Statement of Comprehensive Income Mind Map

Statement of Comprehensive Income Mind Map

1. IAS 1

2. Presents all items of income and expense recognised in a period

   • in a single statement of comprehensive income
   • in 2 statements
     • a statement displaying components of profit and loss
     • a statement of other comprehensive income

3. information required to be presented in the following

   • Statement of comprehensive (IAS 1.82 -87)
   • Profit or Loss (IAS 1.88)
   • Other comprehensive income (IAS 1.90 - 96)
   • Further information required to be presented on the face or in the notes to the statement of Comprehensive Income (IAS 1.97)

4. Entities must choose between

   • Function of expense method
   • Nature of expense method

5. The change in a companies net assets from none owner sources over a period of time

6. It shows profits for the year,

   • A further statement (statement of Equity) shows how the profit has been distributed and provides a link to the statement of financial position

7. Does not have to detail every single overhead and expense

   • Tax enpense
   • Share of the profit & loss of associates
   • Finance Costs
   • Revenue
   • Other Comprehensive income
     • i.e revaluation of the property