According to IAS, 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

The IAS does not prescribe a specific format for the statement of profit or loss and other comprehensive income, but it provides guidance on what should be included to ensure consistency and comparability.

According to IAS, a Required Format for the Presentation of the Statement