PAS 1 Presentation of Financial Statements

Problem 2

1. What is the order of presentation of financial statements under PAS 1?

A) Income Statement, Statement of Changes in Equity, Balance Sheet, Cash Flow
Statement
B) Balance Sheet, Income Statement, Cash Flow Statement, Statement of Changes in
Equity
C) Cash Flow Statement, Statement of Changes in Equity, Income Statement, Balance
Sheet
D) Statement of Changes in Equity, Cash Flow Statement, Income Statement, Balance
Sheet

2. Under PAS 1, what should be disclosed separately on the face of the income
statement or in the notes?
A) Material transactions with related parties
B) Names of all employees earning over a certain threshold
C) All contingent liabilities
D) Management's personal financial interests

3. Which of the following is an acceptable format for presenting the statement of

comprehensive income under PAS 1?
A) Single statement approach
B) Two-statement approach
C) Three-statement approach
D) All of the above

4. What is the main purpose of the statement of changes in equity?

A) To report the movements in cash and cash equivalents
B) To show changes in an entity's equity during a reporting period
C) To detail changes in an entity's fixed assets
D) To disclose tax-related information

5. Which of the following is NOT a required disclosure under PAS 1?

A) Significant accounting policies
B) Contingent liabilities
C) Details of all customers and suppliers
D) Earnings per share information