CIMA F2 Syllabus C. Group accounts - IAS 1 Presentation of Financial Statements - Notes ^{1 / 15}

The statement of profit or loss (P&L)

is defined as:

• Total of income

  LESS

  Expenses

excluding the components of other comprehensive income (OCI)

comprising of items of income and expense that are not recognised in profit or loss (P&L)

e.g. Revaluation

IFRS currently requires

• the statement of P&L and OCI to be presented as either one statement, being a combined statement of P&L and OCI

• or two statements, being the statement of P&L and the statement of comprehensive income.