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DipIFRS ACCA course - IAS1 statement of profit or loss and other comprehensive income No.20

DipIFRS ACCA course - IAS1 statement of profit or loss and other comprehensive income No.20


The entity has an option to display:


A profit or loss and other comprehensive income statement, with profit or loss and other comprehensive income presented in two sections or two statements:
1. Separate profit or loss statement.
2. The statement of comprehensive income immediately after the statement of profit or loss and the commencement of profit or loss.


The statement (statements) should provide:


1. Profit or loss.
2. Other comprehensive income.
3. Comprehensive income for the period.
4. Distribution of profit or loss and comprehensive income for the period between:
1. Non-controlling interests.
2. The owners of the parent.


Other comprehensive income section:


The other comprehensive income section is required to display the items ... which have been classified according to their nature (classified by their nature) .. and are grouped among those items that will or will not be reclassified to profit and loss in subsequent periods.


The entity's share in other comprehensive income is presented from:
1. Associates.
2. Joint ventures.
Equity accounted in aggregate as single items depending on whether or not it is subsequently reclassified to profit or loss.


When an entity displays subtotals, these subtotals must consist of items consisting of amounts:
1. Recognized.
2. A measured.


In accordance with International Financial Reporting Standards (IFRS); To be presented and classified in a way:
1. clear.
2. and understandable.


And also
- To be consistent from period to period
- They are not displayed more prominently than required subtotals and totals
- And reconciled with subtotals or totals required in International Financial Reporting Standards (IFRS).


Other requirements:
Additional line items may be required to fairly present the entity’s operations results.
The items cannot be shown as "extraordinary items" in the financial statements or in the notes.


Certain provisions are to be disclosed separately either at:
A statement of comprehensive income Or in notes.


If it is material .. Including:
1. Write-downs of inventories to net realisable value.
2. Or property, plant and equipment to a recoverable amount.
3. So are reversals of such write-downs.
4. Restructuring of the activities of an entity.
5. Revoking any provisions for the costs of restructuring.
6. Disposal of items of property, plant and equipment.
7. Disposals of investments discontinuing operations.
8. Litigation settlements.
9. Other reversals of provisions.



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