FA – Nov 2022 – L1 – SA – Q10 – Financial Statements

Identify the component that is not part of financial statements under IAS 1.

Question

In accordance with IAS 1-Presentation of Financial Statements, which of the following is NOT a component of financial statements?
A. Statement of financial position
B. Statement of profit or loss and other comprehensive income
C. Statement of changes in equity
D. Statement of affairs
E. Statement of cashflows

Answer

Explanation:
Option D is correct because the statement of affairs is not a component of financial statements under IAS 1. The required components are listed as options A, B, C, and E.

Tags: Financial Statements, IAS 1, Reporting Standards
Level: Level 1

Topic: Financial Statements (Preparation of Statement of Profit or Loss, Statement of Financial Position, Cash Flow Statement, and Statement of Changes in Equity)
Series: NOV 2022

Uploader: Theophilus