Answered: Which of the following is not a…

Which of the following is not a required fi nancial statement according to IAS No. 1? A . Statement of fi nancial position.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 4GI

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Question

Which of the following is not a required fi nancial statement according to IAS No. 1? A . Statement of fi nancial position.

Expert Solution

Step 1

IAS 1 deals with the presentation of FS (financial statements). This standard explains all the rules and regulations that are set to prepare financial statements. Every requirement to present the statements is explained under this standard.

These requirements include:

Structure
Measurement, recognition, and disclosure
Concept of accounting used.

Step by step

Solved in 2 steps

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U.S. Generally Accepted Accounting Principles (GAAP) Provisions

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