IAS 1 requires,as a minimum,certain line items to be included on the face of the statement of financial position .Additional line items may be disclosed based on an assessment of:
A)the nature and liquidity of assets.
B)the functions of the assets within the entity.
C)the amounts, nature and timing of liabilities.
D)all of the given answers.

Question

Quizplus · Accepted Answer

All of the given answers are correct. IAS 1 requires a minimum set of line items to be presented on the face of the statement of financial position, but entities may disclose additional line items based on an assessment of the nature and liquidity of assets, the functions of the assets within the entity, and the amounts, nature, and timing of liabilities. Therefore, all of the given answers are relevant factors in determining additional line items to be disclosed.

IAS 1 Requires,as a Minimum,certain Line Items to Be Included