Chapter 7
Corporations: The Financial Statements
352
Required
a) Prepare an income statement under ASPE for Venus for the year ended June 30, 2016.
b) Prepare a statement of comprehensive income (by nature) under IFRS for Venus for the
year ended June 30, 2016.
AP-3B (
2
)
Gleek the Geek Corporation follows IFRS. In 2016, it has income from continuing operations
of $700,000, income from discontinued operations (net of income tax expense) of $50,000,
and other comprehensive income (net of income tax) of $13,000.
