Which financial statement is not needed under the IFRS Conceptual Framework?
A)Balance sheet.
B)Statement of retained earnings.
C)Income statement.
D)Statement of cash flows.

Question

Quizplus · Accepted Answer

The IFRS Conceptual Framework does not prescribe a statement of retained earnings specifically. However, information on changes in equity, including retained earnings, can be presented in either the income statement or a separate statement of changes in equity. Therefore, while the statement of retained earnings may be useful, it is not required under the IFRS Conceptual Framework. The other financial statements (balance sheet, income statement, and statement of cash flows) are all necessary components of IFRS financial reporting.

Which Financial Statement Is Not Needed Under the IFRS Conceptual