Presentation Of Financial Statements

Question 1

Does the profit or loss attributable to the parent and non controlling interest always need to be on the face of the statement of profit and loss and other comprehensive income?

Answer 1

No, if a company produces a separate income statement that could have included it

Question 2

Does the statement of profit and loss and other comprehensive income always have profit as the first line?

Answer 2

No that should only apply if a separate income statement is prepared if one page format is used then the first line is likely to be revenue

Question 3

Does an entity have to disclose cost of sales on the face of its SOPLOCI or if a two page format is selected, the income statement?

Answer 3

No, the disclosure of the amount inventory recognised as an expense is disclosable but it does not have to be on the face(IAS 2:36(D); 1:82)