According to AASB 101 Presentation of Financial Statements,a required format for the presentation of the statement of profit or loss and other comprehensive income is:
A)prescribed by the Corporations Act.
B)not prescribed and no guidance is provided in the standard for a suitable format.
C)not prescribed but guidance is provided in the standard for a suitable format.
D)prescribed by the standard and further details are found in the Corporations Act.

Question

Quizplus · Accepted Answer

AASB 101 does not prescribe a specific format for the statement of profit or loss and other comprehensive income. However, the standard provides guidance on key items that should be presented separately and the order in which they should be presented. Therefore, choice C is the best answer.

According to AASB 101 Presentation of Financial Statements,a Required Format