According to IAS 1 Presentation of Financial Statements, 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 Company Act or in the civil code.

Question

Quizplus · Accepted Answer

IAS 1 Presentation of Financial Statements does not prescribe a required format for the presentation of the statement of profit or loss and other comprehensive income but it does provide guidance on a suitable format that can be used. Therefore, option C is correct. Options A, B, and D are incorrect based on the explanation provided.

According to IAS 1 Presentation of Financial Statements, a Required