The accounting standard that specifies the correct presentation of financial statements is:
A) AASB 1004.
B) AASB 1039.
C) IAS 1/AASB 101.
D) IAS 20/AASB 120.

Question

Quizplus · Accepted Answer

IAS 1/AASB 101 specifies the correct presentation of financial statements, including the layout, contents, and disclosures required. It covers topics such as the statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows. AASB 1004 deals with balancing the effect of changing prices and AASB 1039 deals with accounting for GST. IAS 20/AASB 120 deals with accounting for government grants.

The Accounting Standard That Specifies the Correct Presentation of Financial