Comparative information Other considerations

Chapter 3 – Presentation of Financial Statements Page 45 4. Are the following statements true or false, according to IAS1 Presentation of financial statements? 1 Provisions should be recognised in the statement of financial position. 2 A revaluation surplus on non-current assets should be recognised in the statement of changes in equity. Statement 1 Statement 2 A False False B False True C True False D True True 5. According to IAS1 Presentation of financial statements, which TWO of the following must be included in an entitys statement of financial position? A Investment property B Number of shares authorised C Provisions D Shares in an entity owned by that entity 6. According to IAS1 Presentation of financial statements, which TWO of the following must be included in an entitys statement of financial position? A Cash and cash equivalents B Property, plant and equipment analysed by class C Share capital and reserves analysed by class D Deferred tax 7. Which TWO of the following are included in a complete set of financial statements, according to IAS1 Presentation of financial statements? A A statement by the board of directors of compliance with local legislation B A statement of changes in equity C Summarised statements of financial position for the last five years D A statement of cash flows Chapter 3 – Presentation of Financial Statements Page 46 8. Are the following statements true or false, according to IAS1 Presentation of financial statements? 1 Biological assets should be shown in the statement of financial position. 2 The number of shares authorised for issue should be shown in the statement of financial position or the statement of changes in equity or in the notes. Statement 1 Statement 2 A False False B False True C True False D True True 9. Are the following statements true or false, according to IAS1 Presentation of financial statements? 1 An entity presenting a single statement of comprehensive income should present a statement of changes in equity 2 An entity presenting a separate income statement and a statement of comprehensive income should present a statement of changes in equity Statement 1 Statement 2 A False False B False True C True False D True True 10. In which section of the statement of financial position should cash that is restricted to the settlement of a liability due 18 months after the reporting period be presented, according to IAS1 Presentation of financial statements? select one answer A Current assets B Equity C Non-current liabilities D Non-current assets