Question

Which of the following is NOT a basic requirement of lAS 1 for financial statements?

a.

Statement of financial position (balance sheet)

b.

Statement of comparative income for the period

c.

Statement of changes in equity for the period

d.

Statement of cash flows for the period

Answer: (d).Statement of cash flows for the period Explanation:lAS 1 requires a statement of financial position, statement of comparative income, and statement of changes in equity, but not a statement of cash flows.

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Q. Which of the following is NOT a basic requirement of lAS 1 for financial statements?

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