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

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, allowing entities to adapt the format to their specific circumstances while ensuring the presentation is clear, relevant, and provides a faithful representation of the entity's financial position.

According to AASB 101 Presentation of Financial Statements, a Required