The IASB Issued an Exposure Draft Relating to the Conceptual

question 19

Multiple Choice

The IASB issued an Exposure Draft relating to the conceptual framework in 2015.Regarding presentation and disclosure, what change does this draft propose?

• A)renaming the balance sheet to the periodic statement of performance
• B)renaming the statement of profit or loss to the statement of income or deficit
• C)renaming the balance sheet to the statement of financial health
• D)renaming the statement of profit or loss to the statement of financial performance

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Definitions:

North America

A continent in the Northern Hemisphere and almost entirely within the Western Hemisphere; it includes countries such as Canada, the United States, and Mexico.

King George's War

The North American theater of the War of the Austrian Succession (1740-1748) involving French and British colonies.

New England

A region in the northeastern United States known for its colonial history, comprising states such as Massachusetts, Connecticut, Rhode Island, New Hampshire, Vermont, and Maine.

Middle Colonies

A term referring to the British colonies of New York, New Jersey, Pennsylvania, and Delaware in North America, known for their diverse populations, agricultural production, and trade in the 17th and 18th centuries.