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ACCA Applied Skills · Financial Reporting · Preparation of single entity financial statements

Under IAS 1 Presentation of Financial Statements, which of the following is a complete set of financial statements for an entity for the period?

A complete set of financial statements under IAS 1 comprises the statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, the statement of cash flows and the notes. Directors' reports and chairman's statements are not part of the financial statements.

  1. AStatement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows and notesCorrect
  2. BStatement of financial position, statement of profit or loss and statement of cash flows only
  3. CStatement of profit or loss and other comprehensive income, statement of changes in equity and a directors' report
  4. DStatement of financial position, statement of changes in equity and a chairman's statement

Explanation

IAS 1 requires a statement of financial position, a statement of profit or loss and OCI, a statement of changes in equity, a statement of cash flows and notes (including accounting policies and comparative information). The other options omit required statements or include narrative reports that are not part of the financial statements.

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