IAS 1 _ Presentation Financial Statements

According to the purpose of the financial statements IAS01, there is further mention of whether the item on change in equity is true or false:

• True

• False

What are the most similar and complete points in VAS21 and IAS01 standards?

1. The basic principles

2. Going concerns

3. Accrual basis of accounting

4. Dividend

5. Offsetting

• 1 and 4

• 1,2 and 4

• 1,4 and 5

• Only 1

The information presented in the balance sheet VAS21 is not divided into many items as prescribed by IAS01.

• True

• False

What is the difference in the classification of Current Assets between IAS01 and VAS 21?

• It expects to realise the asset, or intends to sell or consume it, in its normal operating cycle

• It expects to realise the asset within twelve months after the reporting period

• It holds the asset primarily for the purpose of trading

• The asset is cash or a cash equivalent

IAS1 is required to present on the face of the statement of financial position as a separate classification for the following:

• Current and non-current assets only

• Current and non-current assets, Current and non-current liabilities

• Current and non-current liabilities only

Between the IAS01 and VAS21 standards, which one has more flexibility?

• IAS01

• VAS21

• Both A and B

According to IAS 1 Presentation of Financial Statements, which of the following does not have to be presented as a line item in the statement of financial position?

• Investments accounted for using the equity method.

• Assets and liabilities for the current tax.

• Non-controlling interests, presented within equity.

• The number of shares authorized, issued, and fully paid.

Which of the following is not included in a complete set of financial statements according to IAS 1 Presentation of Financial Statements?

• A profit or loss statement

• A balance sheet statement

• Details of accounting policies adopted

• Directors report.

Which of the following about comprehensive income is correct?

• Comprehensive income is equal to profit or loss plus total other comprehensive income

• Profit or loss is equal to comprehensive income plus total other comprehensive income

• Comprehensive income is equal to profit or loss plus total other comprehensive income plus extraordinary items.

• Total other comprehensive income is equal to comprehensive income plus profit or loss

According to the illustrative financial structure in IAS 1 (revised) Presentation of financial statements, dividends paid during the year should be disclosed in:

• Statement of financial position

• Statement of comprehensive income (statement of profit or loss)

• Statement of changes in equity

• None of these