AASB 101 Presentation of Financial Statements applies to the following sets of financial statements:
A) interim financial statements.
B) converted financial statements.
C) general purpose financial statements.
D) special purpose financial statements.

Question

Quizplus · Accepted Answer

AASB 101 Presentation of Financial Statements applies to general purpose financial statements, which provide information about the financial position, performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. It does not apply to interim financial statements, which are prepared for a period shorter than a full financial year, or to special purpose financial statements, which are prepared for a specific user or purpose and may not include all the disclosures required by AASB 101. Converted financial statements are not a recognized term in the context of AASB 101.

AASB 101 Presentation of Financial Statements Applies to the Following