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IAS 1 Test (Presentation of financials) Questions & Answers 2024/2025
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IAS 1 Test (Presentation of financials) Questions & Answers 2024/2025
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IAS 1 Test (Presentation of financials)Questions & Answers 2024/2025
To what FS is this standard applied - ANSWERSEnd of year statements (BS, IS, Cash flow etc). It does not
apply to interim FS
What are material omissions - ANSWERSitems that could influence the decisions of the users of the FS
How is materiality determined - ANSWERS- 5% of income from continued operations
- 5% income before bonus
- 1/2-2% of revenues or expenses for NPOs
- 0.5% of total assets
- 1% of equity
** pre tax income
What is OCI - ANSWERScomprises items of income and expense that don't go through profit or loss
- revaluation surplus
- remeasurements of defined benefit pensions
- gains and losses on AFS instruments
- gains/losses of cash flow hedge
What is a complete set of FS - ANSWERS- BS
- statement of profit or loss for the period
- changes in equity
- cash flow statements
- notes with accounting policies
- statement of financial position at the begining of preceeding period
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