Caroline, Inc. hired a new controller in late 2019. The controller has not prepared financial statements using IFRS before and needs your assistance. In compiling a complete set of financial statements under IFRS, which of the following components must be included?
A) A statement of financial position at the end of the period.
B) Notes, including a summary of significant accounting policies.
C) A statement of comprehensive income for the period.
D) All of these choices are correct.

Question

Quizplus · Accepted Answer

In compiling a complete set of financial statements under IFRS, all three components must be included. A statement of financial position at the end of the period, a statement of comprehensive income for the period, and notes including a summary of significant accounting policies are all required under IFRS.