alleryStart learning →Why were IFRS 5 separate income statement rules deleted?
AInd AS 1 has no two-statement choice
BThe statement is audited separately
CDiscontinued items are not reported
DNo profit or loss is presented
Answer & Solution
Correct answer: A. Ind AS 1 has no two-statement choice
Ind AS 1 removed the two statement approach, so rules for a separate income statement became redundant.
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