Under IAS 1, Presentation of Financial Statements (IASB, 2011a), a complete set of financial statements includes a statement of comprehensive income. After studying this chapter, you should be able to: Explain the purpose of the statement of comprehensive income. Differentiate between accruals and prepayments. Calculate depreciation using the straight-line method. Differentiate between bad debts and doubtful receivables. Prepare a statement of comprehensive income.
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