According to AASB 101 AASB 101 Presentation of Financial Statements,a required format for the presentation of the statement of profit or loss and other comprehensive income is:
A)prescribed by the standard
B)not prescribed and no guidance is provided in the standard for a suitable format
C)not prescribed but guidance is provided in the standard for a suitable format
D)prescribed by the standard and further details are found in the Corporations Act.

Question

Quizplus · Accepted Answer

AASB 101 does not prescribe a specific format for the statement of profit or loss and other comprehensive income, but it does provide guidance on what should be included and how it should be presented. Therefore, option C is the correct answer.