In Relation to 'Retained Earnings', IAS 1 Presentation of Financial

question 10

Multiple Choice

In relation to 'retained earnings', IAS 1 Presentation of Financial Statements mandates the following disclosures:
I) Any changes during the reporting period.
II) The related tax adjustments in respect to any changes during the period.
III) The beginning balance.
IV) The balance at reporting date.

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

---

Definitions:

Taxable Income

Income subject to tax, calculated by taking gross income and subtracting allowable deductions, exemptions, and adjustments.

Estate Tax Work

Related to the processing and handling of taxes due on the transfer of property from the deceased to the beneficiaries.

Local Financial Institution

A banking or financial service organization that operates and provides services within a specific local or regional area.

Income

Income earned periodically through work or investments.