Under IFRS which terms are used as a heading to the balance sheet?
A) Classified Balance Sheet or Statement of Financial Position
B) Balance Sheet or Classified Balance Sheet
C) Statement of Financial Position or Balance Sheet
D) Balance of Assets and Liabilities or Statement of Assets and Liabilities

Question

Quizplus · Accepted Answer

Under IFRS, the two terms used interchangeably as a heading to the balance sheet are "Statement of Financial Position" and "Balance Sheet". Therefore, option C is the correct answer. Option A and B are incorrect as only one of the two mentioned terms is used. Option D is also incorrect as the terms used are not "Balance of Assets and Liabilities" or "Statement of Assets and Liabilities".

Under IFRS Which Terms Are Used as a Heading to the Balance