According to AASB 101 Presentation in Financial Statements,there must be consistency of presentation and classification of items in the financial statements from one period to the next unless:
A)a change in presentation or classification is required by another accounting standard.
B)there has been a minor change in the entity's operations.
C)the directors approve the change in presentation or classification.
D)the auditors approve the change in presentation or classification.

Question

Quizplus · Accepted Answer

According to AASB 101, consistency of presentation and classification is required unless a change is required by another accounting standard. Therefore, option A is the correct choice. Options B, C, and D are not valid reasons for a change in presentation or classification.

According to AASB 101 Presentation in Financial Statements,there Must Be