Exam 17: The Statement of Comprehensive Income and Statement of Changes in E

AASB 2 requires that the fair value of the option issued as a share-based payment to an employee, be determined and this value be deemed to be the cost of the options:

Which of the following statements is not in accordance with AASB 101 "Presentation of Financial Statements" with respect to the statement of comprehensive income?

'Comprehensive income' refers to:

Traditional financial accounting calculations of profit ignore the cost of externalities. One reason for this is:

An entity is required in AASB 101 to produce:

As part of the process of international harmonisation, standard setters have removed the need for professional judgement to be exercised in respect of expenses; all discretion that once existed has been removed.

Which of the following would not be considered a 'prior period error' for the purposes of AASB 108?

Government departments are now required to report in accordance with AAS 29 'Financial reporting by government departments'. Opponents of this requirement suggest that:

All expenses from operating activities must be classified according to either their nature or function:

The problem with a "blanket rule" requiring all expenditure of a particular type to be written off as incurred (e.g., expenditure on research), is:

Which of the following is not a required disclosure pertaining to payments made to auditors?

The statement of changes in equity is required.

An income statement that includes the following items: Revenue Other Income Employee Benefits and Costs Motor Vehicle Expenses Would have been prepared using the:

Which of the following items is not an example of items reportable under other comprehensive income?

Profit is:

AASB 101 permits entities to present the components of other comprehensive income either before tax effects (gross presentation) or after their related tax effects (net presentation).

The income statement under AASB 101 is designed to report all revenues and expenses to determine profit or loss.

Under AASB 101 additional line items, headings and subtotals:

The effect of a revision of an accounting estimate must be recognised in profit and loss in which reporting periods?

Comprehensive income includes dividend payments to shareholders.