Under the simplest sample format provided in the Implementation Guidance accompanying IAS 1/AASB 101, the final line in the statement of profit or loss and other comprehensive income is:
A) profit/loss for the period.
B) total comprehensive income for the period.
C) profit/loss and other comprehensive income for the period.
D) profit/loss after tax and comprehensive income.

Question

Quizplus · Accepted Answer

The final line in the statement of profit or loss and other comprehensive income should present the total comprehensive income for the period, which includes both profit or loss for the period and other comprehensive income. Therefore, B is the correct choice. A, C and D are incorrect as they do not reflect the total comprehensive income for the period.

Under the Simplest Sample Format Provided in the Implementation Guidance