According to AASB 101, a required format for the presentation of the statement of profit or loss and other comprehensive income is:
A) prescribed by the standard
B) not prescribed and no guidance is provided in the standard for a suitable format
C) not prescribed but guidance is provided in the standard for a suitable format
D) prescribed by the standard and further details are found in the Corporations Act.

Question

Quizplus · Accepted Answer

AASB 101 does not prescribe a specific format for the presentation of the statement of profit or loss and other comprehensive income, but it does provide guidance on a suitable format. Therefore, choice C is the correct answer. Choice A and D are incorrect, as AASB 101 does not prescribe a required format for the statement of profit or loss and other comprehensive income, and information regarding the format is not found in the Corporations Act. Choice B is incorrect, as guidance is provided in the standard for a suitable format.

According to AASB 101, a Required Format for the Presentation