In respect to the statement of profit or loss and other comprehensive income of an entity,AASB 101 prescribes:
A)a fixed format for the presentation of items in the statement of profit or loss and other comprehensive income
B)line items that are considered to be of sufficient importance to warrant presentation
C)the presentation of line items of revenue,but not of income
D)the presentation of line items comprising total expenses,but not line items comprising total revenue.

Question

Quizplus · Accepted Answer

AASB 101 prescribes line items that are considered to be of sufficient importance to warrant presentation in the statement of profit or loss and other comprehensive income. These line items are revenue, finance costs, share of profit of associates and joint ventures accounted for using the equity method, tax expenses, profit or loss, and other comprehensive income. However, the format of presentation is not fixed, and entities may choose a format that meets their specific needs and requirements.

In Respect to the Statement of Profit or Loss and Other