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14:20-17:20
Module 2
Victor V. Tuco
victor.tuco@antipolo.benilde.edu.ph
Learning Objectives
• Prepare a Statement of Profit or Loss and Other
Comprehensive Income.
• Give examples of items of other comprehensive income.
• State the acceptable methods of presenting items of income
and expenses.
Statement of profit or loss and other
comprehensive income
• An entity shall present all items of income and expense recognized
in a period:
1. in a single statement of profit or loss and other comprehensive
income; or
2. in two statements: (1) a statement displaying the profit or loss
section only (separate ‘statement of profit or loss’ or ‘income
statement’) and (2) a second statement beginning with profit or
loss and displaying components of other comprehensive income.
Extraordinary items
• OCI may be presented either (a) net of tax or (b) gross of tax.
Reclassification adjustments
• Reclassification adjustments are amounts reclassified to profit
or loss in the current period that were recognized in other
comprehensive income in the current or previous periods.
Total comprehensive income