Australian standard setters have adopted the view that:
A) there should be some flexibility in the format of financial statements
B) companies should use a fixed format when preparing financial statements
C) Schedule 5 provides an example of a flexible format for preparers of financial statements
D) the statement of financial position is merely a link between successive income statements

Question

Quizplus · Accepted Answer

The Australian standard setters believe that there should be some flexibility in the format of financial statements, rather than mandating a fixed format. This allows preparers to tailor their financial statements to their specific circumstances and needs.

Australian Standard Setters Have Adopted the View That