ACC 311 Theory Question: IAS 1 Financial Statements

300 Level Department of Accountancy exam questions and detailed answers. Download the answers in document format. Correct, detailed, and straightforward answers.

Questions:

(a) Objective of IAS 1 (Revised presentation of financial statements) is to direct all the preparers of financial statements, give guidance on the items to be included as components in financial statements and the description of items in the statement. List the six items that must be featured in the financial statements according to IAS 1

(b) State five contents of financial statements.
(c) State four elements of financial statements.

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