Exam 12: Financial Statement Presentation

According to IAS 1 Presentation of Financial Statements, a required format for the presentation of the statement of profit or loss and other comprehensive income is:

A set of financial statement prepared in accordance with IAS 1 Presentation of Financial Statements 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.

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

Under IAS 1 Presentation of Financial Statements, financial statements must be prepared and presented at least:

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

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

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

Which of the following is NOT an example of an adjusting event under IAS 10 Events after the Reporting Period?

IAS 1 Presentation of Financial Statements requires the following items to be disclosed separately in the statement of profit or loss and other comprehensive income: I Cost of sales. II Revenue. III Finance costs. IV Share of the profit or loss from associates. V Tax expense relating to extraordinary events. VI Tax expense relating to ordinary activities. VII Profit or loss.

In relation to 'retained earnings', IAS 1 Presentation of Financial Statements mandates the following disclosures: I) Any changes during the reporting period. II) The related tax adjustments in respect to any changes during the period. III) The beginning balance. IV) The balance at reporting date.

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.

Which of the following events occurring after the reporting date but before the financial report is authorised for issue is NOT an example of an adjusting event?

Which of the following note disclosures are NOT required by IAS 1 Presentation of Financial Statements?

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

In respect to the statement of profit or loss and other comprehensive income of an entity, IAS 1 Presentation of Financial Statements prescribes:

Items that are dissimilar in nature must be presented separately in financial statements unless:

The issuing of bonus shares in lieu of a cash dividend would be separately disclosed in an entity's

The requirements of IAS 1 Presentation of Financial Statements apply to the following sets of financial statements:

Where an accounting estimate has been revised materially the item is:

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