What information does the income statement provide to users of financial information under the IFRS 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 performance of a company over a period of time, including revenue, expenses, and net income or loss. It does not provide information about changes in liabilities or resources, which would be more relevant to the balance sheet. Additionally, the income statement provides information about a company's performance over a period of time, rather than its state at a single point in time, which is more relevant to the balance sheet or statement of financial position.

What Information Does the Income Statement Provide to Users of Financial