Structure of the statement of profit or loss and other comprehensive income
ID:CVPOI
Video Overview
In order to achieve international harmonisation of financial statements, a universal set of rules need to exist and be applied globally when preparing financial statements. These rules are in the form of International Financial Reporting Standards known as IFRSs. IAS1 sets out the different financial statements and the format or structure of these statements. A full set of financial statements includes a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity, a statement of cash flows, and notes including important accounting policies and other explanatory information. This tutorial will discuss the structure of the statement of profit or loss and other comprehensive income.
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