AASB 101 Presentation of Financial Statements Requires Which of the Following

question 2

Multiple Choice

AASB 101 Presentation of Financial Statements requires which of the following items to appear on the face of the statement of changes in equity?
I. Profit or loss for the period
II. The net amount of cash from the issue of any securities during the period
III. The cumulative effect of changes in accounting policy and the correction of errors
IV. Each item of income or expenses that are required to be recognised directly in equity

• A) I, III and IV only.
• B) II, III and IV only.
• C) II and IV only.
• D) I, II, III and IV.

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Definitions:

Economic Life

The period during which an asset is expected to be useful and economically viable.

Lease-purchase Analysis

An evaluation to determine whether leasing or purchasing assets is more cost-effective for a business or individual.

Maintenance

The upkeep required to ensure machinery, buildings, or software remains operational and in good condition.

Insurance Premium

The amount paid for an insurance policy, typically on a regular basis, in exchange for coverage.