CAF-1 · Chapter 11 · Question 9 of 15
Regarding the title of financial statements, which of the following is true under IAS 1?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Entities may use titles other than those used in IAS 1, such as 'Statement of Comprehensive Income'.
Explanation
IAS 1 permits entities to use titles for the statements other than those used in the Standard, provided they are not misleading.
More IAS 1 Presentation of Financial Statements MCQs
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- Q12In the statement of financial position, what is the rule regarding the classification of deferred tax assets and liabilities?
- Q13Which statement best describes the presentation of 'Other Comprehensive Income' (OCI)?
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- Q15Which of the following must an entity disclose in the notes regarding its accounting policies?