According to AASB 101/IAS 1 Presentation of Financial Statements, There

question 18

Multiple Choice

According to AASB 101/IAS 1 Presentation of 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.

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Definitions:

Conservation

The protection, preservation, management, or restoration of natural environments and the ecological communities that inhabit them.

Abstractly

Related to thinking about concepts and ideas that are not physically present.

Theory of Mind

The cognitive ability to attribute mental states—beliefs, intents, desires, emotions—to oneself and others and to understand that others have beliefs and perspectives different from one's own.

Egocentrism

A cognitive trait characterized by difficulty in understanding or acknowledging viewpoints different from one's own.