AAA – Nov 2013 – L3 – A – Q9 – Regulatory Framework and Professional Standards

This question tests understanding of the required components of IFRS-compliant financial statements.

Question

Which of the following is NOT required as part of Financial Statements that are International Financial Reporting Standards (IFRS) compliant?
A. Statement of financial position
B. Statement of cash flows
C. Account receivable
D. Chairman’s statement
E. Non-current assets

Answer

D. Chairman’s statement

Explanation:
The Chairman’s statement is not a required component of IFRS-compliant financial statements. IFRS requires certain primary statements, including the Statement of Financial Position, Statement of Cash Flows, and disclosures on non-current assets. “Account receivable” and “non-current assets” relate to disclosures within the required financial statements, whereas the Chairman’s statement is typically a narrative report provided for informational purposes but not mandated by IFRS.

Tags: Financial Statements, IFRS Compliance, Reporting Standards
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2013

Uploader: Dotse