IFRS for SMEs / Section 5: Statement of Comprehensive Income and Income Statement
Section 5: Statement of Comprehensive Income and Income Statement
Section 5 sets the minimum line items for profit or loss and other comprehensive income and requires expenses to be analysed by nature or by function.
Disclosures to look for
- 5.5 Minimum line items: revenue, finance costs, tax expense and profit or loss.
- 5.11 An analysis of expenses by nature or by function.
How Sight applies it
Sight presents expenses by nature and discloses employee costs, depreciation, audit fees and lease rentals separately in the operating expenses note.
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