In accordance with AASB 101 Presentation of Financial Statements,a financial report comprises:
A) a statement of financial position, an income statement and cash flow statement
B) a statement of financial position, an income statement, a statement of changes in equity and a cash flow statement
C) a statement of financial position, an income statement, a statement of changes in equity, a cash flow statement and notes to the accounts
D) a statement of financial position, an income statement, a cash flow statement and notes to the accounts

Question

Quizplus · Accepted Answer

According to AASB 101 Presentation of Financial Statements, a complete financial report includes a statement of financial position, an income statement, a statement of changes in equity, a cash flow statement and notes to the accounts. Therefore, option C is the correct answer. Options A and D do not include the statement of changes in equity, which is a required component of a complete financial report as per AASB 101. Option B includes all the required components, but it is not the best answer as it includes an extra component - the statement of changes in equity is not required to be presented by all entities.

In Accordance with AASB 101 Presentation of Financial Statements,a Financial