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IAS 1 Presentation of Financial Statements Exam Questions & Answers
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IAS 1 Presentation of Financial Statements Exam Questions & Answers
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IAS 1 Presentation of FinancialStatements Exam Questions & Answers
A complete set of financial statements has - ANSWERSA statement of changes in equity
A statement of Financial Position
A statement of profit or loss and other comprehensive income
A statement of cash flows
Notes to the accounts comprising of accounting policies and other explanatory notes
Financial statements must be - ANSWERSPresented fairly
Materiality and aggreagtion - ANSWERSEach Material class of items must be presented separately in the
financial statements. Items may only be aggregated if they are individually immaterial
Offsetting - ANSWERSAssets, liabilities, income and expenses may not be offset (reported on the net
basis) unless required or permitted by an IFRS
Comparative information - ANSWERSIAS 1 requires that comparative information shall be disclosed in
respect of the previous period for all amounts reported in the financial statements
Financial statements must clearly identify - ANSWERSThe financial statement
The reporting enterprise
Whether the statements are for the enterprise or the group
The date or period covered
The presentation currency
The level of precision; thousands or millions etc.
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