In the 2011 version of IAS 1/AASB 101, what is the recommended title for the income statement?
A) Statement of profit and loss and other comprehensive income
B) Profit and loss statement and other comprehensive income
C) Statement of profit or loss and other comprehensive income
D) Statement of financial performance

Question

Quizplus · Accepted Answer

The recommended title for the income statement in the 2011 version of IAS 1/AASB 101 is "Statement of profit or loss and other comprehensive income." Option A and B are incorrect as they use the term "profit and loss" instead of "profit or loss" which is incorrect as per the standard. Option D is incorrect as it is a newer term that does not appear in the standard.

In the 2011 Version of IAS 1/AASB 101, What Is