Statement of Comprehensive Income Mind Map

IAS 1
Presents all items of income and expense recognised in a period
1. in a single statement of comprehensive income
2. in 2 statements
  1. a statement displaying components of profit and loss
  2. a statement of other comprehensive income
information required to be presented in the following
1. Statement of comprehensive (IAS 1.82 -87)
2. Profit or Loss (IAS 1.88)
3. Other comprehensive income (IAS 1.90 - 96)
4. Further information required to be presented on the face or in the notes to the statement of Comprehensive Income (IAS 1.97)
Entities must choose between
1. Function of expense method
2. Nature of expense method
The change in a companies net assets from none owner sources over a period of time
It shows profits for the year,
1. A further statement (statement of Equity) shows how the profit has been distributed and provides a link to the statement of financial position
Does not have to detail every single overhead and expense
1. Tax enpense
2. Share of the profit & loss of associates
3. Finance Costs
4. Revenue
5. Other Comprehensive income
  1. i.e revaluation of the property

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