To comply with AASB 101,in which section of the financial report should a summary of accounting policies adopted by reporting entities be positioned?

Question

Quizplus · Accepted Answer

AASB 101 requires that the summary of accounting policies adopted by reporting entities should be positioned in the initial section of the notes to the accounts, as this provides important context for the rest of the financial report. This ensures that users of the financial report have a clear understanding of the basis on which the financial statements have been prepared, and can make more informed decisions based on this information. Option A is incorrect because simply disclosing the information anywhere in the notes to the accounts may not provide the necessary context, while options B and D do not reflect the specific requirements of AASB 101.

To Comply with AASB 101,in Which Section of the Financial