Amos Corporation was incorporated and began business on January 1
Amos Corporation was incorporated and began business on January 1, 2014. It has been successful and now requires a bank loan for additional working capital to finance an expansion. The bank has requested an audited income statement for the year 2014 using IFRS. The accountant for Amos Corporation provides you with the following income statement, which Amos plans to submit to the bank:
Amos had 100,000 common shares outstanding during the year. Amos accounts for its investments in accordance with IAS 39.
Instructions
(a) Indicate the deficiencies in the income statement as it currently is. Assume that the corporation prepares a single step income statement.
(b) Prepare a revised single-step statement of comprehensive income.
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help