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ACCA Applied Skills · Financial Reporting · Reporting financial performance

Which statement about the presentation of comparative information under IAS 1 is correct?

Comparative information for the preceding period must be presented for all amounts in the current period's financial statements, plus relevant narrative information. The requirement is not limited to the statement of financial position or to listed entities, and audit status does not remove it.

  1. AComparatives are required only for the statement of financial position
  2. BComparatives are optional if the prior year was audited
  3. CComparative information must be presented for all amounts reported in the current period's financial statements, including narrative information where relevantCorrect
  4. DComparatives are required only when the entity is listed

Explanation

IAS 1 requires, as a minimum, comparative information for the preceding period for all amounts in the current period's statements, and narrative information where relevant to understanding. It applies to all entities, not only listed ones, and is not waived by audit status.

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