The approach contained in IAS 1/AASB 101 to determine a company's profit or loss is:
A) the new approach.
B) the operational approach.
C) the all-inclusive profit approach.
D) the profit or loss approach.

Question

Quizplus · Accepted Answer

IAS 1/AASB 101 adopts the all-inclusive profit approach, which means that all items of income and expense recognized in a period are included in profit or loss unless a standard or an interpretation requires otherwise.

The Approach Contained in IAS 1/AASB 101 to Determine a Company's