Which statement concerning the statement of financial position and the requirements of the Corporations Act is not true?
A) The Act requires the statement of financial position to present a 'true and fair view' of the entity's financial position
B) The Act states that if the financial statement would not give a true and fair view, additional information must be included in the notes to the statements in order to provide that view
C) True and fair view is defined in the Act to mean in accordance with generally accepted accounting standards
D) None of the above, i.e., all of the statements are true

Question

Quizplus · Accepted Answer

The Corporations Act requires financial statements to present a true and fair view of an entity's financial position, but it does not define "true and fair view" as being in accordance with generally accepted accounting standards. The concept of a true and fair view is broader and may require consideration of various factors beyond just compliance with accounting standards.

Which Statement Concerning the Statement of Financial Position and the Requirements