According to AASB 101/IAS 1 Presentation of Financial Statements, a required format for the presentation of a statement of financial position is:
A) not prescribed and no guidance is provided in the standard.
B) not prescribed but guidance is provided in the standard for a suitable format.
C) prescribed by the standard.
D) prescribed by the Corporations Act.

Question

Quizplus · Accepted Answer

AASB 101/IAS 1 does not prescribe a specific format for the statement of financial position but provides guidance on how it should be structured, ensuring relevant information is presented in a manner that is useful for decision-making.

According to AASB 101/IAS 1 Presentation of Financial Statements, a Required