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CMA Intermediate · Corporate Accounting and Auditing · Statement of Profit and Loss and Balance Sheet (Schedule III of Companies Act, 2013)

Under Ind AS 1 as reproduced in the official text, which set of items must the statement of profit and loss present in addition to the profit or loss and other comprehensive income sections?

The statement must present profit or loss, total other comprehensive income and comprehensive income for the period, the last being the total of profit or loss and other comprehensive income, as paragraph 81A of Ind AS 1 requires.

  1. AProfit or loss, total other comprehensive income, and comprehensive income for the periodCorrect
  2. BOnly profit or loss and retained earnings
  3. CGross profit, operating profit and net worth
  4. DProfit before tax, dividends paid and securities premium

Explanation

Paragraph 81A requires the statement of profit and loss to present profit or loss, total other comprehensive income, and comprehensive income for the period, which is the total of the two. The other options list items that are not required by this paragraph.

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