Where the entity presents current assets separately from non-current assets and current liabilities separately from non-current liabilities what disclosure is the entity required to make under AASB 101?
A) the reason for selecting that style of presentation
B) the length of its operating cycle if it has clearly been identified as being greater than 12 months
C) the net amount of working capital
D) a list of the assets and liabilities in the order of their liquidity

Question

Quizplus · Accepted Answer

Under AASB 101, when an entity presents assets and liabilities in current and non-current categories, it must disclose the length of its operating cycle if it has been identified as being longer than 12 months. This is to provide users of financial statements with information about the timing of the recovery of assets and the settlement of liabilities.

Where the Entity Presents Current Assets Separately from Non-Current Assets