Which of the following statements is not in accordance with AASB 101 Presentation of Financial Statements with respect to the statement of comprehensive income?
A) All items of income and expense recognised in a period are to be presented in a single statement of comprehensive income.
B) All items of income and expense recognised in a period are permitted to be presented in two statements: 1) a separate income statement and 2) a statement beginning with profit or loss and displaying components of other comprehensive income.
C) An entity shall present an analysis of expenses in profit or loss using a classification based on either the nature of expenses or their function within the entity, whichever provides information that is reliable and more relevant.
D) Components of other comprehensive income include gain on sale of property plant and equipment.

Question

Quizplus · Accepted Answer

Components of other comprehensive income typically include items that are not realized and are reclassified to profit or loss in subsequent periods, such as revaluations of property, plant, and equipment, or changes in the fair value of financial assets available for sale. Gains on the sale of property, plant, and equipment are usually recognized directly in profit or loss at the time of sale, not in other comprehensive income.

Which of the Following Statements Is Not in Accordance with AASB