In the current version of IAS 1/AASB 101 Presentation of Financial Statements, what is an acceptable alternative title for the statement of financial position?
A) Profit and loss statement
B) Income statement
C) Balance sheet
D) Financial statement

Question

Quizplus · Accepted Answer

The acceptable alternative title for the statement of financial position is "balance sheet". The other options, such as "profit and loss statement" and "income statement", refer to different financial statements altogether. "Financial statement" is too broad and does not specifically indicate which statement is being referred to.

In the Current Version of IAS 1/AASB 101 Presentation of Financial