According to AASB 101 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)prescribed by the Corporations Act.

Question

Quizplus · Accepted Answer

AASB 101 does not prescribe a specific format for the statement of financial position but provides guidance on a suitable format.

According to AASB 101 Presentation of Financial Statements,a Required Format