CAF-1 · Chapter 11 · Question 1 of 15
According to IAS 1, which of the following is NOT an obligatory component of a complete set of financial statements?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) A director's or chairman's strategic report on the business.
Explanation
A complete set includes the statement of financial position, profit or loss/OCI, changes in equity, cash flows, and notes. Extraneous reports like a director's report are outside the scope of IAS 1.
More IAS 1 Presentation of Financial Statements MCQs
- Q3How does IAS 1 require the financial statements within a complete set to be presented regarding their importance?
- Q4Alpha Corp has a slow-moving inventory item that is expected to be sold 18 months after the reporting date. How should this be classified…
- Q5Which of the following line items is explicitly REQUIRED by IAS 1 to be presented in the statement of profit or loss?
- Q6Where should the amount of dividends recognized as distributions to owners during the period be presented?
- Q7When presenting the analysis of expenses in profit or loss, IAS 1 allows entities to classify expenses based on two methods. What are they?