A set of financial statements prepared in accordance with AASB 101 comprises:
I. A statement of cash flows.
II. A statement of financial position.
III. A statement of changes in equity.
IV. A statement of profit or loss and other comprehensive income.
V. Notes.
A) I, II, and IV only
B) I, II, III, IV and V.
C) I, III and IV only
D) I, II, III and IV only

Question

Quizplus · Accepted Answer

A set of financial statements prepared in accordance with AASB 101 (Presentation of Financial Statements) comprises a statement of cash flows, a statement of financial position, a statement of changes in equity, a statement of profit or loss and other comprehensive income, and notes to the financial statements. Therefore, all five items (I, II, III, IV, and V) are included in a set of financial statements prepared in accordance with AASB 101.

A Set of Financial Statements Prepared in Accordance with AASB