IAS 1 - Presentation of Financial Statements Flashcards
1
Q
what is included in a complete set of financial statements
A
-Statement of financial position
-statement of profit or loss and other comprehensive income
-statement of changes in equity
-statement of cash flows
-explanatory notes
2
Q
what are operating expenses comprised of
A
distribution costs and admin expenses
3
Q
how should current assets be listed
A
in order of liquidity
4
Q
what is the most illiquid current asset
A
inventory
5
Q
what is the least illiquid current asset
A
cash
6
Q
where does revaluation reserve go in financial statements
A
other comprehensive income
