AASB 101 Presentation of Financial Statements requires that a financial report:
A)does not need to include the reporting period or date.
B)must include the name of the entity.
C)always be prepared as if the company is not a going concern.
D)be prepared on the cash basis of accounting.

Question

Quizplus · Accepted Answer

AASB 101 requires that the financial report must include the name of the entity, which is important for identifying the company and differentiating it from other entities or businesses. The reporting period and date must also be included in the financial report to provide information about the timeframe of the financial information presented. However, AASB 101 does not require financial reports to always be prepared as if the company is not a going concern or to be prepared on the cash basis of accounting.

AASB 101 Presentation of Financial Statements Requires That a Financial