The requirements of IAS 1 apply to the following sets of financial statements:
A) condensed financial statements
B) interim financial statements
C) general-purpose financial statements
D) special purpose financial statements.

Question

Quizplus · Accepted Answer

The requirements of IAS 1 apply to general-purpose financial statements, which are intended to meet the needs of a wide range of users who are not in a position to demand reports tailored to their particular information needs. IAS 1 does not apply to condensed financial statements, which are an abridged version of the full financial statements, or to interim financial statements, which are issued on a quarterly or semi-annual basis. IAS 1 also does not apply to special purpose financial statements, which are prepared for a particular user or group of users, and which may not comply with all the requirements of IFRSs.

The Requirements of IAS 1 Apply to the Following Sets