What information does the income statement provide to users of financial information under the IFRS Conceptual Framework?
A)Information about changes in liabilities over a period of time.
B)Information about changes in resources over a period of time.
C)Information about the performance over a period of time.
D)Information about the state of a company at a point in time.

Question

Quizplus · Accepted Answer

The income statement provides information about the company's financial performance over a given period of time, including revenue, expenses, and profit/loss. It does not provide information about changes in liabilities or resources, which would be found on the balance sheet. The income statement does not provide information about the state of the company at a specific point in time, such as the assets or liabilities held by the company at a given moment.

What Information Does the Income Statement Provide to Users of Financial