB 101/IAS 1 Presentation of Financial Statements, profit or loss attributable to non-controlling interests is required to be disclosed in:
A) an equity statement.
B) a statement of financial position.
C) a statement of profit or loss and other comprehensive income.
D) a statement of cash flows.

Question

Quizplus · Accepted Answer

Profit or loss attributable to non-controlling interests is required to be disclosed in a statement of profit or loss and other comprehensive income, as it is a component of the overall financial performance of the entity. The equity statement (also known as the statement of changes in equity) reflects changes in equity during the reporting period and does not report financial performance. The statement of financial position (also known as the balance sheet) reports the financial position of the entity at a point in time and does not report financial performance. The statement of cash flows reports on the cash inflows and outflows of the entity and does not report financial performance.

Under AASB 101/IAS 1 Presentation of Financial Statements, Profit or Loss