Part A Formats for statement of profit or loss and other comprehensive income

The accountant for Moonshine Ltd has heard that following recent changes to accounting standards, the income statement now has a new title and companies now have a choice regarding the presentation of income and expense items recognised in a period. However, the accountant is unsure of the exact requirements following changes to accounting standards.

Required

The accountant seeks your assistance and requests that you provide information to Moonshine Ltd about this apparent presentation choice and whether the income statement now has a new title.