ICAEW AF · Chapter 13 · Question 6 of 12
Which of the following is NOT a component of a complete set of financial statements under IAS 1 Presentation of Financial Statements?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) A chairman's statement
Explanation
IAS 1 states that a complete set of financial statements comprises a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity, a statement of cash flows and notes, with comparative information. A chairman's statement may be published alongside the financial statements but is not required by IAS 1.
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