It is true under IAS 1/AASB 101 that:
A) for the balance sheet all assets and liabilities must be classified as current or non-current (unless a liquidity presentation is more appropriate).
B) there is a prescribed format set out for the balance sheet.
C) movements in reserves must be shown on the face of the balance sheet.
D) the balance sheet must begin with the assets section.

Question

Quizplus · Accepted Answer

Under IAS 1/AASB 101, all assets and liabilities on the balance sheet must be classified as either current or non-current, unless a presentation based on liquidity provides information that is reliable and more relevant. There is no prescribed format for the balance sheet, movements in reserves are not required to be shown on the face of the balance sheet, and there is no requirement for the balance sheet to begin with the assets section.

It Is True Under IAS 1/AASB 101 That