Under AASB 101 additional line items,headings and subtotals:
A) Are precluded as they provide unnecessary information that may confuse the user.
B) Shall be presented on the face of the statement when such presentation is relevant to an understanding of the entity's financial performance.
C) Shall be presented on the face of the statement when such items can be measured reliably and it is probable these events will occur.
D) Will only be included in the notes to the income statement if they are relevant to an understanding of the entity's financial performance.
E) None of the given answers.

Question

Quizplus · Accepted Answer

Under AASB 101, additional line items, headings, and subtotals shall be presented on the face of the statement when such presentation is relevant to an understanding of the entity's financial performance. This means that when certain items or information are important for users to understand the financial performance, they should be included in the statement. However, unnecessary information that may confuse the user should be avoided.

Under AASB 101 Additional Line Items,headings and Subtotals