According to IAS 1, Which of the Following Is the Overriding

question 28

Multiple Choice

According to IAS 1, which of the following is the overriding principle that must be followed while preparing IFRS-based financial statements?

• A) Going concern
• B) Fair presentation
• C) Revenue recognition
• D) Comparative information

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Definitions:

Interest Expense

Interest expense is the cost incurred by an entity for borrowed funds, recognized on the income statement.

Anthropocentric

Pertaining to the belief that human beings are the central or most significant species on the planet, often regarding nature and environment from a human-centered perspective.

Biodiversity

The variety of life in the world or in a particular habitat or ecosystem, including the variety of species, genetic variations, and ecosystems.

Corollary

A proposition that follows with little or no proof required from one already proven, serving as a natural consequence or result.