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What is the difference between income statement & statement of comprehensive income under IFRS? Are both statements compulsory? what are the components going to these statements?
in IFRS 1 - First-time Adoption of International Financial Standards by
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As per IAS 1, an entity can present a Statement of comprehensive income or two separate statements comprising an Income statement displaying components of profit or loss and a Statement of comprehensive income that begins with profit or loss (bottom line of the income statement) and displays the items of other comprehensive income for the reporting period.
by Level 5 Member (11.6k points)