Presentation Of Financial Statements

Question 1

Objective of IAS1

Answer 1

To provide information about a company’s net worth financial condition and results of operations
To provide information that is useful to a wide range of users in making economic decisions

Question 2

Scope of ias 1

Answer 2

Applies to all general purpose financial statements prepared and presented in accordance with International Financial Reporting Standards

Question 3

Objective of financial statements

Answer 3

to provide information about the financial position, financial performance, and cash flows of an entity that is useful to a wide range of users in making economic decisions.

Question 4

Purpose of financial statements

Answer 4

Structural representation of the financial position and financial performance of an entity

Question 5

Set of financial statements

Answer 5

Statement of financial position
Statement of profit or loss and other comprehensive income
Statement of changes in equity statement of cash flows
Notes
Comparative information

Question 6

General features of financial statements

Answer 6

Fair presentation and compliance with IFRSs
Going concern
Accrual basis of accounting
Materiality and aggression
Offsetting
Frequency of reporting
Comparative information
Consistency of presentation

Question 7

Structure and content

Answer 7

Financial statements to be identified and distinguished from other information in the same
public document.
IAS 1 sets out the minimum content to be presented in financial statements, excluding cash flow statements

Question 8

Financial statements fairly present

Answer 8

Financial position and
Financial performance
Cash flows