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Under IFRS are we required present two income statements as normal income statement & comprehensive income statement? What  in included in comprehensive income statement?
in IFRS 1 - First-time Adoption of International Financial Standards by
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2 Answers

0 votes
You can present either two statements or one statement. This is optional under IAS 1 - Presentation of FS. It states:

IAS 1.10(b)  A complete set of financial statements comprises, as one of its statements, a statement of comprehensive income for the period.

IAS 1.81 Total comprehensive income is the changes in equity during a period other than those changes resulting from transactions with owners in their capacity as owners, which is
presented either in:
-one statement (i.e. a statement of comprehensive income)
-two statements (i.e. a separate income statement and a statement beginning with profit
or loss and displaying components of other comprehensive income).
by Level 5 Member (11.6k points)
0 votes
IAS 1 requires an entity to present a statement of financial position at the beginning of the earliest comparative period when it applies an accounting policy retrospectively, makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements (IAS 1.10(f)). In these situations, IAS 1.39 states that an entity must present, as a minimum, three statements of financial position, two of each of the other statements and related notes.
by Level 2 Member (4.3k points)


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