Section 5 Statement of Comprehensive Income And Income Statement The IFRS for SMEs Section 5 Statement of Comprehensive Income And Income Statement By: Olonje 11/11/2018

Section 5- Scope The statement of comprehensive income presents an entity’s financial performance (i.e. its income and expenses) for the period. Section 5 requires financial performance be presented in a single statement or two statements (an accounting policy choice) sets out the information to be presented in those statements By: Olonje 11/11/2018

Section 5 – Line items Specifies minimum line items (see Para. 5.5) Requires additional line items, headings and subtotals when relevant to an understanding of the entity’s financial performance an analysis of expenses based on either the nature of expenses or the function of expenses segregation of discontinued operations Prohibits use of the descriptor ‘extraordinary items’ By: Olonje 11/11/2018

Section 5- Disclose allocations Profit or loss and total comprehensive income are before allocating those amounts to non-controlling interests and owners of the parent Disclose the allocations of those amounts to the non-controlling interests the owners of the parent By: Olonje 11/11/2018

Section 5- Presentation alternatives Accounting policy choice—1 performance statement or 2 Single statement of comprehensive income includes all income and expenses separate line items include (among others) profit or loss (unless no items of OCI) each item of other comprehensive income displayed below profit or loss total comprehensive income By: Olonje 11/11/2018

Section 5- two statements income statement statement of comprehensive income Income statement ends with profit or loss Statement of comprehensive income starts with profit or loss present each item of other comprehensive income separately ends with total comprehensive income By: Olonje 11/11/2018