AASB 101 indicates that when presenting a balance sheet an entity shoulD.
A) Present all assets and liabilities as two groups and disclose their specific classifications in notes as per paragraphs 57-67.
B) Only present items on the basis of liquidity if that information is reliable and more relevant. If this is the case, assets should be discretely grouped into current and non-current classifications.
C) Present items broadly in order of liquidity if that information is reliable and more relevant than following paragraphs 57-67.
D) Always classify items as current and non-current.
E) None of the given answers.

Question

Quizplus · Accepted Answer

AASB 101 allows entities to present items in order of liquidity if it provides more relevant and reliable information than the current and non-current classification.

AASB 101 Indicates That When Presenting a Balance Sheet an Entity