Exam 19: Financial Statement Presentation

Included in a statement of changes in equity are the following items: I $\quad$ Opening and closing balances II $\quad$ Profit or loss for the period. III $\quad$ New share issues. IV $\quad$ Dividends paid.

At reporting date for Year 1, Elpha Limited had a loan from its bankers that it expected to settle within three months. The loan term was renegotiated after reporting date and before the authorisation date of the financial statements, and the repayment date was extended by two years. For Year 1 financial statement presentation purposes this loan is classified by Elpha Limited as:

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

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

The requirements of AASB 101 apply to the following sets of financial statements:

Assets and liabilities, and income and expenses may be off-set if:

If an entity receives information after end of reporting period that one of its assets was impaired at end of reporting period by a material amount it must:

If a liability satisfies the following criterion it will be classified as non-current:

According to AASB 101, a required format for the presentation of the statement of profit or loss and other comprehensive income is:

Which of the following is NOT an example of an adjusting event under AASB 110?

In respect to the statement of profit or loss and other comprehensive income of an entity, AASB 101 prescribes:

Under AASB 101 Presentation of Financial Statements, which of the following items is disclosed separately on the face of a statement of financial position?

The primary source of information about an entity's financial position is to be found in its:

Under AASB 101 profit or loss attributable to non-controlling interests is prescribed for presentation in:

Which of the following items, if it exists, must be presented as a line item in the statement of financial position?

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

Which of the following items, if it exists, does NOT have to be presented as a line item on the face of a statement of profit or loss and other comprehensive income?

Which of the following statements in relation to errors is correct?

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

Typically industries where operating cycles may exceed twelve months include: