Accounting standard AASB 101 requires that a summary of accounting policies should be included:
A)on the first page of the annual report.
B)in a schedule attached to the annual report.
C)in the initial section of the notes to the financial statements.
D)as a footnote to the balance sheet.

Question

Quizplus · Accepted Answer

AASB 101 requires that a summary of accounting policies be included in the initial section of the notes to the financial statements to provide clarity and context for the financial data presented.

Accounting Standard AASB 101 Requires That a Summary of Accounting