Which financial statement is implicitly considered dominant as standard setting shifts toward the asset/liability approach?
A) statement of financial position
B) statement of cash flows
C) statement of shareholders' equity
D) statement of comprehensive income

Question

Quizplus · Accepted Answer

The asset/liability approach focuses on the recognition and measurement of assets and liabilities, making the statement of financial position (balance sheet) the dominant financial statement.

Which Financial Statement Is Implicitly Considered Dominant as Standard Setting