IFRS
18 does not change an entity’s net profit but promotes a more structured income
statement. Classification of income and expenses depends on the main business
activities of an entity. If an entity changes its main business activities then
it must disclose the following items? Required: Which one of the following items is correct and needs disclosure?

Question

IFRS
18 does not change an entity’s net profit but promotes a more structured income
statement. Classification of income and expenses depends on the main business
activities of an entity. If an entity changes its main business activities then
it must disclose the following items?  Required: Which one of the following items  is correct  and needs disclosure?

Accepted Answer

The
fact that its assessment has changed and the date of that change;

Answer

For
items of income and expenses for which the reconciliations has changed, the
amount and categories to which those items belongs to for the specified period;

Answer

The fact that its
assessment has changed and all reconciliations were performed;

Answer

All
changes relating to the changes in classification and changes in the different
categories for all relevant periods.

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IFRS 18 does not change an entity’s net profit but promotes a more structured...

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