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Acf2491 Wk3 Solution Essay

2401 words - 10 pages

Topic 2
Chapter 16
The statement of comprehensive income and statement of changes in equity

Review questions
16.2 There is a general requirement that unless a specific accounting standard requires an item of income or expense to be recorded directly in equity, the expense or income amount is to be included in profit or loss. Specifically, paragraph 88 of AASB 101 states:
An entity shall recognise all items of income and expense in a period in profit or loss unless an Australian Accounting Standard requires or permits otherwise.
As an example of one class of items that does not go to profit or loss we can consider the situation where an error from a prior period is discovered ...view middle of the document...

7.5 of AASB 9 Financial Instruments;
(e) the effective portion of gains and losses on hedging instruments in a cash flow hedge (see AASB 139 Financial Instruments: Recognition and Measurement); and
(f) for particular liabilities designated as at fair value through profit or loss, the amount of the change in fair value that is attributable to changes in the liability’s credit risk (see paragraph 5.7.7 of AASB 9).
Hence if we were to look only at ‘profit or loss’ recorded in the statement of comprehensive income (or in a separate income statement) we would not get a full picture of all the expenses and income that were recognised in the current period. A joint consideration of the period’s profit or loss, plus a consideration of items having an impact on ‘other comprehensive income’ (see definition above), allows us to more fully appreciate all the income and expenses of a financial period.
16.6 AASB 101 deals with the format the statement of comprehensive income should take, as well as identifying those items that are to be disclosed separately in the statement of comprehensive income, or in the accompanying notes. Specifically, AASB 101, paragraph 82, requires that the following minimum information be disclosed as line items on the face of the statement of comprehensive income:
(a) revenue;
(b) finance costs;
(c) share of the profit or loss of associates and joint ventures accounted for using the equity method;
(d) tax expense;
(e) a single amount comprising the total of
(i) the post-tax profit or loss of discontinued operations and
(ii) the post-tax gain or loss recognised on the measurement to fair value less costs to sell or on the disposal of the assets or disposal group(s) constituting the discontinued operation;
(f) profit or loss;
(g) each component of other comprehensive income classified by nature (excluding amounts in (h));
(h) share of the other comprehensive income of associated and joint ventures accounted for using the equity method; and
(i) total comprehensive income.
In addition, paragraph 83 requires the profit or loss and the total comprehensive income for the period disclosed on the face of the statement of comprehensive income to be disaggregated between the non-controlling interest and the owners of the parent. AASB 101, paragraph 83, states that an entity should disclose the following items in the statement of comprehensive income as allocations of profit or loss (not as items of income or expense) for the period:
(a) profit or loss for the period attributable to:
(i) non-controlling interest, and
(ii) owners of the parent
(b) total comprehensive income for the period attributable to:
(i) non-controlling interest, and
(ii) owners of the parent
This allocation must be shown on the face of the statement of comprehensive income. The disclosure on the face of the statement of comprehensive income of additional line items and subtotals is encouraged if this information is relevant to an...

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