A set of financial statement prepared in accordance with IAS 1 Presentation of Financial Statements comprises:
I. A statement of financial position.
II. A statement of profit or loss and other comprehensive income.
III. A statement of cash flows.
IV. A statement of changes in equity.
V. Notes.
A) I, II, and IV;
B) I, II, III IV and V:
C) I, III and IV;
D) I, II, III and IV.

Question

A set of financial statement prepared in accordance with IAS 1 Presentation of Financial Statements comprises:
 I. A statement of financial position.
II. A statement of profit or loss and other comprehensive income.
III. A statement of cash flows.
IV. A statement of changes in equity.
V. Notes.
A) I, II, and IV;
B) I, II, III IV and V:
C) I, III and IV;
D) I, II, III and IV.

Quizplus · Accepted Answer

IAS 1 requires the presentation of all these components (I, II, III, IV, and V) as part of a complete set of financial statements.

A Set of Financial Statement Prepared in Accordance with IAS