Accounting standard AASB 101 requires that a summary of accounting policies should be included:
A)in a schedule attached to the annual report.
B)in the initial section of the notes to the financial statements.
C)on the first page of the annual report.
D)as a footnote to the balance sheet.

Question

Quizplus · Accepted Answer

Accounting standard AASB 101 specifically requires that the summary of accounting policies should be included as a part of the notes to the financial statements. Therefore, option B is the correct choice. Options A, C, and D are not consistent with the standard.

Accounting Standard AASB 101 Requires That a Summary of Accounting