Exam 18: Financial Statement Presentation

IAS 1 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.

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:

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?

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

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

A set of financial statement prepared in accordance with IAS 1 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 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?

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.

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

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

According to IAS 1, a required format for the presentation of a statement of financial position is:

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

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

Under IAS 1 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:

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

Under IAS 1, financial statements must be prepared and presented at least:

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:

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

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