Asked by Ryleigh Geddes on May 07, 2024
Verified
AASB 101 requires which of the following items to be disclosed separately in the statement of profit or loss and other comprehensive income:
I. Cost of sales.
II. Revenue.
III. Finance costs.
IV. Share of the profit or loss from associates.
V. Tax expense relating to extraordinary events.
A) I, II, and V
B) II, III and V
C) II, III, and IV
D) III and V
Comprehensive Income
A measure of all changes in equity of a company during a period from transactions and other events from non-owner sources. It includes all revenues and gains, expenses and losses.
Finance Costs
Expenses associated with borrowing money, including interest payments, bank charges, and other related costs.
- Acquire knowledge on the obligations and presentation facets in accordance with AASB 101, including the classifying and divulging of financial items.
Verified Answer
KB
Kaitlyn BelfieldMay 09, 2024
Final Answer :
C
Explanation :
AASB 101 requires that finance costs and tax expense relating to extraordinary events be disclosed separately in the statement of profit or loss and other comprehensive income. Additionally, the share of the profit or loss from associates should also be disclosed separately. However, cost of sales and revenue are reported as separate line items in the statement of profit or loss and are not required to be disclosed separately.
Learning Objectives
- Acquire knowledge on the obligations and presentation facets in accordance with AASB 101, including the classifying and divulging of financial items.
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