Which of the following statements relating to the presentation of the income statement by non-reporting entities is not true?
A)there is no prescribed format
B)the purpose of the income statement is to report the profit or
Loss for the entity for the reporting period.
C)income is usually more detailed and less aggregated than that prepared for a reporting entity
D)the income statement must be a GPFR prepared according to the AASB accounting standards

Question

Quizplus · Accepted Answer

The statement "the income statement must be a GPFR prepared according to the AASB accounting standards" is not true for non-reporting entities. GPFR (General Purpose Financial Reporting) is a term used for financial statements prepared for reporting entities, whereas non-reporting entities prepare income statements for internal use and are not bound to follow AASB accounting standards.

Which of the Following Statements Relating to the Presentation of the Income