I want to specify multiple values for ifconfig in layout xml.
<action method="setTemplate" ifconfig="mymodule/general/is_enabled">
    <template>mymodule/test.phtml</template>
</action>
Is is possible to add below two conditions for one action?
ifconfig="mymodule/general/is_enabled"
ifconfig="mymodule/frontend/can_show"
Any suggestions would be most welcome.
You could use a helper method in your action parameter. Something like this
<action method="setTemplate">
    <template helper="mymodule/myhelper/canShowIf"/>
</action>
will call setTemplate with the results of a call to
Mage::helper('mymodule/myhelper')->canShowIf();
And the following in your modules default helper:
public function canShowIf()
{
    if($displayOnly = Mage::getStoreConfig('mymodule/general/is_enabled') == true)
    // Do Something
    }else if($displayOnly = Mage::getStoreConfig('mymodule/frontend/can_show') == true)         {
    // Do Something Else
   }
    return $displayOnly;
}
Implement your custom logic in canShowIf.
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