Document ID: chunk:federal_register_of_legislation:F2024L00708:body:0:p16
Version: federal_register_of_legislation:F2024L00708
Segment Type: other
Provision Reference: 
Character Range: 42034–44856

with specified main business activities
65 If an entity provides financing to customers as a main business activity, it shall classify income and expenses (see paragraph B59):
(a) from the liabilities specified in paragraph 59(a) (that is, liabilities that arise from transactions that involve only the raising of finance):
(i) if the liabilities relate to providing financing to customers – in the operating category.
(ii) if the liabilities do not relate to providing financing to customers – by applying an accounting policy choice to classify the income and expenses specified in paragraph 60 in the operating category or the financing category. The choice of accounting policy shall be consistent with that made by the entity for the purpose of the related accounting policy for income and expenses from cash and cash equivalents in paragraph 56(b)(ii).
(b) from the liabilities specified in paragraph 59(b) (that is, liabilities that arise from transactions that do not involve only the raising of finance):
(i) if the income and expenses are specified in paragraph 61 – in the financing category; or
(ii) if the income and expenses are not specified in paragraph 61 – in the operating category.
66 If an entity applying paragraph 65(a) cannot distinguish between the liabilities described in paragraphs 65(a)(i) and 65(a)(ii), it shall apply the accounting policy choice in paragraph 65(a)(ii) to classify income and expenses from all such liabilities in the operating category.

The income taxes category
67 An entity shall classify in the income taxes category tax expense or tax income that is included in the statement of profit or loss applying AASB 112 Income Taxes, and any related foreign exchange differences (see paragraphs B65–B68).

The discontinued operations category
68 An entity shall classify in the discontinued operations category income and expenses from discontinued operations as required by AASB 5 Non-current Assets Held for Sale and Discontinued Operations.

Totals and subtotals to be presented in the statement of profit or loss
69 An entity shall present totals and subtotals in the statement of profit or loss for:
(a) operating profit or loss (see paragraph 70);
(b) profit or loss before financing and income taxes (see paragraph 71), subject to paragraph 73; and
(c) profit or loss (see paragraph 72).
70 Operating profit or loss comprises all income and expenses classified in the operating category.
71 Profit or loss before financing and income taxes comprises:
(a) operating profit or loss; and
(b) all income and expenses classified in the investing category.
72 Profit or loss is the total of income less expenses included in the statement of profit or loss. Accordingly, it comprises all income and expenses classified in all categories in the statement of profit or loss (see