The entity's share of current period profit of the associate or joint venture is disclosed as a separate line item in the entity's __________________

Question

Quizplus · Accepted Answer

The share of current period profit of an associate or joint venture is an item of income and thus disclosed as a separate line item in the statement of comprehensive income. The statement of financial position shows the entity's assets, liabilities, and equity position at a point in time, while the statement of cash flows reports on the entity's cash inflows and outflows during the period. The statement of changes in equity shows the changes in the equity accounts during the period, but does not explicitly disclose the share of profits of associates or joint ventures.

The Entity's Share of Current Period Profit of the Associate