Document ID: chunk:federal_register_of_legislation:F2025C00209:front:0:p13
Version: federal_register_of_legislation:F2025C00209
Segment Type: other
Provision Reference: 
Character Range: 36920–40142

of related liabilities; and

           2.                    facts and circumstances, if any, that indicate the entity may have difficulty complying with the covenants – for example, the entity having acted during or after the reporting period to avoid or mitigate a potential breach. Such facts and circumstances could also include the fact that the entity would not have complied with the covenants if they were to be assessed for compliance based on the entity's circumstances at the reporting date.

Statement of Profit or Loss and Other Comprehensive Income[4]

Scope of this section
      1.                     This section requires an entity to present its total comprehensive income for a period—ie its financial performance for the period—in one or two financial statements. It sets out the information that is to be presented in those statements or in the notes and how to present it. [Based on IFRS for SMEs Standard paragraph 5.1]

Presentation of total comprehensive income
      1.                     An entity shall present its total comprehensive income for a period either:
           1.                     in a single statement of profit or loss and other comprehensive income, in which case the statement of comprehensive income presents all items of income and expense recognised in the period; or
           2.                    in two statements—a statement of profit or loss and a statement of comprehensive income—in which case the statement of profit or loss presents all items of income and expense recognised in the period except those that are recognised in total comprehensive income outside of profit or loss as permitted or required by other Australian Accounting Standards.
          [IFRS for SMEs Standard paragraph 5.2]

      1.                     A change from the single-statement approach to the two-statement approach, or vice versa, is a change in accounting policy to which AASB 108 applies. [IFRS for SMEs Standard paragraph 5.3]

Single-statement approach
      1.                     Under the single-statement approach, the statement of profit or loss and other comprehensive income shall include all items of income and expense recognised in a period unless other Australian Accounting Standards require otherwise. Australian Accounting Standards provide different treatment for the following circumstances:
           1.                     the effects of corrections of errors and changes in accounting policies are presented as retrospective adjustments of prior periods instead of as part of profit or loss in the period in which they arise (see AASB 108); and
           2.                    items of other comprehensive income are recognised as part of total comprehensive income, outside of profit or loss, when they arise.
          [Based on IFRS for SMEs Standard paragraph 5.4]

      1.                     As a minimum, an entity shall include, in the statement(s) presenting profit or loss and other comprehensive income, line items that present the following amounts for the period:
           1.                     revenue;
           2.                    finance costs;
           3.                     share of the profit or loss of investments in