AASB 101/IAS 1 Presentation of Financial Statements requires that a financial report:
A) does not need to include the reporting period or date.
B) must include the name of the entity.
C) always be prepared as if the company is not a going concern.
D) be prepared on the cash basis of accounting.

Question

Quizplus · Accepted Answer

AASB 101/IAS 1 requires that a financial report must include the name of the entity, but does not require specific mention of the reporting period or date (although these should be discernible from the report). The report should be prepared on an accrual basis, and should consider the entity as a going concern unless management intends to liquidate the entity or cease operations. Cash basis accounting is not consistent with the requirements of AASB 101/IAS 1.

AASB 101/IAS 1 Presentation of Financial Statements Requires That a Financial