Exam 13: Disclosure: Presentation of Financial Statements

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?

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

Identify the components of a financial report.

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:

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

According to AASB 101 Presentation of Financial Statements,a required format for the presentation of a statement of financial position is:

Explain what is meant by a reclassification adjustment

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

Explain the options available for the presentation of the statement of profit or loss and other comprehensive income. a.a single statement of profit or loss and other comprehensive income with profit or loss and other comprehensive income presented in two sections.If this format is used then the two sections are to be presented together with the profit or loss section presented first followed directly by the other comprehensive income section b.a separate statement of profit or loss immediately followed by a statement of comprehensive income.

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 statements is not correct in relation to CSR reporting?

The following are normally presented in a statement of financial position as current items:

AASB 101 Presentation of Financial Statements,requires the following items be disclosed separately on the face of 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.

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

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

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

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

Typically industries where operating cycles may exceed twelve months include:

At balance 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 balance 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: