All items of income and expense that arise during a financial period must be included in profit or loss.
e.g. changes in a revaluation surplus. These items are not included in the determination of the profit or loss that arose during a financial period. Instead, the balance of equity is directly adjusted.
Learning objective 5.4
Correct Answer:
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Q22: The term 'finance costs' is synonymous with:
A)
Q23: According to AASB 101/IAS 1 Presentation of
Q24: AASB 101/IAS 1 Presentation of Financial Statements
Q25: Extraordinary items of income and expense:
A) must
Q26: Which of the following items must be
Q28: Interest and other costs incurred by an
Q29: Current assets are those assets that are
Q30: A reporting entity must disclose somewhere in
Q31: AASB 101/IAS 1 Presentation of Financial Statements
Q32: Which of the following items are included
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