Section 1520 - Income statement

Effective date:

January 1, 2011 except for subsequent amendments

Published by the AcSB:

December 2009


This Section establishes the line items to be separately presented in the income statement. In accordance with Section 1400 General Standards of Financial Statement Presentation, an entity also considers whether additional line items would be presented in order to provide a fair presentation in accordance with generally accepted accounting principles.

History of Section 1520






December 2009


Part II of the CPA Canada Handbook  issued


Effective for fiscal years beginning on or after January 1, 2011.

April 2010


Minor amendments to address certain drafting issues.


Paragraph .04, has been amended to address inconsistencies with the requirements of Section 1582, Business combinations.

October 2012


Annual improvements


Paragraphs .03-.04, has been amended to eliminate inconsistencies between Section 1520 and other standards in Part II of the Handbook.

October 2013


Annual improvements


Paragraph .03(g), has been added to clarify that non-controlling interests are not a deduction in calculating net income. Effective for fiscal years beginning on or after January 1, 2014.

Note: The above summary does not include details of consequential amendments made as the result of other projects.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.