What line items are required to be presented in the profit or loss section of the statement of comprehensive income?

1. Under AASB 101, identify items of income and expense that bypass the statement of

 

comprehensive income. Is this consistent with the comprehensive income approach to

measuring periodic profit? Outline the arguments for and against their exclusion in the

calculation of profit.  2.AASB 101 currently offers preparers a choice in the way they report periodic profit.

Outline the available options.  3.What line items are required to be presented in the profit or loss section of the statement of comprehensive income? 4. Distinguish between and give examples of:

(a) income and revenues;

(b) revenues and gains; and

(c) expenses and losses. (LO4)

5.Revenue is said to arise in the course of the ordinary activities of the entity. Explain the

meaning of the term ‘ordinary activities’. (LO4)

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