The requirements of AASB 101 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

AASB 101 applies to general-purpose financial statements, which are intended to meet the needs of a wide range of users and provide a complete picture of the entity's financial performance and position. Interim financial statements are also covered by AASB 101, but only to the extent that they are prepared in accordance with AASB 134 Interim Financial Reporting. Condensed financial statements are typically prepared for specific purposes, such as inclusion in an annual report, and may not provide all the information required by AASB 101. Special purpose financial statements are prepared for specific users and purposes, and may have different reporting requirements under Australian Accounting Standards.

The Requirements of AASB 101 Apply to the Following Sets