Exam 17: Presentation of Financial Statements

How many of these statements concerning concise financial reports are true? -There is a charge to the shareholder for requesting a full financial report but the concise report is free. -If a shareholder accepts a concise financial report they cannot also request a full report. -Must be drawn up in accordance with accounting standards. -The financial statements in the concise report need not comply with all the accounting standards.

An interim report required to be prepared by a disclosing entity under IAS 34/AASB 134 Interim Financial Reporting is defined as a report for:

Under the accounting standards,which of these is included in the calculation of a company's profit or loss (not including other comprehensive income in the definition of profit)? -Downward revaluations of non-current assets,not requiring adjustment to a revaluation surplus. -Upward revaluations of non-current assets requiring adjustment to a revaluation surplus. -Gains or losses on remeasuring investments in equity instruments. -Adjustments from translation of the financial statements of a foreign operation.

How many of these expenses that would normally appear in an internally prepared income statement are required to be separately disclosed in an external income statement prepared to conform to the requirements of the accounting standards? -Advertising -Insurance -Telephone

IAS 1/AASB 101 is titled:

Under IAS 1/AASB 101 which of these is most likely to be classified as a non-current asset?

When might borrowing costs not appear in a statement of comprehensive income?

Which statement about concise financial reports is true?

The approach contained in IAS 1/AASB 101 to the determination of a company's profit or loss is:

What is the correct heading on a statement of profit or loss and other comprehensive income made up for a twelve month period to 30 June 2016?

AASB 1039:

What are the accounting standards that are specific to the nature and disclosure of income?

An income statement prepared for external use would normally disclose ____ expense and revenue items than one prepared for internal use.

Under the Corporations Act it is not true that for the presentation of general purpose financial statements the annual financial report:

How many of these are areas where there are major differences in accounting treatment by sole traders and partnerships and accounting treatment by companies? -Distributions to owners -Accumulation of profits -Accounting for income tax -Accounting for equity -Accounting for GST -Accounting for inventory

What is the correct heading on a statement of financial position made up to 30 June 2014?

How many financial statements must be included,as a minimum,in an interim financial report required to be prepared by a disclosing entity?

The overall criteria for financial reporting contained in the Corporations Act is:

According to AASB 1039,in order to provide clear information to shareholders the concise financial report must disclose how many of the following? -Details of any events occurring after the end of the reporting period -That the report is an extract only from the full financial report -The amount of dividends paid and dividends proposed -Graphs of profits for the last five years

In the accompanying commentary to the current version of IAS 1/AASB 101,what is the recommended title for the balance sheet?