AASB 101 allows which of these statements of financial position formats?
A) Current/non-current format
B) Order-of-liquidity format
C) A mixed basis of presentation using both the current/non-current basis and the order-of-liquidity format for different asset groups
D) All of the above are allowable formats.

Question

Quizplus · Accepted Answer

According to AASB 101, all of the mentioned formats are allowable for presenting the statement of financial position. The choice of format depends on the information needs of the users of financial statements and the nature of the entity's operations. Therefore, entities can choose the format that best communicates their financial position to the users of financial statements.

AASB 101 Allows Which of These Statements of Financial Position