Under the Simplest Sample Format Provided in the Implementation Guidance

question 26

Multiple Choice

Under the simplest sample format provided in the Implementation Guidance accompanying IAS 1/AASB 101, the final line in the statement of profit or loss and other comprehensive income is:

• A) profit/loss for the period.
• B) total comprehensive income for the period.
• C) profit/loss after tax and comprehensive income.
• D) profit/loss and other comprehensive income for the period.

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Definitions:

Straight-line Depreciation

A method of calculating the depreciation of an asset evenly over its useful life.

Single Category Average Cost Method

A method for calculating the cost basis of mutual funds, ETFs, or stocks for tax purposes, where all shares are considered to have the same average cost.

Long-term Loss

A loss realized on the sale or exchange of a capital asset held for more than one year.

Gift Tax

A tax on the transfer of assets or money from one person to another without receiving something of equal value in return, in excess of annual and lifetime exemptions.