According to AASB 101/IAS 1 Presentation of Financial Statements, there must be consistency of presentation and classification of items in the financial statements from one period to the next unless:
A) a change in presentation or classification is required by another accounting standard.
B) there has been a minor change in the entity's operations.
C) the directors approve the change in presentation or classification.
D) the auditors approve the change in presentation or classification.

Question

Quizplus · Accepted Answer

According to AASB 101/IAS 1, consistency of presentation and classification of items in the financial statements must be maintained unless a change in presentation or classification is required by another accounting standard. Choice B, C, and D are incorrect as they are not valid reasons for changing the presentation or classification of items in the financial statements.

According to AASB 101/IAS 1 Presentation of Financial Statements, There