1. 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

2. 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

3. 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

4. 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

5. 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

6. 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