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Gains or losses arising from the operations of the non-main activity of the company appears in?

a) the income statement. b) Equity and Investement. c) other comprehensive income statement. d) Not any of the above.

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Question added by Rashad Moursi , Finance Director & Business Development, International Business Transformer Owners Repr. - Hotels , Investment and financial
Date Posted: 2014/05/04
Khalid Noor
by Khalid Noor , Accounting Manager , FedEx

Other comprehensive Income or other income.

Juanito Jr De Guzman
by Juanito Jr De Guzman , Chief Accountant , Zen FZE

IS- Other Misc. Income

Nusrath Ali Khan
by Nusrath Ali Khan , Finance Manager , Saudi Company for Site Technology Ltd. - SITECH-KSA

Income Statement as Other Gains/Losses

suleiman bushnaq
by suleiman bushnaq , Senior AML Specialist , ING Tech Poland

A

Asad zaman
by Asad zaman , Audit/Finance , Rafaqat Baber and co

Normaly it will be recorded in under other comprehensive income in income statement afper decucting interst and tax from profit of the year.

Rashad Moursi
by Rashad Moursi , Finance Director & Business Development, International Business Transformer Owners Repr. - Hotels , Investment and financial

 

The answer its;

c)  other comprehensive income statement

 

Due to the science of accounting evolves according to the needs of users, IFRS have been developed a new statement called other comprehensive income, this statement is a complement to the income statement and  showing the profit or loss resulting from the operations of the non-main activity, it can be combined to the income statement so start with the end of the income statement result. can be set up as a separate statement.         

 

Later the IFRS introduced an amendment in other comprehensive income statement, divide it into two parts;         

 

  • Gains and losses on non-main activity will be transferred to the income statement in the case of the availability of certain conditions, such as, exchange rate differences, unrealized gains on investments held for sale.

  • Gains and losses from the activity will remain in other comprehensive income statement and will not transferred to the income statement, such as the results of the revaluation of assets.  

 

Zahid Mahmood
by Zahid Mahmood , Manager Accounts & Finance , Associated Technologies (Pvt) Ltd

 A)The income statement.

Mohammed Hussain Shah
by Mohammed Hussain Shah , Finance Manager , Al-Naba Contracting Co. Ltd

a)

As a seperate item after "net operating Income" titled " capital gains" or "other income" depending upon the nature of this non-operating income.

MOHAMMAD AMMAR
by MOHAMMAD AMMAR , SENIOR EXECUTIVE , LODHA & CO

Should be shown separately in the income statement as gain or loss from non operating activities.

Anayatullah Tahir
by Anayatullah Tahir , Finance Manager , Etqan Projects

A Income Statement

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