Under AASB 101 the income statement (called profit or loss statement in this text) does not require an amount called 'income' to be recorded anywhere in the statement.

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Under AASB 101, the income statement (called profit or loss statement in this text) does not require an amount called 'income' to be recorded anywhere in the statement. Instead, it shows the revenues earned and expenses incurred during the reporting period and calculates the net profit or loss.

Under AASB 101 the Income Statement (Called Profit or Loss