Under AASB 118 Revenue, interest revenue of a bank in 20X0 would most likely be classified in that bank's 20X0 profit or loss statement or the notes to the financial statement as:

Question

Quizplus · Accepted Answer

Interest revenue is a specific type of revenue recognized by banks and other financial institutions, and is therefore not classified as abnormal revenue or revenue from rendering of services. It is also not classified as other revenue, which is typically reserved for non-operating or incidental sources of revenue. Therefore, the best classification for interest revenue in a bank's profit or loss statement or notes to the financial statement would be as "interest revenue."

Under AASB 118 Revenue, Interest Revenue of a Bank in 20X0