The requirements of IAS 1 Presentation of Financial Statements apply to the following sets of financial statements:
A) condensed financial statements;
B) interim financial statements;
C) general-purpose financial statements;
D) special purpose financial statements.

Question

Quizplus · Accepted Answer

IAS 1 Presentation of Financial Statements applies to general-purpose financial statements, which are intended to meet the needs of a wide range of users and provide information about the financial position, performance, and changes in financial position of an entity. Condensed financial statements and interim financial statements are subsets of general-purpose financial statements and must also comply with the requirements of IAS 1. Special purpose financial statements, on the other hand, are prepared for specific users and do not fall under the purview of IAS 1.

The Requirements of IAS 1 Presentation of Financial Statements Apply