According to AASB 101, 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 how it should be presented.

According to AASB 101, a Required Format for the Presentation