According to AASB 101 Presentation of Financial Statements,a required format for the presentation of a statement of financial position is:
A)not prescribed and no guidance is provided in the standard
B)not prescribed but guidance is provided in the standard for a suitable format
C)prescribed by the standard
D)not prescribed by the standard but details are found in the Corporations Act.

Question

Quizplus · Accepted Answer

AASB 101 does not prescribe a specific format for the statement of financial position but provides guidance on a suitable format.

According to AASB 101 Presentation of Financial Statements,a Required Format