A set of financial statement prepared in accordance with IAS 1 comprises:
I. A statement of financial position
II.A statement of profit or loss and other comprehensive income
III. A statement of cash flows.
IV. A statement of changes in equity.
V. Notes.
A) I, II, and IV;
B) I, II, III IV and V:
C) I, III and IV;
D) I, II, III and IV.

Question

Quizplus · Accepted Answer

According to IAS 1, a complete set of financial statements includes a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity, a statement of cash flows, and notes to the financial statements. Therefore, option B is the best choice as it includes all of the required financial statements and notes.

A Set of Financial Statement Prepared in Accordance with IAS