Investor Presentaiton
CAT
THE INSTITUTE OF
CHARTERED ACCOUNTANTS OF SRI LANGA
LKAS 1- Presentation of Financial Statements
27th June 2012
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Profit or loss for the period
Profit or loss is the total of income less expenses, excluding the components of other
comprehensive income
An entity shall recognize all items of income and expense in a period in profit or loss unless a
Standard requires or permits otherwise
Some SLFRSS specify circumstances when an entity recognises particular items outside profit
or loss in the current period.
For Ex:- LKAS 8 specify two scenarios
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the correction of errors and the
effect of changes in accounting policies.
Other SLFRSS require or permit components of other comprehensive income that meet the
Framework's definition of income or expense to be excluded from profit or loss.
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Revaluation Surplus
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Translation of Foreign Currency (on foreign operations)
CAT
THE INSTITUTE OF
CHARTERED ACCOUNTANTS OF SRILANKA
LKAS 1- Presentation of Financial Statements
27th June 2012
•
•
Scope of the Presentation
21
Other Comprehensive Income for the period
Other comprehensive income comprises items of income and expense (including reclassification
adjustments) that are not recognised in profit or loss as required or permitted by other SLFRSS.
Disclose the amount of income tax relating to each component of other comprehensive income,
including reclassification_adjustments, either in the statement of comprehensive income or in
the notes (option to present net of income tax is also available).
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No more extraordinary items in the statements (sec. 87).
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However as per sec. 97 separate disclosures to be made on nature and amount of an item, if is is
material.
Scope of the Presentation
22
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