Exam (elaborations)
IAS 1 Exam Questions & Answers 2024/2025
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IAS 1 Exam Questions & Answers 2024/2025
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IAS 1 Exam Questions & Answers2024/2025
What is the objective of IAS 1? - ANSWERSTo lay out the basis of presentation of financial statements
What kind of reports are covered under IAS 1? - ANSWERSGeneral purpose financial statements (i.e for
readers that do not require specific tailoring of the information)
What is the objective of general purpose financial statements? - ANSWERSProvide info about financial
position, performance and cash flows to a wide range of users, to aid them in making economic
decisions.
What items are disclosed, to describe the financial position , performance and cash flows of the
Company? - ANSWERSAssets, liabilities, Income, Expenses, Equity, Transactions with owners, Cash flows
What is a transaction with owner? - ANSWERSA transaction with an owner (shareholder or holding
company) in their capacity as a SHAREHOLDER.
I.e if a Company sold goods to a shareholder, this is a transaction with the shareholder in their
capacity/role as a CUSTOMER.
Dividends, rights or bonus issues, or share buybacks are all transactions with owners in their
capacity/role as a SHAREHOLDER.
A complete set of financial statements includes:- - ANSWERS1) Statement of Financial Position
2) Statement of Profit or Loss and Other Comprehensive Income (or 2 separate statements)
3) Statement of Cash Flows
4) Statement of Changes in Equity
5) Notes, containing the significant accounting policies, and required disclosures
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