• 1 Marks

FA – Nov 2015 – L1 – SA – Q6 – Elements of Financial Statements

Identifies items that are not considered components of financial statements.

The following are the components of financial statements EXCEPT:
A. Statement of financial position
B. Statement of profit or loss and other comprehensive income
C. Statement of changes in equity
D. Statement of cash flows
E. Statement of financial plan

E. Statement of financial plan

Explanation:
The “Statement of financial plan” is not recognized as a standard component of financial statements under accounting principles, while the other options are well-established financial statement types

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