Exam 16: Presentation of Financial Statements

Included in a statement of changes in equity are the following items: I. Gains or losses not recognised in the statement of profit or loss and other comprehensive income. II. New share issues. III. Dividends paid. IV. Opening and closing balances. V. Profit or loss for the period.

An entity is required to classify its assets and liabilities as current or non-current unless it is considered more relevant and more reliable for decision-making purposes to present them according to their:

Which of the following items are normally classified as 'current' in a statement of financial position? I. deferred tax liabilities. II. accounts payable. III. inventories. IV. goodwill.

The application of International Financial Reporting Standards, with additional disclosure where necessary, is presumed to result in financial statements that:

A set of financial statements prepared in accordance with AASB 101 comprises: I. A statement of cash flows. II. A statement of financial position. III. A statement of changes in equity. IV. A statement of profit or loss and other comprehensive income. V. Notes.