According to IAS 1 Presentation of Financial Statements, a required format for the presentation of a statement of financial position is:
A) not prescribed and no guidance is provided in the standard;
B) not prescribed but guidance is provided in the standard for a suitable format;
C) prescribed by the standard;
D) not prescribed by the standard but details are found in the Company Act or in the civil code.

Question

Quizplus · Accepted Answer

IAS 1 does not prescribe a specific format for the statement of financial position but provides guidance on its structure and minimum requirements for the content to ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities.

According to IAS 1 Presentation of Financial Statements, a Required