Which of the Following Statements Is Not in Accordance with AASB

question 60

Multiple Choice

Which of the following statements is not in accordance with AASB 101 "Presentation of Financial Statements" with respect to the statement of comprehensive income?

• A) All items of income and expense recognised in a period are to be presented in a single statement of comprehensive income;
• B) All items of income and expense recognised in a period are permitted to be presented in two statements: 1) a separate income statement and 2) a statement beginning with profit or loss and displaying components of other comprehensive income;
• C) An entity shall present an analysis of expenses in profit or loss using a classification based on either the nature of expenses or their function within the entity, whichever provides information that is reliable and more relevant;
• D) Components of other comprehensive income include gain on sale of property plant and equipment;
• E) All of the given answers.

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Definitions:

Discretionary Fiscal Policy

Government policy involving deliberate measures, such as taxation and spending, to influence economic activity.

Economic Forecasts

Predictions about future economic activity based on current and historical data analysis, including trends in GDP, inflation, and employment.

Budget Document

A detailed financial statement presented by the government outlining its revenue and expenditure for a specific fiscal period.

Continuing Resolutions

Temporary funding measures used by governments to prevent operational shutdowns when formal budget bills have not been approved.