DipIFR Syllabus C. Presentation and additional disclosures - Statement of profit or loss and other comprehensive income - Notes ^{5 / 6}

This statement presents all items of income and expense

Entities may present all items together in:

• A single statement or

• Two linked statements 

  – one displaying the items of income and expense recognised in the statement of profit or loss and 

  - the other statement beginning with profit or loss and displaying all the items included in ‘other comprehensive income’.

Therefore,

- the statement of profit or loss includes all realised gains and losses (e.g. net profit for the year),

- the statement of comprehensive income would include both the realised and unrealised gains and losses (e.g. revaluation surplus).

Note: Revenue does not include any deposits received for orders.

CALCULATE COST OF SALES

• Opening inventory + Purchases - Closing inventory