Which of the following is not a potential conflict in the statement of financial position?
A)The statement of financial position is generally only determined annually.
B)In reality, a country's money may not be 'a stable monetary unit'.
C)Relevant information is not always entirely reliable.
D)Australian dollars in 2005 may not have the same purchasing power in 2018.

Question

Quizplus · Accepted Answer

The statement of financial position being determined annually is not a potential conflict in the statement of financial position. The other options present potential conflicts such as fluctuations in currency value and reliability of information.

Which of the Following Is Not a Potential Conflict in the Statement