Under IAS 1/AASB 101, Which of the Following Statements Concerning

question 33

Multiple Choice

Under IAS 1/AASB 101, which of the following statements concerning the statement of financial position is correct?

• A) The statement has a prescribed format.
• B) Movements in reserves must be shown on the face of the statement.
• C) The statement must begin with the assets section.
• D) All assets and liabilities must be classified as current or non-current (unless a liquidity presentation is more appropriate).

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Definitions:

Credit

The granting of money or something of value with the expectation of repayment, or the reputation for solvency and reliability that allows an entity to borrow.

Revenue Opportunities

Potential scenarios or strategies that can lead to increased income or profits for a business or organization.

Public Utility Corporation

A company that provides essential public services, such as water, electricity, and natural gas, regulated by government entities.

Legislation

The process of making or enacting laws, or the body of laws that have been enacted by a legislative body.