ACCA have announced that they will be examining IAS 1(revised) from June 2008.For paper F3 international, they will be adopting the new standard completely from June 2008.

At this level the changes are mainly in terminology are as follows;
-The 'Balance sheet' will become the ' statement of financial position '. Its format is unchanged for f3 international purposes
- The 'cash flow statement' will be the 'statement of cash flows'Its format is unchanged.
- 'IAS 10 Events after balance sheet date' becomes IAS 10 'Events after reporting period'
- The 'income statement’ becomes the 'Statement of comprehensive income'
$
Revenue 390000
cost of sales (245000)
Gross profit 145000
Other income 20667
Distribution costs (9000)
Administrative expenses (20000)
Other expenses (2100)
Finance costs (8000)
Profit before tax 126567
Income tax expenses (40417)
PROFIT FOR THE YEAR 86150
Other comprehensive income:
Available for sale financial assets (24000)
Gains on property revaluation 933
Income tax relating to components of other comprehensive income --- TOTAL COMPREHENSIVE INCOME 63083
IAS allows the statement to be split into income statement and a statement of comprehensive income.Therefore ACCA indicated that the questions in the exam may refer to an income statement and this mean the entries from revenue to profit for the year. References to other comprehensive income will mean the last three entries.However,if the exam ask for a statement of comprehensive income this will mean the whole statement,as shown above,from 'revenue' to 'total comprehensive income'