Under the accounting standard governing the presentation of the income statement, the item that is not required to be presented by reporting entities on the face of the statement is:Group of answer choicesfinance costs.depreciation.profit or loss.income tax expense.

The item that is not required to be presented by reporting entities on the face of the income statement, under the accounting standard, is "Depreciation".

Here's a step-by-step explanation:

1. The income statement, also known as the profit and loss statement, is a financial report that shows the revenues, costs, and expenses over a specific period of time. The purpose of the income statement is to show managers and investors whether the company made or lost money during the period being reported.

2. "Finance costs" are typically required to be presented on the face of the income statement. These costs are associated with the borrowing of funds, such as interest expense on loans.

3. "Profit or loss" is also required to be presented on the face of the income statement. This is the net income or net loss of the business, calculated as revenues minus expenses.

4. "Income tax expense" is another item that is required to be presented on the face of the income statement. This is the amount of tax that the company owes based on its taxable income for the period.

5. "Depreciation", however, is not typically required to be presented on the face of the income statement. Depreciation is the allocation of the cost of an asset over its useful life, and it is usually included in the calculation of various expense categories, but it is not typically presented as a separate line item on the face of the income statement. Instead, it is often included in the notes to the financial statements.