The Australian Accounting Standards Board changed the name 'statement of financial performance' to 'statement of profit and loss and other comprehensive income':
A) to be consistent with the Corporations Act
B) to be consistent with international accounting standards
C) to be consistent with US accounting standards
D) because of the development of accounting standards that are applicable to both the private and public sectors

Question

Quizplus · Accepted Answer

The change was made to be consistent with international accounting standards, specifically International Financial Reporting Standards (IFRS) which use the term 'statement of profit or loss and other comprehensive income' instead of 'statement of financial performance'.

The Australian Accounting Standards Board Changed the Name 'Statement of Financial