Legal And Organisational Requirements Flashcards
1
Q
IAS1
A
Purpose of financial statements
Complete set of financial statements
2
Q
Complete set of FS per IAS
A
SPL SFP Statement of Changes in equity Statement of cash flows Notes to the FS
3
Q
Extraordinary items are prohibited/allowed by IAS1
A
Prohibited
4
Q
IAS2
A
Rules on valuation and classification of inventories
5
Q
Under IAS1 expenses can be analysed by…..
A
Nature (employee costs/telephone costs) or by function (cost of sales, distribution costs, administration costs)
6
Q
A company’s tax is not shown as an expense in the P&L.
True or false
A
False
